Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method   Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1             fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19       fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 June 30 fill in the blank 10 $fill in the blank 11 $fill in the blank 12       fill in the blank 13 fill in the blank 14 fill in the blank 15 Sept. 2       fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Nov. 15 fill in the blank 22 fill in the blank 23 fill in the blank 24       fill in the blank 25 fill in the blank 26 fill in the blank 27 Dec. 31 Balances         $fill in the blank 28 fill in the blank 29 $fill in the blank 30 $fill in the

Q: Using the weighted average method, complete the steps below to calculate the ending inventory units,…

A: Cost of Goods Sold (COGS) is a fundamental accounting metric that represents the direct costs…

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

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

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average method is the method in which the cost of goods available is divided through the…

Q: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the…

A: Under specific identification method, inventories that are specifically identified will be sold out…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO METHODFIFO cost method assumes that units of inventory which are first bought are sold first,…

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: A perpetual inventory system is a method of tracking and recording inventory transactions in…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: Inventory Purchase Information Date Number of Units Cost per unit Extended Cost Beginning…

A: The Perpetual inventory system updates the inventory value upon the happening of each transaction…

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

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

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: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: Inventory Costing Methods-Perpetual Method Mary Company uses the perpetual inventory system. The…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: FIFO and LIFO costs under perpetual Inventory system The following units of an item were available…

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

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO stands for First-in First-Out. It is a method of inventory valuation.. In this method the goods…

Q: eriodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale…

A: Lets understand the basics. In first in first out basis company assumes that, goods come first in…

Q: May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at…

A: Answer :Weighted average cost per unit = Total cost / Total units Cost of good sold = Total cost -…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

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

Q: chases al Cost 2,000 ✓ 0,000 ✓ Weighted Average Cost Flow Method Cost of Goods Sold Quantity 7,000 ✓…

A: There are many methods to calculate the inventory like FIFO and LIFO Method, average cost method,…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Inventory is a form of current asset that a business keeps on hand to run the business and is often…

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: a. $756b. $714Explanation:1. The First-in First-out (FIFO) method of inventory valuation is based on…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Cost of goods sold and inventory balance, under weighted average cost method is calculated as…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average unit cost is a method of valuing the inventory wherein the unit cost is recomputed…

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: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

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

Q: Weighted average cost flow method under perpetual inventory systemThe following units of a…

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

Q: Weighted average cost flow method under perptual inventory system.  The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

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

Q: Weighted average cost flow method under perpetual inventory system The following units of a…

A: Lets understand the basics.Cost of goods sold and ending inventory can be calculated using,(1)…

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: Perpetual Inventory System is a method of costing the ending inventory and the inventory sold. Under…

Q: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: Perpetual inventory is an inventory accounting approach in which the sale or purchase of products is…

Q: The following units of an item were available for sale during the year: Beginning inventory 21 units…

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

Q: and LIFO costs under perpetual inventory system The following units of an item were available for…

A: calculation of ending inventory under LIFO and FIFO method

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

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

Q: Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month,…

A: Periodic inventory system is the one whereby the records of the inventory are maintained at the end…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: The inventory valuation methods are categorized as FIFO, LIFO and weighted average method. 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.