Tamarisk, Inc. just began business and made the following four inventory purchases in June: June   1   156 units   $1080 June   10   208 units   1620 June   15   208 units   1750 June   28   156 units    1370         $5820 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is     $1370.   $1523.   $1618.   $1908.

Q: A company just starting business made the following four inventory purchases in June: June 1 120…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: A company just began business and made the following four inventory purchases in June: $ 990 1,344…

A: Under average cost method using periodic inventory system, value of ending inventory and cost of…

Q: Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Splish Brothers Inc. just began business and made the following four inventory purchases in June:…

A: Under the weighted average model, the cost of the goods that are available for sale is divided by…

Q: A company just starting business made the following four inventory purchases in June: June 1 110…

A: Using average method, the average cost per unit is calculated as total cost of goods available for…

Q: The periodic inventory records of Allen Medical Supply indicate the following for the month of June:…

A: In LIFO method inventory comes first are out first .Ending inventory consists 15 units from…

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: Blue Company uses a periodic inventory system. For April, when the company sold 500 units, the…

A: Under periodic inventory system, the goods are not recorded with every sale or purchase. Under LIFO…

Q: Wildhorses has the following inventory data:

A: LIFO This method is opposite of FIFO method. In this method, Inventory purchased or acquired last…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: A company just starting business uses a periodic inventory system. A physical count of merchandise…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means Last received inventory to be…

Q: Jennifer Company uses the periodic inventory system to account for inventories. Information related…

A: Periodic inventory system of accounting for inventory requires a physical count of inventory at…

Q: A company just starting its business made the following four inventory purchases in June: Date…

A: Gross profit is defined as the excess of the selling price of the goods over the cost of goods sold.…

Q: Concord Corporation just began business and made the following four inventory purchases in June:…

A: Introduction Inventory is the goods and material a business holds for sale. For recording inventory,…

Q: Concord Shutters has the following inventory information. Nov. 1 Inventory 60 units @ $5.00 8…

A: Lets understand the basics.inventory and cost of goods sold can be calculated using,(1) FIFO(2)…

Q: A company just starting its business made the following four inventory purchases in June:

A: Cost per unit. = Total Cost / No.of units purchased   June 1 : $832/260 = $3.2 June 10 : $1056/320 =…

Q: Wildhorse Company just began business and made the following four inventory purchases in June: June…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Oriole Company uses the periodic inventory method and had the following inventory information…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Vaughns has the following inventory data: Nov. 1   Inventory   31 units @ $6.10 each 8   Purchase…

A: In Last-in-first-out (LIFO) it is assumed that the last purchased item will be sold first. So, the…

Q: During July, the following purchases and sales were made by Waterway Company. There was no beginning…

A: Lets understand the basics.There are various methods through which inventory balance is calculated…

Q: Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: FIFO means First in first out. Inventory which entered first will be used first.

Q: Marigold Shutters has the following inventory information. Nov. 1 8 Inventory Purchase 17 Purchase…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using LIFO…

Q: Suppose that Sunland Natural Cosmetics Company began business and made the following four inventory…

A: Inventory valuation is a method which is used to valued the inventory and to find the unsold…

Q: Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: During July, the following purchases and sales were made by Marigold Company. There was no beginning…

A: LIFO ( Last-in-first-out): LIFO is a method used to account for business inventory that records the…

Q: Swifty has the following inventory information. 30 units at $18 July Beginning 1. $540 Inventory 90…

A: Introduction: The cost of goods sold is the total of all costs incurred in the production of a sold…

Q: Splish Brothers Inc. has the following inventory data: July 1 Beginning inventory 48 units at $24…

A: FIFO stands for First-in First-out. It states that the inventory purchased first would be sold first…

Q: A company just began business and made the following four inventory purchases in June: June   1…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: As per LIFO inventory cost method, the latest units (last units) will be sold first.  Thus the…

Q: NOVA Sports Inc. has the following data for inventory for June: Units Unit Cost Total Cost June 1…

A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: A company just starting business made the following four inventory purchases in June: June 1 180…

A: Introduction: The LIFO method of inventory valuation suggests that freshly placed inventory items…

Q: ov. 1   Inventory   35 units @ $7.00 each 8   Purchase   139 units @ $7.50 each 17   Purchase   70…

A: FIFO method is a method of valuation of inventory in which material that is purchased first is sent…

Q: The following information relates to the inventory of Margaret's Megamart Ltd during December.…

A: Under the FIFO method, the inventory purchased earlier is assigned to cost of goods sold first and…

Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912…

A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the…

Q: Whisperings has the following inventory data: Nov. 1   Inventory   28 units @ $5.50 each 8…

A: Answer: Calculation of the cost of goods sold under LIFO: Note: In the LIFO method of accounting of…

Q: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: Muscat Co. just starting business made the following four inventory purchases in June:…

A: Inventory is an asset which realizes revenue to the business when it is sold. There are various…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.