Shania Twain Company was formed on December 1, 2019. The following information is available from Twain's inventory records for Product BAP.     Units Unit Cost January 1, 2020 (beginning inventory) 600 $ 8.00 Purchases:      January 5, 2020 1,200 9.00  January 25, 2020 1,300 10.00  February 16, 2020 800 11.00  March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods. a.    FIFO b.    LIFO. c.    Weighted-average (round unit costs to two decimal places).

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 810…

A: Weighted AverageCalculate the weighted average cost per unit:Total cost of goods available for sale:…

Q: Given the following information, what journal entry does Lil Wayne's company make to COGS if they…

A: The inventory valuation method is used to calculate the cost of goods sold and ending inventory. It…

Q: Abshire Corp uses the periodic inventory system. The following table shows beginning inventory and…

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

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following…

A: Inventory valuation method is the way to calculate the total value of the inventory owned by a…

Q: Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its…

A: Using FIFO method, the older units are sold and newer units are left into the stock. Using LIFO…

Q: 不 Baldwin Company had the following balances and transactions during 2019: Beginning Merchandise…

A: FIFO method follows First in First out Basis, means beginning inventory and units purchased first…

Q: n, what is the gross profit for the month?

A: 1. As units are sold on the basis of FIFO . So, closing inventory will      be out of Last purchased…

Q: Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

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

Q: The following is the information for ABC Corporation for the inventory transactions. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: The following information is provided for the sales of merchandise item PQ for the first week of…

A: Inventory valuation method you to calculate the total amount of purchases, total amount of issues of…

Q: Baldwin, Inc. had the following balances and transactions during 2026: Beginning Merchandise…

A: Cost of goods sold is the amount of cost incurred by the entity on the making of the goods sold in…

Q: The following information was available from the inventory records of Jun Company for January: Unit…

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

Q: Sunrise company inventory records contained the following information regarding its latest Sunrise…

A: 1. Calculate the cost of goods sold and ending inventory cost under FIFO.

Q: Wards’ inventories are determined using FIFO (periodic). Wards provided the following information…

A: Total units available for sale = Beginning inventory + Purchases = 60+40+95+30 = 225 units Units…

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: ist, InC. uses a tem alid nas the ToOV Beginning Inventory 124 units @ $50 per unit Purchases…

A: Under periodic inventory system, ending inventory is valued and balance amount out of purchase is…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: Kingsley Company uses the periodic inventory system to account for its inventories. Here are…

A: According to the FIFO method, the inventory which is purchased first is sold first, hence ending…

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

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.