The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory:   July 1 Beginning inventory 130 units @ $8 per unit   10 Purchased 150 units @ $9 per unit   15 Sold 160 units @       26 Purchased 125 units @ $10 per unit   Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.

Q: Explanation Sept. 1 Beginning inventory 16 Purchases Units Unit costs Total Cost $50 Date $800 Sept.…

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

Q: The following information was available from the inventory records of Tony Company for January.…

A: Step 1: Starting InventoryBeginning Balance: 8,100 units at $9.77 eachStep 2: PurchasesJanuary 6:…

Q: Balance/Transaction No. of units Beginning Inventory Sale Purchase Date Cost March 1 10 units $20…

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

Q: Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period,…

A: FIFO (First-In, First-Out):In the FIFO (First-In, First-Out) method, the goods that were bought or…

Q: Pharoah Company uses a periodic inventory system and its accounting records include the following…

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

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: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances…

A: “Since you have posted a question with multiple sub-parts, we will solve first 3 subparts for you.…

Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: Under the Periodic method of inventory costing, the inventories are costed at the end of the period…

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

A: Inventory accounting methods are the ways in which revenue and expenses are recorded- more…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

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

Q: Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods…

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: A company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: The objective of the question is to calculate the value of the inventory on October 15 after the…

Q: The units of an item available for sale during the year were as follows:   March 1 Inventory 10…

A: Definition: Periodic Inventory System: A periodic inventory system is a system in which the…

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

A: Weighted Average Method - Under the weighted average method of inventory valuation, the average cost…

Q: May 1 Beginning inventory 162 units @ $30 per unit 12 Purchased 112 units@ $35 per unit 16 Sold 180…

A: FIFO states that the inventory purchased first would be sold first. Whereas, LIFO states that the…

Q: Consider the following data: RECEIVED ISSUED 1-Apr| 20 units @ P 5.00 each 5-Apr 10-Apr 60 units @ P…

A: Using moving average method, average cost per unit is calculated after every sale and purchase.

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

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

Q: 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your…

A: 1. FIFO Method : Under this method, closing inventory is valued assuming that the old units were…

Q: Stallworth Corp. Stallworth Corp. uses a periodic inventory system. The following information is…

A: Under LIFO (last in first out) method, material last purchased is consumed /issued first.

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO,  Average Method.…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: First-in First-Out Method - Under the First-in First-Out Method a company uses inventory in the…

Q: Ayayai Company estimates that 240.000 direct labor hours will be worked during the coming year.…

A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: For calculating the inventory details such as cost of goods sold and cost of ending inventory, in…

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

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

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 5 units…

A: Ending inventory is amount of inventory in hand at the end of the period. It is reported under…

Q: Crane Company's inventory records show the following data for the month of September: Inventory,…

A: FIFO Method :— Under this method, Beginning Inventory and old purchases is used for output or sales…

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: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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

Q: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

Q: A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units.…

A: LIFO - Last in first out means that the units purchased latest will be sold first , therefore the…

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: Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system.…

A: a) Calculate the cost of goods sold and ending inventory using First-in, first out:

Q: the Gladstone Company of units purchased and sold throughout each accounting period but applies its…

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

Q: Determine the inventory cost using the average cost method. (Round to nearest whole dollar)

A: Under this method, closing inventory and the cost of goods sold are computed using an average rate…

Q: Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) The…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: Ali Baba Company uses the perpetual inventory system and the FIFO method. The following information…

A: Under Perpetual Inventory system cost of goods sold is recorded as when the goods are sold , thus…

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

A: Last-in, first-out is the method of inventory valuation where the item that came in store lastly…

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

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

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…

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.