Writing.com has a beginning inventory of 16 sets of pens at a cost of $2.12 each. During the year, Writing.com purchased 8 sets at $2.15, 9 sets at $2.25, 14 sets at $3.05, and 13 sets at $3.20. By the end of the year, 29 sets were sold. Ending Inventory 31 pens. Calculate the cost of ending inventory under LIFO, FIFO, and weighted-average methods. ( Round your intermediate calculation and final answers to the nearest cent).

Q: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

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: of beginning inventory at a cost of $3.00. During the year, the company made the following…

A: Solution..   Total units available for sale  = Beginning inventory + Purchases  = 500 + 1,200 + 800…

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: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Coulter Company uses the LIFO inventory method under theperiodic inventory system. The following…

A: In this numerical has covered the concept of LIFO under Periodic Inventory System for valuing the…

Q: A company has beginning inventory for the year of $11,000. During the year, the company purchases…

A: The objective of the question is to calculate the cost of goods sold (COGS) for a company given the…

Q: A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9…

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

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: LIFO (Last-in-First-Out): As per LIFO inventory cost method, units purchased last are sold first.

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: Givens Company uses a periodic inventory system.Its records show the following for the month of…

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)…

A: The calculation of the weighted average unit cost is as follows: Weighted average unit cost=Total…

Q: The following amounts and costs of platters were available for sale by Coulter, Inc. during the…

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

Q: Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: Gross profit is a  fiscal  move that shows the difference between an association's  profit from…

Q: A company purchased 100 units for $30 each on January 31. It purchased 400 units for $40 each on…

A: The LIFO (Last-In, First Out) inventory method means the latest inventory purchased will be sold…

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…

Q: Wynn started the period with 80 units in beginning inventory that costs $7.50 each. During the…

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

Q: The following units of an inventory item were available for sale during the year. Use this…

A: Solution: Ending inventory units = Total units - units sold = (10 + 25 + 30 + 15) - 60 = 80 units -…

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.