The following information is to be used in costing inventory on August 31. August 1 Beginning balance 1,600 units at P6.00 5 Purchased 400 units at P7.00 9 Purchased 400 units at P8.00 16 Issued 800 units 24 Purchased 600 units at P9.00 27 Issued 1000 units Required: The cost of materials used and the cost assigned to the August 31 inventory by each of these perpetual inventory costing methods: 1. First-in , first-out 2. Average

Q: In using average method, Cruz Company produces a product that undergoes three processes and the…

A: In the process costing goods are transferred from one department to other after calculating all the…

Q: Problem 1.a.: Computation of Direct Material Used.         Akari Inc. provided the following…

A: The objective of the question is to calculate the amount of direct materials used during the current…

Q: McGown Corporation has the following information: Raw Materials Inventory Work in Process Inventory…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

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

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: From the following data, determine the total Cost of Goods Manufactured (COGM):   Costs of units in…

A: Cost of goods manufactured is the total cost incurred to produce a finished product during a…

Q: From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in…

A: Cost of goods manufactured = Beginning work in process + cost of units introduced during the period…

Q: Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials…

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

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: On November 30, the company's finished-goods inventory, which is evaluated using the first-in,…

A: Work in progress  Opening Balance of raw material and purchased Parts = $6,68,000 In the month of…

Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…

A: Thank you

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Cost Allocation and Lower-of-Cost-or-Market Douglas Company's beginning inventory and purchases…

A: Inventory is the asset which is fast movable. Level of inventory changes on daily basis therefore,…

Q: Lansing Inc provides the following information for one of ts department's operations for June (no…

A:

Q: An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED…

A: FIFO (first in first out) is the method which requires inventory requisite first must be issued…

Q: Prepare the necessary journal entries from the following Information for Welsh Company, which uses a…

A: Only finished goods are transferred to WIP.  Direct labor is WIP cost and Indirect labor is…

Q: All direct materials are placed in process at the beginning of production and the first-in,…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

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

Q: Cost Allocation and Lower-of-Cost-or-Market Douglas Company's beginning inventory and purchases…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the first purchased items are sold first.…

Q: Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles.…

A: Equivalent units in ending WIP = Units of ending WIP * % of completion

Q: Prepare the necessary journal entries from the following information for Welsh Company, which uses a…

A: Journal entries recording is the first step of accounting cycle process, in which atleast one…

Q: Rockman company's inventory transactions are given below s particulars amount details beginning raw…

A: In this question, we have to find the closing balance of raw material for which the opening balance…

Q: Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average…

A: Equivalent unit means where some goods remain incomplete at the end of process and we need to…

Q: Equivalent Units and Product Cost Report-Weighted Average Method In its first month's operations,…

A: Process costing system is that costing system which is used in industries where product needs to go…

Q: Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for…

A: The objective of the question is to calculate the amount of direct materials used during the current…

Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…

A: Manufacturing OH Cost :— Manufacturing OH Cost is the Cost which is Incurred to manufacturing the…

Q: Required information Use the following information for the Exercises below. [The following…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: An incomplete subsidiary ledger of materials inventory for May is as follows: a.  Complete the…

A: "As per bartleby guidelines we will solve the first three question for you. If you want any specific…

Q: Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials…

A: The First in first out represents the valuation of inventory that shows that first inventory…

Q: The cutting process of Skysong Designs equivalent units of work done this period (from beginning to…

A: Process Costing - It is the method of costing which is used wherein the product is completed through…

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.