The inventory records of Kiwi Company show the following purchases during the first quarter operations: January 15,000 units-P187,500 February 20,000 units-P240,000 March 13,000 units-P167,700 The March 31 inventory using the weighted average method is P282,720. How much is the March 31 inventory using the periodic first-in, first-out method?

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: Metlock Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: 1.Cost of goods sold can be calculated as follows;Cost of goods sold =Beginning inventory +Net…

Q: The inventory records of Yellow Corporation show the following purchases during its first quarter of…

A: First in First out method of inventory is a method where first purchases will be sold first ,…

Q: At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: A company's inventory records indicate the following data for the month of January: Units Acquired…

A: Ending inventory is the amount of inventory which is reported by the entity in the balance sheet at…

Q: Company's inventory records for the most recent year contain the following​ data: Stewart Company…

A: Answer 1 Computation of COGS and ending inventory under average costs method is as follows:

Q: The following information relates to Blue Back Falls Ltd.'s inventory transactions during the month…

A: The objective of the question is to calculate the cost of goods sold, gross margin and ending…

Q: Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21…

A: The perpetual inventory system is the system used for valuing the inventory. Under this system the…

Q: Pearl Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold = Sales…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: The inventory records of Cattle Company show the following purchases during the first quarter…

A: FIFO means the first in first out which means that goods purchased first will be sold first.…

Q: The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First…

A: Weighted average method is the one which is used to measure the cost of inventory on average cost…

Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…

A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…

Q: A company's inventory records indicate the following data for the month of April: Date April 1 April…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: (a) Cost assigned to ending inventory: $3,188To determine this, we need to first calculate the…

Q: Bridgeport Company uses the gross profit method to estimate inventory for monthly reporting…

A: Calculating of inventory as a balancing figures in case of gross profit method , we need to prepare…

Q: [The following information applies to the questions displayed below.] Laker Company reported the…

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

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: Since Morgenstern uses a perpetual inventory system, we shall prepare the inventory schedule showing…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: In FIFO method, the inventory that comes first is sold first. FIFO stands for 'First in first out'.

Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1= P130,000 Physical count,…

A: Under periodic inventory system, the cost of goods sold is not recorded with every sales…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

Q: [The following information applies to the questions displayed below.] Laker Company reported the…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Goods Purchased     No. of Units Cost per Unit Jan 1 390 3.8 Jan 9 90` 4 Jan 25 120…

Q: The beginning inventory was 490 units at a cost of S8 per unit. Goods available for sale during the…

A: There are inventory system i.e., periodic inventory system and perpetual inventory system. The…

Q: how much is the ending inventory using the weighted average method?

A: In the given case; Beginning units = 6000 units Add: Purchases  = 4000 units Less: Sales          =…

Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical…

A: Using periodic inventory system, the inventory and cost of goods sold is valued at end of accounting…

Q: Ivanhoe company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Estimated inventory refers to an estimation of the value of a company's inventory at a specific…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Under LIFO Method, using perpetual inventory system, value of ending inventory is calculated on the…

Q: The records of a company showed the following for June:  Sales…

A: A periodic inventory system is one of the inventory valuation and management systems. Under this…

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.