The following data was obtained from the records of ABC Inc., for the current year. Sales  during the year were 210 units.  (SHOW YOUR WORK) Jan 1, 2021 Beginning Inventory 80 units at  $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $ 12 January 31 Purchases 53 units at $14 Required: Calculate the cost of the ENDING INVENTORY and the COST OF GOODS SOLD using: a)  FIFO b) LIFO c) Average Cost to two decimal places.  Round answers to nearest dollar.

Q: The following are the transactions for the month of July. Unit Unit Units Cost Selling Price July 1…

A: The gross profit is calculated as the difference between the sales and cost of goods sold. The net…

Q: The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took…

A: (1) While using this method of weighted average or AVCO, we have to divide the total cost of goods…

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: The following information was available from the inventory records of Tony Company for January.…

A: Step 1: Starting InventoryBeginning Balance: 8,100 units at $9.77 eachStep 2: PurchasesJanuary 6:…

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A: FIFO means "First In, First Out" and is an asset-management and valuation method in which assets…

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A: Definition of Inventory:Finished goods which are ready for sales but kept on the company premises is…

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

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: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

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…

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A: Inventory is valued at the end of the financial statement. There are many methods to value the…

Q: Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit.…

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

A: Perpetual Inventory System: There is a  continual track of  inventory balances under perpetual…

Q: The records of Rami co. show the following data in June 30, 2020, During the month inventory on hand…

A: The cost of goods sold is the total cost that is contributes in the selling of the product.

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: You are provided with the following information for Bonita Inc. for the month ended June 30, 2020.…

A: Date Description Quantity Unit Cost Total Cost Jun-01  Beginning Inventory 41  39  1599  Jun-04…

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

A: Inventory is one of the important current asset of the business. It can be valued by many methods…

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A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: Allen Company had the following information for the year ending December 31: Units Unit Cost…

A: FIFO means that first in first out which means that cost of goods sold consist of oldest purchase…

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

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

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A: First in first out (FIFO): It implies an inventory valuation method used by the business to record…

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A: LIFO stands for Last In First Out is the method of inventory valuation. It assumes that the most…

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A: Formula: Average price per unit = Total purchases value / number of units purchased. Division of…

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Q: 不 Baldwin Company had the following balances and transactions during 2019: Beginning Merchandise…

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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: Wilkenson Inc. has the following information available for November: Date units cost per unit…

A: The question is based on the concept of Cost Accounting.

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A: Weighted average cost is one the techniques of valuing inventory and preparing the store ledgers. In…

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A: 1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

Q: Sales during the year were 545 units. Beginning inventory was 430 units at a cost of 56 per unit.…

A: Under the periodic system cost of goods sold and ending inventory is recorded at the end of the…

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A: Perpetual Inventory System This system provides running balance of Cost of Goods available for Sale…

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A:

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

A: FIFO is an inventory valuation method that assumes the first items purchased or added to inventory…

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A: Average cost per unit = Total cost of goods available for sale  / Total no. of units available for…

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A: Fifo method is first in first out method where inventory came first will be sold first. Lifo method…

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A: $6,975 Last in First Out method, in Lifo cost of Goods Sold is valued at latest price and closing…

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A: Inventory includes all the items, goods, and merchandise in the warehouse of the company to sell in…

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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.