The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $36 $288 Aug. 7 Purchase 18 units at $39 702 Dec. 11 Purchase 11 units at $41 451   37 units $1,441 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: A periodic inventory system is a form of accounting stock valuation practice. In this system, the…

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

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

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

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

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

A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: FIFO (First-in First Out): Under FIFO inventory accounting, units purchased first are the units to…

Q: Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: The following units of an inventory item were available for sale during the year: Beginning…

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

Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…

A: This Numerical has covered the concept of Valuing of Ending Inventory Under Periodic Method. In the…

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

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

Q: CPA Company provided the following inventory data for the month of April 2021:     Units Unit…

A: FIFO Method: First in, first-out (FIFO) is an accounting approach in which assets that are bought or…

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

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

Q: Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description…

A: LIFO, or Last-In, First-Out, is a method of inventory management where the most recently acquired…

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

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

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: The following units of an inventory item were available for sale during the year: Unit Unit Cost…

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

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

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

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: 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: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: LIFO = Last In First Out Under the LIFO method, the latest purchases are sold first and the initial…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units are 68  Out of which units sold are 50 given  Hence 18 are closing inventory  LIFO…

Q: Beginning inventory, purchases, and sales for Item HM46 are as follows: March 1   Inventory 100…

A:

Q: Coulter Company uses the LIFO inventory method under theperiodic inventory system. The following…

A: In this numerical has covered the concept of LIFO under Periodic Inventory System for valuing the…

Q: Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28…

A: The difference between FIFO and LIFO is that, FIFO assumes that the goods purchased first are sold…

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

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

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

A: The weighted average technique is one way to value inventory, and it assumes that the output or…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1   Inventory 40…

A: FIFO (First-In First Out): Under FIFO inventory accounting, units purchased first are sold first.

Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…

A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…

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

A: Different inventory valuation methods are used to assign a value to the inventory, and the choice of…

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

A: Step 1: FIFO or First-in, First-out method assumes that the goods first purchased are first sold.…

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

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

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

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

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

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

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: The following units of an inventory item were available for sale during the year: Beginning…

A: CONCEPT Valuation of ending inventory using average cost method: The value of ending inventory is…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Solution:- Weighted average method of inventory is the method of inventory valuation in which…

Q: Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 86 units @ $21 8 69…

A: Under the LIFO method, the newest products in inventory are sold first.

Q: Montoure Company uses a periodic inventory system. It entered into the following calendar-year…

A: The company can use different valuation methods to account for inventory. The value of inventory and…

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:

Q: The units of an item available for sale during the year were as follovs: January 11 Inventory 60…

A: FIFO is one of the most common methods used for inventory valuation. FIFO method works on the…

Q: The units of an item available for sale during the year were as follow: Jan 1   Inventory    14…

A: Unit Cost Of Unit Sales = Total Cost Of Goods Available For Sales / Total Goods Available for Sales…

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

A: It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

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.