The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $50 First purchase 18 units at $51 Second purchase 26 units at $26 Third purchase 16 units at $57 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations. a.$1,350 b.$1,159 c.$1,367 d.$1,198

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: The following lots of a particular commodity were available for sale during the year Beginning…

A: The stock of items in which firm deals are recorded as inventory in the books of the firm. The…

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

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 160 $10 $1600…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

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: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO METHODFIFO cost method assumes that units of inventory which are first bought are sold first,…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 11…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: In case of LIFO units sold are from purchases made recently, therefore units in ending inventory…

Q: Use the information below to answer the following question.The following lots of a particular…

A:

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

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

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

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: The following lots of Commodity Z were available for sale during the year. Use this information to…

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

Q: April 5 April 10 April 15 April 20 April 22 ne unit is sold on April 25. The c entify the cost of…

A: Answer : Ending inventory = Total number of unit purchase - Unit sold Ending inventory = 5 - 1 = 4…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 12…

A: There are 3 types of methods for inventory valuation: a.FIFO b. LIFO c. Weighted average a. FIFO: In…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: Using LIFO method, the units purchased at last are sold first and older inventory is left in the…

Q: Question Content Area Use the information below to answer the following question. The following…

A: INTRODUCTION: Instead of utilizing the individual unit costs of a large number of comparable units,…

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

A: Numberof Units Costper Unit Total cost Beginning Inventory 160     $10     $1600 Purchased…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO stands for First-in First-Out. It is a method of inventory valuation.. In this method the goods…

Q: The following lots of Commodity Z were avcilable for sale during the year. Beginning inventory 10…

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

Q: Beginning inventory 12 units at $47.00 First purchase 19 units at $55.00 Second purchase 52 units at…

A: Solution: amount of inventory at the end of the year using LIFO = 12 units from beginning inventory…

Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Given,

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A: Total units sold=5+15+10+10-20=20 units Out of the total units, the units sold under FIFO will be…

Q: or XYZ company, the following lots of a particular commodity were available for sale during the…

A: Solution- Fifo method- First 10 units takes from the beginning inventory= 10 * 60=$600 than rest 15…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A:

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: Weighted average cost flow method under perptual inventory system.  The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: am. 106.

A: a. FIFO-Perpetual: First-purchased merchandise is sold first in the FIFO method, and transactions…

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

A: First-in, First Out (FIFO) Under the First in first out (FIFO) method of inventory valuation, Cost…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

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

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

Q: What is the amount of the inventory at the end of the year using the LIFO method?

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

Q: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A:

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory First…

A: LIFO- (Last in First Out): Under LIFO inventory accounting, units purchased last are the units to be…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…

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

Q: Use the information below to answer the following question. The following lots of a particular…

A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…

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.