The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $52.00 First purchase 18 units at $53.00 Second purchase 21 units at $58.00 Third purchase 17 units at $61.00 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method? Select the correct answer. A. $1,092.00 B. $3,760.00 C. $3,781.00 D. $1,269.00

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

A: Here in this question, we are required to calculate ending inventory value under periodic FIFO…

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

A: As per LIFO method -  inventory purchased, at last, will be sold first.   Given that, ending…

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

A:

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

A: Average-cost method:   Under Weighted average cost method, the company calculates a new average cost…

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

A: First In, First Out (FIFO): It is a system of Inventory valuation in which the goods that are…

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: 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: 7 First purchase 19 units at $52 Second purchase 24 units at $59 Third purchase 17 units at $62

A: The accounting concept of first in, first out (FIFO) stipulates that assets purchased or acquired…

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 firm uses the periodic system, and there are 26 units of the commodity on hand at the end of the…

A: Periodic Inventory system- One need not to maintain cost records. Closing inventory will be valued…

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

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

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

A: Under the LIFO method, the cost of the goods sold includes the latest purchases the ending inventory…

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

A: Given,

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 Commodity P were available for sale during the year. Beginning inventory 5…

A: According to the periodic system of inventory computation, the computation of inventory balance is…

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 7…

A: Inventory refers to the stock held by the company for the resale purpose of the inventory which is…

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

A: The correct option is  A. $1,408.00

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

A: FIFO:   In First in first out method, the units bought first are sold first. In other words, in FIFO…

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…

Q: The following lots of Commodity 2 were available for sale during the year. Beginning inventory 8…

A: There are two methods of verification of materials.They are periodic inventory system and perpetual…

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

A: Total units available for sale = 10+25+30+15 = 80 units Units sold = 25 units Ending inventory…

Q: The following lots of Commodity Z were available for sale during the year. Line Item Description…

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

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

A: In the Average cost method, inventory cost is determined by dividing the total cost of goods…

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: The following lots of Commodity Z were available for sale during the year. Beginning inventory 9…

A: Solution: A Periodic Inventory System which updates and records the inventory accounts at a certain,…

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

A: Average Cost method: This approach allocates a cost to inventory items based on the overall cost of…

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

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: The following lots of commodity z were available during the year. Use this information to answer the…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

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

A: As per FIFO method, goods purchased first will be sold first which means ending inventory is valued…

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

A: Calculation of Ending Inventory Valuation under LIFO method

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

A: The amount of  inventory at the end of the year according to LIFO method is $1,203 Refer step 2 for…

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.