United Co. had 10 units of an inventory item on hand at the beginning of the current year, each of which had a per-unit cost of $10. During the year, 20 additional units were purchased at $11, and 25 units were sold. What is the amount of the ending inventory under the LIFO Method.

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: dorothy corporation had beginning inventory of 11 units at a cost of $20 each on march 1. on march…

A: Introduction: FIFO : FIFO stands for First in First out which means first received inventory to be…

Q: A company purchased 130 units for $30 each on January 31. It purchased 170 units for $25 each on…

A: Cost of goods sold = 130 * $30 + 40 * $25 Cost of goods sold = $3,900 + $1,000

Q: Co. C has the following units of beginning inventory and purchases for the year: beginning inventory…

A: Under FIFO method, units which are purchased first are sold first .  Under FIFO method , ending…

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

A: FIFO: FIFO stands for first in first out. Under this system, inventory which are purchased first…

Q: Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company…

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

Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

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: Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December…

A: Inventory Costing Method:- There are various methods used for valuation of inventory in the income…

Q: Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the…

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

Q: During the year, Trombley Incorporated has the following inventory transactions.For the entire year,…

A: 1a.

Q: A company using the periodic inventory system has inventory costing $183 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + merchandise  purchased - Ending inventory

Q: Jillet Corporation began the year with inventory of 16,000 units of its only product. The units cost…

A: ANSWER:-   Ending inventory  =199,820 Cost of Goods Sold (75,000 units)  = 735,700 Income before…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: nit. On November 2, the company purchased 10 units at $ nit. Then, on November 8, the company sold…

A: Answer :LIFO = Last in first out Cost of good sold = Unit sold * cost per unit

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: As per LIFO method it assumes units purchased at last is sold out first. On oct4, the sold units are…

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

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

Q: Jillet Corporation began the year with inventory of 19,000 units of its only product. The units cost…

A: The last in-first out is an inventory valuation method, as per this method the cost of goods sold…

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: anifee Company uses the periodic inventory system.  For the current month, the beginning inventory…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: Jillet Corporation began the year with inventory of 10,000 units of its only product. The units cost…

A: 1.) Compute the cost of ending inventory.

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

A: Inventory valuation methods include: First in first out Last in first out Weighted average method…

Q: Assume your organization has the following inventory changes during the year: Beginning…

A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the…

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

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company…

A: Total cost of goods available for sale = Beginning inventory + Purchases = $12,000 + $30,000 =…

Q: Jillet Corporation began the year with inventory of 24,000 units of its only product. The units cost…

A: Perpetual Inventory System and FIFO Cost MethodTransaction Analysis:Purchase:Units: 120,000Cost per…

Q: Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased…

A: Under the FIFO method of inventory, the earliest purchases are sold first. So the sales of 32 units…

Q: Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of…

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

Q: Jillet Corporation began the year with inventory of 12,000 units of its only product. The units cost…

A: As per the FIFO (First in first out) method the inventory which comes first will out first, hence in…

Q: Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased…

A: Cost per unit of beginning inventory = $8,000 /100 units = $80 per unit Cost per unit of purchase…

Q: The following units of an item were available for sale during the year: Beginning inventory 29 units…

A: Under FIFO, units purchased first are assumed to be sold first. Under LIFO, units purchased last are…

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

Q: A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: Dakota Company had net sales (at retail) of $260,000. The following additional information is…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

Q: Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made…

A: Inventory valuation methods are those methods which are used for valuation of inventory in the…

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: Compute the value of ending inventory after October 4 sale under LIFO method as shown below:

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.