Below are the purchases and sales for your business.  Use the inventory spreadsheet to assist you in completing the journal entries related to each transaction. Complete this first for FIFO, then LIFO, then Weighted Average. What is the ending inventory for each method?   Date Transaction Number of Units Per Unit Total Jan 3 Beginning Inventory 50 $1100   Jan 8 Purchase 100 $1300   Jan 11 Sale 80 $1800   Jan 30 Sale 50 $1900   Feb 8 Purchase 150 $900   Feb 10 Sale 30 $1500   Feb 19 Sale 20 $1750   Feb 28 Purchase 125 $1450   Mar 5 Sale 60 $1200   Mar 16 Sale 80 $1800   Mar 21 Purchase 175 $1500   Mar 28 Sale 100 $2000     FIFO   Amount for purchase of inventory Units sale price Value of sale in journal entry Units Cost   Units Per unit     Purchase Qty Purchase Cost Total Sale   Sale Price     COGS     Ending Inventory Beginning Inventory

Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1…

A:

Q: Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1…

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

Q: Sale 108 Dec 6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300 Dec 19 Purchase

A: Ans. As per First In First Out method the unit of stock which was first purchased by the entity will…

Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…

A: Last-in First Out (LIFO) is method used to account for inventory that record recent purchase of…

Q: Calculate the value of Inventories as at 31st December from the information above using: (i)…

A:

Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…

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

Q: Beginning inventory, purchases and sales data for T-shirts are as follows:   Apr 3…

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

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: A periodic inventory system is a form of accounting stock valuation practice. In this system, the…

Q: The units of an item available for sale during the year were as follows: Jan. Inventory 1,800 units…

A: Calculation of Cost of goods available for sales and units sold: Ending results are as follows:

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April Inventory 12…

A: LIFO: LIFO stands for Last in First out which means Last received inventory to be sold first.

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

A: Weighted Average cost = (63*23) + (117*25) + (104*26) + (67*28) / (63 + 117 + 104 + 67) Weighted…

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

A: Companies do not follow up for the cost of each item of the inventory, so when these inventories are…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: The perpetual inventory system can be defined as an accounting practice that helps in recording the…

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: Under FIFO Method, using perpetual inventory system, cost of goods sold and value of ending…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows:   April 3…

A: Under FIFO method the oldest products in inventory have been sold first.

Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory…

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

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…

A: LIFO - Last in first out means all the purchases which have been purchased lately will be sold first…

Q: Prepare the necessary journal entries (include journal entry descriptions) for the selected…

A: Journal entry: It implies to the recording of financial transactions by the business that occur…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

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

Q: In preparing a perpetual inventory card using first-in, first-out assume that you have inventory…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…

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

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

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

Q: Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1…

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

Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh…

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

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: As per perpetual inventory system, merchandise inventory account is used instead of purchase…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: Last In First Out  (LIFO) : Under this method ,materials last received are issued first. Thus…

Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…

A: Journal: Recording of a business transactions in a chronological order.

Q: Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of…

A: Ans. As per FIFO method, the unit of goods which is purchased first is sold first. Hence, the name…

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

A: FIFO method of costing inventory states that the items purchased first will be sold out first, and…

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A:

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April  3…

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

Q: Jensen Company had the following transactions regarding their inventory, They use a perpetual…

A: As Specifically Asked only FIFO method is Answered   FIFO Method: It is Inventory Valuation Method…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: Step 1 LIFO is inventory management system in which recently purchased stocks is firstly split out…

Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory…

A:

Q: Enter the transactions in chronological order, calculating new inventory on hand balances after each…

A: The numerical has covered the concept of FIFO Method Under Perpetual Inventory. FIFO:- The Full form…

Q: The following are the inventory records of the Jordan Company: Units 20 Cost $2 Total $40 Balance,…

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

Q: [The following Informatlon applies to the questions displayed below.] Trey Monson starts a…

A: FIFO = FIRST IN FIRST OUT goods purchased first are considered to be sold first. Periodic…

Q: Black Hawk, Inc., uses a perpetual inventory system and maintains an inventory record of each type…

A: As per the FIFO method, the COGS is determined based on first-come, first sold. It records the…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

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

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

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

Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

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

Q: You are provided with the following information for Waterway Inc. for the month ended June 30, 2020.…

A: The gross profit is calculated as excess of sales revenue over total cost.

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

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

Q: You are provided with the following information for Lily Inc. for the month ended June 30, 2022.…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…

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

Q: The following data were taken from the accounting records of Wrecking Balls, Inc Balance at January…

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

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

A: Calculations:

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.