The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $29 $696 June 16 Purchase 31 units @ $35 1,085 Nov. 28 Purchase 45 units @ $37 1,665     100 units   $3,446 There are 17 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. FIFO Cost of Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference $fill in the blank 3

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

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: were: Feb. 20 May 5 630 (a) 535 units at $8 units at $9 Aug. 12 Dec. 8 Determine the cost of goods…

A: Solution:      Cost of Goods available for sale can be determined by adding Cost of beginning…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: FIFO means "First In, First Out" and is an asset-management and valuation method in which assets…

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

A: LIFO -Inventory is assigned an accounting value using the latest in, first out procedure. Assuming…

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: 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: 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: Wilkenson Inc. has the following information available for November: Date units cost per unit…

A: The question is based on the concept of Cost Accounting.

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

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

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

A: Calculate the weighted- average unit cost:

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…

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

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

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.