The following information is available from the inventory records of columbia hoodies company for January:   Units Unit Cost Total Cost   Balance at Jan 1 3,000 $9.77 $29,310   Purchases:         Jan 6 2,000 $10.30 $20,600   Jan 26 2,700 $10.71 $28,917   Sales:         Jan 7 (2,500) $14.00 $35,000   Jan 31 (4,000) $14.00 $56,000   All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost.   A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct?

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Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

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

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Q: The following are the sales and purchases of Jungkook Company: Units Unit Price January Sales…

A: FIFO is an inventory valuation method which is used to value the ending inventory and cost of goods…

Q: Prepare joumal entries to record the July 10 purchase and the July 11 sale uning (1) FEO periodic…

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Q: The following information was available from the inventory records of Swifty Corporation for…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: The records at the end of January of the current year for Young Company showed the following for a…

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Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

Q: A company just starting business made the following four inventory purchases in June June 1 10 320…

A: FIFO is first in first out method of inventory valuation under which inventories purchased or…

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

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: A company began January with 9,000 units of its principal product. The cost of each unit is $4.…

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

Q: The following information was available from the inventory records of Vaughn Manufacturing for…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: The following information was available from the inventory records of Sheffield Corp. for January:…

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

Q: The following information was available from the inventory records of Apollo Company for January:…

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

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Q: Lewis Enterprises began business on April 1 and made the following four inventory purchases in…

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

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…

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.