The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115       There are 50 units of the item in the physical inventory at December 31.  The periodic inventory system is used. Determine both ending inventory and cost of goods sold by  (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.

Q: The following data regarding purchases and sales of a commodity were taken from the related…

A: There are 3 types of methods for inventory valuation: a. FIFO b. LIFO c. Weighted average Explaining…

Q: The following data regarding purchases and sales of a commodity were taken from the related…

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

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

A: Step 1: Step 2: Step 3: Step 4:

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

A: The cost of ending inventory and cost of goods sold can be valued using various methods like LIFO,…

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

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

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

A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Total units available for sale = 50 + 50 + 30 + 70 = 200 units Total units sold = Total units…

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: 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: 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 Merchandise Sold The units of an item available for…

A: Inventory valuation is the total amount of inventory held by the firm at the end of the accounting…

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

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

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

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Date Particulars No. of Units Price per unit Total value Jan. 1 Inventory 40  $122 $4,880 Mar.…

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: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

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

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 by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Workings: Calculation of Goods available for sale: On January 01 purchased Inventory 40 units @ $ 96

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…

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

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

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.