The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following information (in millions). Year 2 Year 1 Cost of sales $3,034,794 $3,059,054 Inventories, net 1,171,528 1,093,490 LIFO reserve 8,690 8,188 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: Select one: a. None of these are correct. b. $1,013,704 million c. $1,180,218 million d. $1,172,030 million e. $1,162,838 million

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Calculation of value of Ending inventory using weighted average (periodic) inventory method.  The…

Q: Description Beginning Date Units Unit Cost Total Cost June 1 12 $ 8 $96 11 Purchase 38 9. 342 24…

A: The cost of goods sold is the cost which was incurred on the units that were sold during period.

Q: Sully Company's inventory records for the most recent year contain the following data: (Click the…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: The Danson Co. uses the periodic inventory method and had the following inventory information…

A: Cost of goods sold: (d) FIFO (e) LIFO (f) Weighted Average Units Amount ($) Units Amount ($) Units…

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: Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Under periodic inventory system the cost of goods sold and the ending inventory is updated at year…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Cost of goods sold is the cost of goods that are sold in the market. It represents the cost incurred…

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

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales 840…

A: InventoryInventory is the material available to the company for the process of production and sale.…

Q: Monty Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: FIFO METHOD :— Under this method, first inputs is used for the output units or sales units.  Cost of…

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: SPECIFIC IDENTIFICATION, FIFO, LIFO, AND WEIGHTED-AVERAGE Boyce Company’s beginning inventory and…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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: A company has only one inventory pool. On December 31, Year 1, the company adopted the dollar-value…

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

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: Date 1/1/Y1 Year 1 layer 12/31/Y1 Year 2 layer 12/31/Y2 At base year cost $40,000 5,000 45,000…

A: According to the questiongiven,  using dollar-value LIFO, the ending inventory at current year cost…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under the perpetual inventory system, the inventory and the cost of goods sold records are updated…

Q: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:…

A: The question is based on the concept of Cost Accounting.

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

A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Ending units = Total units available for sale - Total units sold = 80 - 42 = 38 units

Q: Novak Limited uses a perpetual inventory system. The inventory records show the following data for…

A: Under the weighted average model, the cost of the goods that are available for sale divided by the…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: FIFO Method: By using this method units purchased at first are sold first. due to this old cost can…

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

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: At the end of January of the current year, the records of Donner Company showed the following for a…

A: There are two inventory costing methods namely the Periodic Method and the Perpetual Method:Under…

Q: The accounting records of Sheridan Company show the following data. Beginning inventory 2,710…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)…

A: The calculation of the weighted average unit cost is as follows: Weighted average unit cost=Total…

Q: You are provided with the following information for Lily Inc. for the month ended June 30, 2022.…

A: The weighted-average unit cost is calculated by dividing the cost of goods sold by the total units…

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: mning Inventory No. 1 hase No. 1 No. 2 hase No. 2 S Unit Units Cost 30 t one: A. $1,140 B. $1,116 C.…

A: The weighted average cost is most used inventory system and in this weighted cost of all units is…

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

A: There are three methods used to value Inventory, they are FIFO LIFO Weighted Average

Q: Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following:…

A: Under the FIFO inventory method, the units purchased first are sold first, while under the LIFO…

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: # of units Unit cost Total Beginning Inventory 800 $50 $40,000 Purchased 600 $52 $31,200…

Q: Consider the following information for Maynor Company, which uses a periodic inventory system: Unit…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: The first in first out method is an inventory valuation method according to which the first…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

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: At the end of January of the current year, the records of Donner Company showed the following for a…

A: There are two inventory costing methods namely the Periodic Method and the Perpetual Method:Under…

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

A: Inventory is usually valued at its cost or net realizable value, whichever is lower. Cost includes…

Q: The records of Alaska Company provide the following information for the year ended December 31. At…

A: Retail inventory method:The retail inventory method describes the accounting method that is used to…

Q: The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following…

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

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: Wildhorse Company uses a periodic inventory system and reports the following for the month of June.…

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

Q: Consider the following information for Maynor Company, which uses a periodic inventory system:…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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

A: Last in last out shows the inventory purchased last would be sold first.

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

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

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

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.