Bronze Company had the following transactions realting to inventory during January: Unit                   Unit Cost Jan. 1 Balance on hand                                   6,000                        120        5 Purchase                                               2,000                        200       10 Sale                                                      4,000                               15 Sale                                                      1,000       20 Purcahse                                              2,500                        300       25 Purcahse                                              2,000                        400       31 Sale                                                      3,000 Determine the ending inventory under each of the following costing methods. FIFO Weighted average method- periodic

Q: Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000…

A: The valuation of inventory is made by using different methods. Mainly, there is LIFO, FIFO, Average…

Q: The following information is available for Zhang Company: Item Units Unit Total cost Beginning…

A: Solution...     Total costs of goods available for sale = $2,840  Total units available for sale =…

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

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 160 $10 $1600…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: LIFO means last in first out that is the goods acquired at the end are to be sold first under this…

Q: A company reports the following beginning inventory and two purchases for the month of May. On May…

A: Under FIFO method: Cost of goods sold = (380×$5)+(200×$4)=1900+800=$2700 Cost of ending inventory =…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: During the month of January, Pfizer Company which used a perpetual inventory system recorded the…

A: Under average method, unit cost is calculated as total cost of goods available for sale divided by…

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: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod…

A: Solution 1a: Computation of COGS and ending inventory - Average cost Particulars Cost of goods…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: Periodic weighted average is generally easiest method among all the inventory valuation methods…

Q: A company reports the following beginning inventory and two purchases for the month of January.…

A: Given: A company reports the following beginning inventory and two purchases for the month of…

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: In the given question we need to compute the amount of goods available for sale . ending inventory…

Q: Celine Company provided the following data relating to an inventory item. Date Units Unit Cost Total…

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

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Inventory Costing Methods and the Perpetual Method Kay & Company experienced the following events in…

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

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: The moving average costing is a simple but accurate valuation method for inventory.

Q: Jailbird Company provided the following data about the inventory for the month of January:…

A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…

Q: Suga Company had the following information relating to its March inventory: Unit Unit Cost Total…

A: Using weighted average method, unit cost is calculated as total cost divided by number of units…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first.

Q: Concord Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: In this question we will find out Ending inventory, COGS with LIFO, FIFO method and Average cost…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: LIFO  Last-in First Out: Under LIFO inventory accounting, units purchased last are sold first.

Q: Celine Company provided the following data relating to an inventory item. Total cost 1,000,000…

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

Q: Anders Company used the moving average method to determine the cost of the inventory. During January…

A: It is method of Perpetual Inventory Costing System where in the unit cost is calculated every time…

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

A: First-in, First Out (FIFO) Under the First in first out (FIFO) method of inventory valuation, Cost…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

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

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

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: Whispering Winds Corp. reports the following for the month of June.         Units   Unit Cost…

A: Cost of goods sold shows the carrying value of goods that have been sold during a particular period…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: Inventory Valuation Method: Inventory valuation methods are used to determine the cost of goods sold…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: First in first out is a method of accounting of inventory in which the stock purchased first is…

Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…

A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…

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

A: Calculate the weighted average unit cost:

Q: ANDRES Company used the moving average method to determine the cost of the inventory. During the…

A: Units Unit Cost Total cost 40,000 50 2,000,000 (35,000) 50 (1,750,000) 5000 50 250,000

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Goods Purchased     No. of Units Cost per Unit Jan 1 390 3.8 Jan 9 90` 4 Jan 25 120…

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: The accounting principle of FIFO states that assets bought first are sold of first.

Q: adstone Limited tracks the number of units purchased and sold throughout each accounting perlod but…

A: Solution 1a: Computation of COGS and ending inventory - Average cost Particulars Cost of goods…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD-  IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: Information related to Hixen Company's periodic inventory for October 31 is given below: 中 Units…

A: Solution 1: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

A: Unit cost for moving average method = Total cost of available units / Total available units

Q: McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost…

A: Weighted Average cost method: In this method, the value of closing inventory is calculated on the…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: FIFO Method         Date…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod…

A: Req-1                   Priodic FIFO:                     Purchase & Beginning Inventory…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Answer: Concept Perpetual inventory               Under perpetual inventory the inventory is…

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.