Cost Flow Methods The following three identical units of Item P401C are purchased during April:   Item Beta   Units   Cost   April   2 Purchase   1   $100            15 Purchase   1   120            20 Purchase   1   140            Total     3   $360            Average cost per unit         $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.   Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 20 units @…

A: The periodic inventory system is where the accounting and inventory records are not updated after…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - Cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Cost flow methods The following three identical units of Item P401C are purchased during April:…

A: The objective of this question is to calculate the gross profit and ending inventory for the month…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: Question: Cost Flow Methods Three identical units of Item PX2T are purchased during July, as shown…

A: Step 1: Given the information:The following three identical units of Item PX2T were purchased during…

Q: Cost flow methods The following three identical units of Item P401C are purchased during April: Item…

A: Based from the given data:- Purchase 1: 1 unit at $100- Purchase 2: 1 unit at $120- Purchase 3: 1…

Q: Cullumber Company sells one product. Presented below is information for January for Cullumber…

A: Periodic Inventory system - The inventory quantity is determined periodically by physical count…

Q: Cost Flow Methods The following three identical units of Item K113 are purchased during April:…

A: Gross profit = Sales - Cost

Q: Use the FIFO method

A: Explanation of First-in, First-out (FIFO)The First-in, First-out (FIFO) method assumes that the…

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost July 3…

A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…

Q: rini Company had the following transactions for the month. Number Cost of Units per Unit Total…

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

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

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

Q: Cost Flow Methods The following three identical units of Item B are purchased during June: Item B…

A: as per the FIFO method units purchased first will be sold first. FIFO method is the most widely used…

Q: Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Units…

A: a. First-in, first-out (FIFO): Cost of goods sold = $220Gross Profit = $278 - $220 = $58Ending…

Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April:…

A: Solution:- Calculation of the gross profit for April and ending inventory on April 30 as follow:-

Q: Using the LIFO METHOD

A: Explanation of Last-in, first-out (LIFO):The Last-In, First-Out (LIFO) method is an inventory…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Sales Revenue = $51   Under the FIFO method, goods purchased at the earliest are sold first.…

Q: Mayse Company uses a weighted average perpetual inventory system and reports the following: Date…

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

Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

A: The objective of the question is to calculate the gross profit, cost of goods sold, and ending…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

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

Q: Inventories There are three identical units of item JC07 are purchased during August, as shown…

A:

Q: Need answer

A: Given InformationThree purchases:July 9: 1 unit at $224July 17: 1 unit at $225July 26: 1 unit at…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April:…

A: Gross Profit Ending Inventory a. First-in, first-out (FIFO) $77 $383 b. Last-in, first-out…

Q: hree identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Inventory valuation can be done using three methods; FIFO LIFO Average cost.

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April…

A: To determine the gross profit and ending inventory using different cost flow methods, we will go…

Q: ost Flow Methods The following three identical units of Item K113 are purchased during April:…

A: Inventory refers to the stock that the company held for the resell purpose or the inventory that is…

Q: The following three identical units of Item K113 are purchased during April:   Item Beta   Units…

A: The first in, first out (FIFO) accounting approach is based on a cost flow assumption that deducts…

Q: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month…

A: 1. Cost of goods sold under LIFO method Sale units cost per unit cost of good sold =Sale…

Q: Units Cost July 3 Purchase 1 $23 10 Purchase 1 26 24 Purchase 1 29 Total 3 $78 Average cost per unit…

A: In the above question we have asked to calculate gross profit, cogs and ending inventory using…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April…

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

Q: The following information is available for C Corp. for the month of March: Units Unit costs Selling…

A: The total cost of goods available for sale is the sum of the cost of the beginning inventory and the…

Q: The following three identical units of Item Alpha are purchased during April: Cost Flow Methods Item…

A: FIFO (First-in-first-out):FIFO (“First-In, First-Out”) refers to the method used to calculate…

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A:

Q: The following information is available for C Corp. for the month of March: Units Unit costs Selling…

A: First, we need to calculate the total cost of inventory. This includes the beginning inventory and…

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.