The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory   Amount January 1 Beginning Inventory 48 units @ $38.00   March 12 Purchase 90 units @ $36.50   July 19 Purchase 135 units @ $39.70   September 2 Purchase 85 units @ $41.75   Fish Tanks Available for Sale:   Cost of Tanks Available for Sale:   (a) How many fish tanks did the aquarium have available for sale?  fish tanks (b) Calculate the total cost (in $) of the tanks available for sale. $  (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $  (d) Calculate the value of the 88 tanks by using LIFO (in $). $  (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $

Q: Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger​…

A: Merchandise inventory in hand = $490 Current Market Price of merchandise inventory in hand = $440…

Q: Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The Wine Hut of Napa Valley, provided you with the following inventory record showing the inventory…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: Bonita Department Store uses a perpetual inventory system. Data for product E2-D2 include the for…

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

Q: Can I please get help wtih this practice question? Warnerwoods Company uses a perpetual inventory…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Build a table for the purchases and sales during the month of May. Find ending cost of goods sold…

A: It has been provided that last in first out is to be used for the computation of cost of goods sold…

Q: Bramble Department Store uses a perpetual inventory system. Data for product E2-D2 include the…

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

Q: The following hammers were available for sale during the year for Wilkins Tools: Beginning…

A: FIFO (First-in First Out): Under FIFO inventory accounting, units prurchased first are sold first.…

Q: Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO

A: Date Purchase Sales (at cost )Balance unit unit costtotal costunit unit costTotal costunit unit cost…

Q: lysis revealed that the cost of these activities was as follows: Receiving claim $20,100…

A: Activity-based Costing which is more popularly known as ABC method is an accounting method in which…

Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is…

A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…

Q: Your radiology department purchased film on the following dates and amounts: Units Price Total…

A: There are many methods to calculate the inventory like FIFO and LIFO method, average cost method,…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: i need the answer quickly

A: Cost of Goods Sold( COGS) refers to the direct costs incurred in producing goods or acquiring…

Q: Answer the question

A: # of units x Cost per unit = Cost of goods available for saleYellow highlights = sum per column Step…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

A: FIFO (First In First Out) is the inventory valuation method that determines the cost of goods sold…

Q: Activities Date January 1 Beginning inventory January 8 Units Acquired at Cost 360 units @ $18=…

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

Q: [The following information applies to the questions displayed below.] Sylvester has a bird shop that…

A: The question is based on the concept of Financial Accounting

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

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

Q: 39. A corporation has a defined-benefit plan. A pension liability will result at the end of the…

A: Pension obligation - projected lifetime of the former employee  two types - defined benefits or…

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4…

A: As requested to answer for Part D so answering only D.

Q: The following data represent the inventory figures for 55-gallon fish tanks at an aquarium.…

A: Inventory valuation Inventory valuation method is an accounting practice that is followed by each…

Q: Shop had the following transactions for T-shirts for Year 1, its first year of operations: January…

A: Inventory valuation methods:FIFO Method: As per the FIFO Method, the goods that come first will be…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

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

Q: Teal Mountain uses a periodic inventory system. In April, 600 units were sol Units Unit Cost Total…

A: Solution: Average cost per unit = Total cost of goods available / Total units = 20150 / 1000 =…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: 7) Records for Chief Supermarket show this Units Unit Date Received Cost opening balance and these…

A: Under average cost method, inventory values like cost of sold inventory and ending inventory is…

Q: The College bookstor the Month bookstore had Sales of 2 October. Use the R- Value of the inventor…

A: The retail inventory method is an accounting method used to estimate the value of a store's…

Q: The following buds were available for sale during the year Beginning inventory 15 units at $40 20…

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

Q: Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d.…

A: FIFO (First In First Out) is the inventory valuation method that determines the cost of goods sold…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

Q: Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24…

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

Q: Amount January 1 Beginning Inventory 48 units @ $38.00 March 12 Purchase 70 units @ $36.50 July 19…

A: Using LIFO method, the goods purchased at last are sold first.