The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1   Inventory 2,000 units at $7 Feb. 17   Purchase 3,700 units at $9 Jul. 21   Purchase 2,800 units at $11 Nov. 23   Purchase 1,500 units at $13 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.   a. Determine the inventory cost by the first-in, first-out method. $___________ b. Determine the inventory cost by the last-in, first-out method. $___________ c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. $___________

Q: Required information Use the following information for the Quick Study below. (Algo) (8-10) [The…

A: FIFO stands for first in first out.Using FIFO, the older inventory is sold first and newer inventory…

Q: Periodic inventory by three methods The units of an item available for sale during the year were as…

A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

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

A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

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

Q: Beginning Inventory, purchases and sales data for cell phones for March are as follows: Inventory…

A: Lets understand the basics.Cost of goods sold and ending inventory can be calculated using,(1)…

Q: Teradyne Labs uses the perpetual inventory system and recorded the following transactions last year:…

A: Last-In-First-Out Method - Under the Last-In-First-Out Method, the Company uses inventory in the…

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

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

Q: Assume the following data for Burnette Merchandising for 2023: View the data. On December 31, a…

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

Q: Wooderson Company sells many products. Gizmo is one of its popular items. Below is an analysis of…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: A company had the following purchases and sales during the month of November: Units Acquired at Cost…

A: LIFO stands for Last In First Out. Using LIFO perpetual inventory, the newer inventory is sold out…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

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: 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: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…

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

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

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: You have the following information for Cullumber Inc. for the month ended October 31, 2025.…

A: The inventory valuation method includes:FIFO methodLIFO MethodWeighted average methodFIFO method -…

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

A: Dymac Appliances Inventory Valuation This response addresses the prompt, calculating the inventory…

Q: Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances…

A: 1.Determine the cost of the inventory on Decemebr 31 by FIFO method:

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: [The following information applies to the questions displayed below] A company reports the following…

A: The cost of goods sold includes the cost of goods that are sold during the period. The ending…

Q: A machine costs $700,000 and is expected to yield an after-tax net income of $30,000 each year.…

A:

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

A: Ending Inventory under FIFO Method is 29 units @ $11 equal to $ 319

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…

A: Particulars Units Price per unit Total value Jan. 1 1010 $126           1,27,260…

Q: A review of the accounting records of the Danzee Company yields the following information concerning…

A: Ending inventory is the amount of goods left with the entity. These are reported in the balance…

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

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Date March 1 March 10 March 16 March 23 Transaction Beginning Inventory Purchase Purchase Purchase…

A: Lets understand the basics.There are various inventory methods are followed for calculating cost of…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A: FIFO (First In First Out) is the inventory valuation method that determines the cost of goods sold…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) 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.