Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000   10 Sales  15,000       15 Purchase 20,000 160 3,200,000   16 Purchase Return 1,000 160 160,000   25 Sales 8,000       26 Sales Return  4,000       31 Purchase 30,000 150 4,500,000 Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: LIF

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: Yount Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Inventory is the balance of goods purchased for the motive of sale or for further production into a…

Q: Consider the following information about March raw material inventory: Inventory turnover = 5.0,…

A: Purchases= Cost of goods sold + Ending inventory - Beginning inventory   Cost of goods sold =…

Q: quired information [The following information applies to the questions displayed below.] A company…

A: Perpetual inventory system is a system of maintaining inventory records continuously(in a…

Q: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

A: Definition:   Perpetual inventory system: The method or system of maintaining, recording, and…

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: The cost of goods sold for the year is: Multiple Choice O $176.100. O $115.300. O $63.300. O…

A: The direct expenses of manufacturing the products that a business sells are referred to as its cost…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

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

Q: Number of Units                      Cost per unit Opening inventory, May 1…

A: Every organization has some inventory for the purpose of sale. The company should determine the flow…

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: Suppose that Ralph Lauren Company reports the following for the month of June. Unit Date Explanation…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

A: The objective of the question is to calculate the ending inventory and cost of goods sold (COGS) for…

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

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

A: The FIFO (First-In, First-Out) perpetual system is a method used in inventory management and…

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

A: The specific identification method relates to inventory valuation, specifically keeping track of…

Q: Suppose a divison of Florida Instruments Incorporated that sells computer microchips has these…

A: As per our guidelines we are supposed to answer one question in case of multiple questions under a…

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

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

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

A: Cost of goods sold is the amount of cost incurred on the making of the goods that are to be sold in…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $7.…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Dublin Corporation provides the following information related to its inventory during the month of…

A: Step  1: Number of units under cost of goods sold october 18= 3000-2400 = 600 Step 2: Units of…

Q: the number of units purchased and sold throughout each accounting period but applies its inventory…

A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, LIFO…

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

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $8.…

A: Using average method, the unit cost is calculated as total cost divided by the number of units.…

Q: A firm’s accounting record showed that the firm had a beginning balance in inventory of 2,000 units…

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

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: SUPERIOR Company had 20,000 units of bottles on hand at January 1, costing P35 each. Purchases of…

A: FIFO stands for First in and first out. It means that units purchased at first are to be sold first.…

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

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

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

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

Q: Cost Allocation and Lower-of-Cost-or-Market Douglas Company's beginning inventory and purchases…

A: Inventory is the asset which is fast movable. Level of inventory changes on daily basis therefore,…

Q: An organization implements a constant order quantity inventory system. The setup (procurement) cost…

A: Optimum order quantity also known as economic order quantity indicates the number of units to be…

Q: The following are the sales and purchases of Jungkook Company: Units Unit Price January Sales…

A: FIFO is an inventory valuation method which is used to value the ending inventory and cost of goods…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: 2. Trini Company had the following transactions for the month. Number of Units Cost per Unit Total $…

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

Q: The following are the sales and purchases of Med Company:   Units Unit price January Sales 300,000…

A: Under First in -First out inventory valuation methods goods that are brought at earlier dates are…

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

A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…

Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…

A: FIFO stands for "First In, First Out" and is a method of inventory valuation used in accounting.…

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

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

Q: Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550…

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

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

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $7.…

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

Q: A company began January with 9,000 units of its principal product. The cost of each unit is $4.…

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

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.