the following units of an item were available for sale during the year: Beginning inventory 25 units @ $40 Sale 16 units @ $58 First purchase 35 units @ $41 Sale 25 units @ $59 Second purchase 30 units @ $44 Sale 21 units @ $60 The firm uses the perpetual inventory system, and there are 28 units of the item on hand at the end of the year. a.  What is the total cost of the ending inventory according to FIFO? b.  What is the total cost of the ending inventory according to LIFO?

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

A: FIFO (First-in First Out): Under FIFO inventory accounting, units purchased first are the units to…

Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…

A: The question is based on the concept of Cost Accounting. Perpetual moving average is one of the…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: The stock of items in which firm deals are recorded as inventory in the books of the firm. The…

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

A: Ending inventory is the amount of inventory in hand at the end of the period. It is the amount which…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 11…

A: Here in this question, we are required to calculate ending inventory value under periodic FIFO…

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). =…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

A: As per LIFO method -  inventory purchased, at last, will be sold first.   Given that, ending…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: In case of LIFO units sold are from purchases made recently, therefore units in ending inventory…

Q: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A: Calculation of cost of goods available for Sale Date Particulars Number of Units  Unit…

Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

Q: Allen Company had the following information for the year ending December 31: Units Unit Cost…

A: FIFO means that first in first out which means that cost of goods sold consist of oldest purchase…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

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

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

A: Total units are 68  Out of which units sold are 50 given  Hence 18 are closing inventory  LIFO…

Q: The following lots of Commodity Z were available for sale during the year. Line Item Description…

A: Under FIFO method Goods Comes First are also sold first. Hence, Latest Inventory will constitute…

Q: Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current…

A: The cost of goods sold (COGS) is the "direct cost" of producing any products or services. It is…

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: Gavin Products uses a perpetual inventory system. For Year 1 and Year 2, Gavin has the following…

A: Solution:-The task requires you to calculate Gavin Products' gross profit ratio and inventory…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: Using LIFO method, the units purchased at last are sold first and older inventory is left in the…

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: Beginning inventory 12 units at $47.00 First purchase 19 units at $55.00 Second purchase 52 units at…

A: Solution: amount of inventory at the end of the year using LIFO = 12 units from beginning inventory…

Q: The following units of an item were available for sale during the year: Line Item Description Units…

A: FIFO : It stands for First -In-First -Out. It is a method of inventory valuation where materials are…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Under the LIFO method, the cost of the goods sold includes the latest purchases the ending inventory…

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO LIFO is the Last-in and First-out method of valuation of Inventory. Under this method, it is…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A:

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Given,

Q: or XYZ company, the following lots of a particular commodity were available for sale during the…

A: Solution- Fifo method- First 10 units takes from the beginning inventory= 10 * 60=$600 than rest 15…

Q: Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit.…

A: FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Inventory refers to the stock held by the company for the resale purpose of the inventory which is…

Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh…

A: Inventory includes all the items, goods, and merchandise in the warehouse of the company to sell in…

Q: What is the amount of the inventory at the end of the year using the LIFO method?

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

Q: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

A: Inventory valuation methods include: First in first out Last in first out Weighted average method…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

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: You are given the following information for Sunland Company for the month ended November 30, 2024:…

A: Weighted average cost is calculated by dividing the total cost (previous + current) with the total…

Q: Use the information below to answer the following question. The following lots of a particular…

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

Q: The following lots of Commodity 2 were available for sale during the year. Beginning inventory 8…

A: There are two methods of verification of materials.They are periodic inventory system and perpetual…

Q: The following lots of Commodity Z were available for sale during the year. Line Item Description…

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

Q: Jane company uses a periodic inventory system. its records show the following information for the…

A: In the absence of any information, assumed FIFO method is used for valuation for inventory

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.