The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $31 $713 June 16 Purchase 30 units @ $32 960 Nov. 28 Purchase 44 units @ $39 1,716     97 units   $3,389 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number.

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

A: Under FIFO method: Cost of goods sold = (380×$5)+(200×$4)=1900+800=$2700 Cost of ending inventory =…

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

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

Q: Crane Company uses a periodic inventory system and reports the following for the month of June. Date…

A: FIFO: "First-In, First-Out" - Items purchased or produced first are sold or used first.LIFO:…

Q: he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A:

Q: Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in…

A: FIFO Method:FIFO method uses the price of the first batch of materials purchased for all issues,…

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: 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: 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: Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Perpetual FIFO:                     Goods Purchased Cost of Goods Sold Ending Inventory Date…

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

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

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: 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: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

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: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

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: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Under the LIFO method, the cost of the goods sold includes the latest purchases the ending inventory…

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: Lets understand the basics. In Last In First Out (LIFO) basis company assumes that, goods come last…

Q: Sunland Company uses a perpetual inventory system and reports the following for the month of June.…

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

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

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

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculate Units sold:  Units Sold=Total units avaialble-Inventory at November 30=97-13=84

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

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

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

A: Calculation of weighted average cost per unit : Date  Particulars  Calculation  Cost per unit…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

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

Q: ble for sale during the year were as follows: r. 1 Inventory 25 units @ $32 $800 ne 16 Purchase 29…

A: Solution: Under periodic method Inventory cost is determined at the end of a specific period as…

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

A: FIFO (First-In, First-Out) method: Inventory is sold in the order it was purchased, with the oldest…

Q: Jeters Company uses a periodic inventory system and reports the following for the month of June.…

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

Q: The accounting records of Sheridan Company show the following data. Beginning inventory 2,710…

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

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: The following amounts and costs of platters were available for sale by Coulter, Inc. during the…

A: Under weighted average cost of inventory, weighted average cost per unit will be calculated for…

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

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

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: Organization follows two type of inventory systems. (1) Perpetual inventory system (2) Periodical…

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

A: The first in first out method is an inventory valuation method according to which the first…

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

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

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

A: clsoing inventory = opening inventory + purchase - sales

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

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

A: As the form illustrated mentioned in the question is not available, the answer is given in  the…

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.