Wattan Company reports beginning inventory of 25 units at $39 each. Every week for four weeks it purchases an additional 25 units at respective costs of $40, $41, $44, and $49 per unit for weeks 1 through 4. Compute the cost of goods available for sale and the units available for sale for this four-week period. Assume that no sales occur during those four weeks. Cost of Activity Units Units cost Goods Available Beginning Inventory 1st week purchase 2nd week purchase 3rd week purchase 4th week purchase Units available for sale Cost of goods available for sale

Q: Cullumber Company sells one product. Presented below is information for January for Cullumber…

A: Solution: Cost of goods sold using FIFO = (300*$12) + (180*$13) + (360*$12.50) = $3,600 + $2,340 +…

Q: A company began January with 7,000 units of its principal product. The cost of each unit is $9.…

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

Q: A company had the following purchases during its first year of operations: Purchases January: 10…

A: Inventory management forms a key role in managing an firm's inventories where many methods are used…

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: Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it…

A: Cost of Goods available for sale: Cost of goods available for sale is the sum of cost of beginning…

Q: Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe…

A:

Q: QP Corporated sold 5,370 units of its product at $46.30 per unit during the year and incurred…

A: There are two methods of verification of materials.They are periodic inventory system and perpetual…

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

A: Given that: Sales units = 240 units

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: 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: Pacific Company starts the year with a beginning inventory of 3,700 units at $5 per unit. The…

A: FIFO method is an inventory valuation method where inventory that was purchased first will be used…

Q: Take2 Company reports the following purchases and sales data for its product Z for the month of…

A: In this scenario, Take2 Company has a mix of beginning inventory and purchases throughout the month,…

Q: During April, Wiggins Company sold 900 units of Product X for $10 per unit. Its beginning inventory,…

A: The periodic inventory framework is a technique for stock valuation for monetary revealing purposes…

Q: The following amounts and costs of platters were available for sale by Sierra Pottery during the…

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

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: A company had the following purchases during its first year of operations: January May September…

A: Weighted-average method: Weighted-average method is a method of inventory valuation. In this method,…

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

A: Under perpetual inventory system, inventory records are updated continuously with each purchase and…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

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

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A:

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

A: FIFO, LIFO and weighted average are the three most common methods which are used for the recording…

Q: Cullumber Company sells one product. Presented below is information for January for Cullumber…

A: Ending inventory=(300+180-410+410-430+400) =450 units Value of ending inventory=50*12.5+400*12.8…

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

A: Lets understand some basics Inventory is the accounting of items, component parts and raw materials…

Q: A company had the following purchases and sales during its first year of operations: Sales 6 units 5…

A: Lets understand the basics. There are various methods are followed which calculating value of…

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

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Archer Industries prepares quarterly financial statements. During the fourth quarter the following…

A: LIFO (Last-in-first Out): As the name itself suggests, the latest inventory and purchases will be…

Q: Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the…

A: In accounting, journal entries are a record of financial transactions that a business has made. Each…

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

A: First-in First-Out Method - Under the First-in First-Out Method, the company uses inventory in the…

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

A: Closing or ending inventory cost can be calculated using FIFO, LIFO and weighted average method in…

Q: Shepard Company sold 4,000 units of its product at $100 per unit during the year and incurred…

A:

Q: A company began January with 4,000 units of its principal product. The cost of each unit is $7.…

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

Q: Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units…

A: In FIFO method, the goods received first are dispatched first. Under Last In first Out method, the…

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

A: FIFO stands for First In, First Out. Under the FIFO method, goods purchased first are sold first.…

Q: The Cullumber Store is an experienced home appliance dealer. Cullumber Store also offers a number of…

A: Revenue is the amount of money earned by an entity by selling goods or providing services.

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.