Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory1,000units at $15Feb. 17Purchase1,375units at $16July 21Purchase1,500units at $17Nov. 23Purchase1,125units at $18There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used.a. Determine the inventory cost by the first-in, first-out method.$ b. Determine the inventory cost by the last-in, first-out method.$ c. Determine the inventory cost by the weighted average cost method.$

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies…

A: In the weighted average method, the average costs are determined by adding the cost of inventory and…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Every business keeps inventory in its business for sale. Companies should keep records of all…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First in first out means the units first bought is first sold and for the valuation of ending…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO method is the inventory valuation method which states the inventory purchased first are sold…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

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

A: Inventory is reported on the balance sheet of the company and thus, it is necessary to determine the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Calculate the cost of goods available.

Q: inventory cost by the first-in, first-out method.

A: Computation of inventory cost by various methods are shown below :

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The objective of the question is to calculate the inventory cost using three different methods:…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The details regarding the Inventories are given. Required  Calculate the cost of Inventory as in…

Q: Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold…

A: First, we have to calculate the total cost of inventory.  Cost of Inventory = Inventory * Price per…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: Inventory valuation refers to the process of computing the monetary value of ending inventory along…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim…

A: FIFO:               Inventory at end = 20(20×120)+(60×128)                            = $11,020…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a) 208b) 192c) 204Explanation:a) To find the cost of the ending inventory, we start from the last…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: For any manufacturing company inventory management play a vital role. There are mainly three methods…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: The units of an item available for sale during the year were as follow: Jan 1   Inventory    14…

A: Unit Cost Of Unit Sales = Total Cost Of Goods Available For Sales / Total Goods Available for Sales…

Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: LIFO method - Last in first out. It assumes that last inventory are sold first  FIFO - First on…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

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

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units…

A: Inventory costs include all expenses connected with ordering, keeping, and maintaining a…

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.