The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122      There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)

Q: Provide step explanation

A: The analysis you've provided for the inventory cost under FIFO, LIFO, and Weighted Average Cost…

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: an. 1 Inventory 40 units at $116 Mar. 10 Purchase 60 units at $124 Aug. 30 Purchase 30 units at $130…

A:

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @…

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

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

A: The first in first out method of inventory valuation says that the first purchases are sold first.…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Every business keeps inventory in its business for sale. Companies should keep records of all…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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

A: FIFO (First-In, First-Out): It's a method of inventory management where the first items purchased…

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

A: First in first out means the units first bought is first sold and for the valuation of ending…

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

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

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

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

Q: < 1. Determine the Inventory on March 31 and the cost of goods sold for the three-month period,…

A: The objective of the question is to determine the inventory on March 31 and the cost of goods sold…

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

A: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

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

A:

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

Q: the ending inventory cost and the cost of goods sold by three methods

A: Under first-in, first-out (FIFO) costs are taken from the oldest purchases first and the most…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: TB Problem 21-167 (Algo) The Murdock Corporation reported the following balance sheet data for 2021…

A: Cash flow statement is the financial statement that records the cash inflow and cash outflow…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

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

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

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

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

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

A: The objective of the question is to calculate the inventory cost using three different methods:…

Q: The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

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

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

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

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

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

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

Q: Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold…

A: First, we have to calculate the total cost of inventory.  Cost of Inventory = Inventory * Price per…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: Inventory valuation refers to the process of computing the monetary value of ending inventory along…

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

A: Solution:- Determination of the inventory cost using periodic inventory system as follows:-

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

A: Under FIFO method, older goods are sold first and newer goods are sold later. Under LIFO method,…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: The first in first out method is an inventory valuation method stating that the first purchases are…

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

A:

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The various methods for inventory valuation are FIFO, LIFO and average method. The FIFO method means…

Q: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim…

A: FIFO:               Inventory at end = 20(20×120)+(60×128)                            = $11,020…

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.