The beginning inventory of screws on Jan 1 was 1,000 units at $20.00. Inventory on hand was 800 units. Following transactions took place during the month are as follows: Jan 10 purchased 500units @ $22.40 each Jan 20 Purchased 600 units@ 23.30 each The company uses the periodic inventory method. Required: a. Compute the cost of goods available for sale for the month of January. b. Compute the cost of goods sold and ending inventory for the month of Jan using Average cost basis . c. Compute the cost of goods sold and ending inventory for the month of Jan using FIFO

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: Use the following information for question 17-18. Beacon Factory, Inc. uses a perpetual inventory…

A: 17.Calculate ending inventory under FIFO method:Therefore, Option C, $378 is the correct answer.

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

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: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

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

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: Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Given that: Sales units = 240 units

Q: the number of units purchased and sold throughout each accounting period but applies its inventory…

A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, LIFO…

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: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost…

A: Step 1:Purchases…

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

A: Last-in, first-out is the method of inventory valuation where the item that came in store lastly…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

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

Q: Required information [The following information applies to the questions displayed below.] A company…

A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: Perpetual inventory system is a system where the cost of goods sold is updated as soon as the goods…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

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

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of…

A: FIFO Method-First-In, First-Out Under this method , oldest products  of a company's inventory  is…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO (First-In, First-Out) method: Inventory is sold in the order it was purchased, with the oldest…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $7.…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of…

A: Under FIFO inventory method, cost of goods goods consists of earliest available units. Under…

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

A: The question is related to Valuation of closing nventory under three different methods  Required…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

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

A: FIFO is the inventory valuation method in which inventory purchased first will be sold first. LIFO…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: inning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There…

A: Answer :FIFO Method : Date Purchase     Cost of good sold     Ending inventory       Unit Unit…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: First-in, first-out (FIFO) is a type of inventory valuation method in which it is assumed that the…

Q: Princess Company uses a periodic inventory system. The company's records for the month of February…

A: FIFO (First in First Out) : Under this units sold is considered to be from the purchases made first.…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO, LIFO and weighted average are the three most common methods which are used for the recording…

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.