Brinker, Inc. uses the perpetual inventory system. The following information is available for the month of July. Beginning inventory, July 1 is 1,000 units at $20 for $20,000, on July 9 Purchased 1,200 units at $23 for $27,600, on July 12 Sold 1,800 units, and on July 22 Purchased 800 units at $25 for $20,000. What is the Cost of Goods Sold amount using the FIFO inventory costing method at July 31?   A. $28,000 B. $39,600 C. $29,200 D. $38,400

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A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

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

A: Step 1: Starting InventoryBeginning Balance: 8,100 units at $9.77 eachStep 2: PurchasesJanuary 6:…

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for…

A: Solution   Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). =…

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A: Definition of Inventory:Finished goods which are ready for sales but kept on the company premises is…

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

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

Q: [The following information applies to the questions displayed below.] The following are the…

A: Under the periodic inventory system ending inventory and cost of goods sold is calculated at the end…

Q: Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date…

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Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

Q: (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO…

A: Note: Colour coding has been used for better understanding. Answers can be given without coding as…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

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

Q: Addison, Inc. uses a perpetual inventory system. Information regarding one inventory item for the…

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

Q: Courtney Company uses a periodic inventory system. The following data was available: beginning…

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

A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

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

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

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: Indigo Ltd., which uses a perpetual inventory system, recorded the following inventory transactions…

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Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

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Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

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Q: Wildhorse Company uses a periodic inventory system and reports the following for the month of June.…

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Q: Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions…

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Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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Q: Hess Company's inventory records show the following data for the month of September:…

A: According to this method, those units are sold first which have been purchased first. The ending…

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

Q: Ali Baba Company uses the perpetual inventory system and the FIFO method. The following information…

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A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

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A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…

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A: FIFO, or "First-In, First-Out," is a method of inventory management where the oldest items are sold…

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

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

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year;…

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Q: Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the…

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

Q: Grouper Inc. uses a perpetual inventory system. Its records show the following for the month of May.

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A: Lets understand the basics.Cost of goods sold and inventory can be calculated using,(1) FIFO(2)…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: Laker Company reported the following January purchases and sales data for its only product. The…

A: Introduction: LIFO Method: LIFO stands for Last in First out. Which means last received inventory to…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

Q: Number of Units Cost per Unit Total 1,050 1,020 1,300 1,200 4,570 $ 23,100 23,460 33,800 32,400…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

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

A: Ending inventory is the part of inventory that the entity couldn't sell in the current financial…

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: Organization follows two type of inventory systems. (1) Perpetual inventory system (2) Periodical…

Q: the following information for Coronado Industries for the month ended October 31, 2022. Coronado…

A: Periodic inventory system: It is inventory system which involves the physical counts of goods at a…

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: Atlas Company uses the perpetual inventory costing system. The company has provided the following…

A: Inventory can be defined as the stock of goods or products that are manufactured and stored by the…

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.