Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchase 25 9 225 24 Purchase 39 10 390 Total 94 $855 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount

Q: Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Under FIFO method assumes that the inventory purchased firstly are to be been sold first

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first.  Hence, April 23…

Q: Compute the April 30 inventory and the April cost of goods sold using the average-cost method.…

A: The periodic inventory system is a method of inventory valuation for financial reporting purposes in…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

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

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: Sandhill Co. reports the following for the month of June. Date   Explanation   Units…

A: Compute weighted average cost per unit:Compute the weighted average average cost per unitDate…

Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

Q: Pharoah Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 810…

A: Weighted AverageCalculate the weighted average cost per unit:Total cost of goods available for sale:…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales 840…

A: InventoryInventory is the material available to the company for the process of production and sale.…

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Ivanhoe Company uses a periodic inventory system and reports the following for the month of June.…

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

Q: Courtney Company uses a periodic inventory system. The following data was available: beginning…

A: An organization's sales, costs, and net income (or net loss) are part of the income statement or…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: FIFO METHOD :— Under this method, first inputs is used for the output units or sales units.  Cost of…

Q: Courtney Company uses a periodic inventory system. The following data were available: beginning…

A: FIFO: First In, First Out, commonly known as FIFO, is an asset-management and valuation method in…

Q: WHAT IS THE WEIGHTED-AVERAGE COST PER UNIT BASE OFF THE CHART??   You are provided with the…

A: Weighted average unit cost of inventory means on an average what will be unit cost of inventory.…

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: Hopkins Company reported the following information related to inventory and sales: Units Unit Cost…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: To compute: Weighted-average cost per unit = Total cost / Total units available for sale…

Q: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

Q: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

Q: Wildhorse Inc. uses a periodic Inventory system. Its records show the following for the month of…

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

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21…

A: The perpetual inventory system is the system used for valuing the inventory. Under this system the…

Q: Lee Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1,…

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

Q: Sunland Company uses a periodic inventory system and reports the following for the month of June.…

A:

Q: Crane Company uses a periodic inventory system and reports the following for the month of June. Date…

A: FIFO (First-In, First-Out): According to the FIFO (First-In, First-Out) method, the assumption is…

Q: The following units of a particular item were available for sale during the calendar year: Date…

A: Inventory valuation is a process or accounting practice to determine the value of unsold goods at…

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by…

Q: Sarasota Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Ending Inventory under FIFO Method is 29 units @ $11 equal to $ 319

Q: Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Periodic inventory system is the inventory management system wherein the record of inventory is…

Q: Determine the inventory cost using the average cost method. (Round to nearest whole dollar)

A: Under this method, closing inventory and the cost of goods sold are computed using an average rate…

Q: Presented below are summary financial data from Pebble Company’s annual report: Assume that the…

A: The question refers to five financial ratios. So first let us just have a brief on these financial…

Q: The following information relates to Pronghorn Back Falls Ltd. 's inventory transactions during the…

A: Ending inventory is $ 93,704/. Cost of goods sold is $ 387,006/. Gross Profit is = $…

Q: The following information relates to Pharoah Kitchen Ltd's inventory transactions during the month…

A: Weighted-average method :Under the weighted-average method, to calculate a weighted average price…

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.