The following data is relates to TOTO Campany. 01 Nov 2020           Beginning Inventory       13 units @ Rs 1000/- 5 Nov 2020             Purchases                       12 units @ Rs 1050/- 11 Nov 2020 Sales                                         13 units 18 Nov 2020 Sales                                         5 units 20 Nov 2020           Purchases                       20 units @ Rs 1200/- 21 Nov 2020           Purchases                       28 units @ Rs 1250/- 22 Nov 2020 Sales                                         30 units 23 Nov 2020           Purchases                       35 units e Rs 1300/- 28 Nov 2020           Purchases                       20 units 43 Rs 1450/- Prepare Inventory subsidiary ledger to compute the cost of ending inventory and cost of goods sold using FIFO.  LIFO AND AVEREGE method

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A:

Q: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory…

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

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A: FIFO Method :— It is one of the method of inventory valuation in which beginning Inventory and first…

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A: Weighted average cost method says that weighted average cost will be calculated by dividing total…

Q: The inventory records for Abeer Co. reflected the following. Beginning Inventory 100 units@$4.00…

A: LIFO Stands for last in first out Latest inventory (recently produced/purchased  item) is sold first…

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A: Identification method: Identification is the method by which each item of the inventory is tracked…

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Q: Given the following: LIFO method: 250 units left in ending inventory. 1/1/2018 Beginning inventory…

A: As per LIFO method, the ending inventory would consist of the first most items that were received…

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A: Detailed explanation:Cost of goods available for sale is the total of inventory beginning and the…

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A: Last-In, First-Out (LIFO): Accounting for inventory using the "last in, first out" (LIFO) technique…

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A: Cost of goods sold refers to the total amount incurred by the entity on the goods that are sold out…

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A: LIFO is the inventory valuation method in which inventory that is purchased last will be sold first.…

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A: FIFO is a method of valuing the inventories in which the goods purchased first are sold on a…

Q: Using the FIFO inventory method, what is the cost of Ending Inventory?

A: First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which…

Q: April 1 Beginning Inventory 100 units @ $4 April 2 Sales 50 units April 3 Purchases 300 units @ $6…

A: Total no. of units sold = 50+250+200                                    = 500 units

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A: COGS: It refers to the direct cost of manufacturing goods required to be sold by the company

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Q: Cost per unit $1.00 $1.05 Dec. 19 $1.10 Dec. 21 $1.12 The company sold 100 units at $2.00 per unit…

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A: Under Weighted Average Costing Method, the average cost is calculated for each unit. The unit price…

Q: During 2021, a company sells 20 units of inventory. The company has the following inventory purchase…

A: LIFO stands for Last-In-First-Out .Under this inventory system,materials received last are issued…

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A: According to the FIFO method, the inventory which is purchased first is sold first, hence ending…

Q: 5

A: Weighted Average: $42,434Perpetual FIFO: $42,564Perpetual LIFO: $27,924Specific Identification:…

Q: Assume Ava Co has the following purchases of inventory during the first month of operations…

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Q: s

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

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.