Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $35.00     10 Purchase 1   38.00     24 Purchase 1   41.00   Total 3 $114.00           Average cost per unit $38.00 Assume one unit sells on July 28 for $53.00. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.   Gross Profit Cost of Goods Sold Ending Inventory a) First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b) Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c) Average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9

Q: the activity for one of the products of Random Creations: ance, 80 units sse $4,00e 40 units $51 40…

A: Date Units  Rate Total 01-Jan 80  $   50.00  $      4,000 18-Jan 40  $   51.00  $      2,040…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 20 units @…

A: The periodic inventory system is where the accounting and inventory records are not updated after…

Q: Assume that three identical units of merchandise were purchased during October, as follows:…

A: Sales revenue on October 31 = $28

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

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: The following three identical units of Item Beta are purchased during June: Item Beta Units Cost $…

A: Formula for Gross profit= Sales - Cost of goods sold.The cost of goods sold are calculated…

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

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

Q: The transactions below are for Product A occurred during March:           Date…

A: A. Calculate the following (a) through (f): Working notes:

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: Garrett Company has the following transactions during the months of April and May:   Date…

A: FIFO METHOD :— Under this method, first inputs is used for the output units or sales units.  Cost of…

Q: The inventory records for Cookie Co. reflected the following: Beginning Inventory @ 200 units @ July…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost $15 18 Date…

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

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost July 3…

A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

A: a) First-In, First-Out (FIFO)Under this the first goods purchased are the first to be sold.COGS :-…

Q: Hopkins Company reported the following information related to inventory and sales: Units Unit Cost…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1   Inventory 90…

A: Inventory is a stock that the company has held for the resale purpose or the goods that are not sold…

Q: Three identical units of merchandise were purchased during July, as follows: July 3 10 24 Total…

A: Answer -  Inventory Valuation -  Inventory Valuation Methods refers to the methods used for…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

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

Q: Laker Company reported the following January purchases and sales data for its only product. For…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Sales Revenue = $51   Under the FIFO method, goods purchased at the earliest are sold first.…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

A: The objective of the question is to calculate the gross profit, cost of goods sold, and ending…

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Three identical units of merchandise were purchased during March, as follows: Steele Plate Units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sold…

Q: pre.2

A: The objective of the question is to calculate the cost per unit for the units in ending inventory…

Q: 6. Assume that three identical units of merchandise are purchased during October, as follows: Units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sold…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

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

Q: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: hree identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Inventory valuation can be done using three methods; FIFO LIFO Average cost.

Q: Assume Shopping.com began July with 10 units of inventory that cost a total of $180. During July,…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Required information Skip to question [The following information applies to the questions displayed…

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

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: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

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

Q: Assume that three identical units of merchandise are purchased during October, as follows:…

A: Inventory valuation is done in order to report the ending inventory on balance sheet and cost of…

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

A: a. FIFO (Periodic) Units Cost per unit Total Beginning inventory 41 $10 $410 Purchases…

Q: .Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and…

A: Solution: A Perpetual Inventory system is a system which is automatically recorded and updated the…

Q: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month…

A: 1. Cost of goods sold under LIFO method Sale units cost per unit cost of good sold =Sale…

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

A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…

Q: Units Cost July 3 Purchase 1 $23 10 Purchase 1 26 24 Purchase 1 29 Total 3 $78 Average cost per unit…

A: In the above question we have asked to calculate gross profit, cogs and ending inventory using…

Q: May 1 May 5 May 20 made the following merchandise purchases and sales during the month of May:…

A: Inventory valuation can be done with following methodsFirst in first out methodLast in first out…

Q: Anderson's Department Store has the following data for inventory, purchases, and sales of…

A: The method where the goods which were purchased in the beginning are sold first is called FIFO…

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.