Sunland Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $2 $300 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8. (a1) Calculate cost of goods available for sale. The cost of goods available for sale $Enter the cost of goods available for sale in dollars eTextbook and Media Attempts: 0 of 3 used (a2) Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.) June 1 $Enter a dollar amount June 12 $Enter a dollar amount June 15 $Enter a dollar amount June 23 $Enter a dollar amount June 27 $Enter a dollar amount eTextbook and Media

Q: The following three identical units of Item JC07 are purchased during April:   Item JC07   Units…

A: Calculation of gross profit and ending inventory:

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

A: Moving average unit cost will be calculated by dividing total costs by number of units.

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Ending Inventory FIFO = 100 x $7 = $700 LIFO = 100 x $5 = $500 Cost of goods sold FIFO = $5,500 -…

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: Yount Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Inventory is the balance of goods purchased for the motive of sale or for further production into a…

Q: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

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

Q: Apitong Company made two different schedules of gross income for the quarter ended September 30:…

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

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Given, Total Units = 900 Ending Units = 100 Units Sold = 800

Q: Sandhill Co. reports the following for the month of June. Date   Explanation   Units…

A: Compute weighted average cost per unit:Compute the weighted average average cost per unitDate…

Q: Bonita Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

Q: Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: A company had the following purchases during its first year of operations: Purchases 20 units at S 5…

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

Q: 4 Calculate the cost of goods sold dollar value for A65 Company for the month using the first in…

A: Cost of goods sold (COGS) indicates the cost incurred by the corporation for making the product…

Q: Blossom Company reports the following for the month of June.           Units   Unit Cost…

A:

Q: Rocha & Noel Inc. had cost of goods sold of $123,200 for the current year ended December 31. The…

A: Given information:   Cost of goods sold $123,200 Finished goods inventory on January 01 $30,800…

Q: JM Ltd had the following material transactions during November. Number of units Cost per unit…

A: Formula: Weighted average cost per unit = Total Value / Number of units

Q: Larkspur, Inc. reports the following for the month of June.         Units   Unit Cost   Total…

A: FIFO : First in First Out.  It assumes that the oldest inventory is sold first. LIFO : Last in First…

Q: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO.(2…

A:

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

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

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

A: Last in, first out (LIFO) is a method of inventory accounting in which the most recently made things…

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: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Formula: Weighted average unit cost = Total cost / Number of units. Division of Number of units with…

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: Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The following information is for Fair Trader Company for the month of May. Fair Trader uses a…

A: solution working note goods available for sale date particular unit rate amount…

Q: The Holden Corp. company has the following purchases an during the year ended December 31, 2014.…

A: Valuation method : FIFO Calculation of Cost of Goods Sold. Feb 9 : 30 units sold = 30 units x Cost…

Q: The following amounts and costs of platters were available for sale by Sierra Pottery during the…

A: Under weighted average cost of inventory, weighted average cost per unit will be calculated for…

Q: The following are the sales and purchases of Med Company:   Units Unit price January Sales 300,000…

A: Under First in -First out inventory valuation methods goods that are brought at earlier dates are…

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: 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: 4) Compute the cost of goods sold for January, assuming Denver uses average cost and perpetual…

A: Average Cost per unit = Cost of the Goods Available for Sale/Number of Units available for Sale…

Q: A record of transactions for the month of May is as follows:    Purchases Sales   Units Unit…

A: Let's start with a basic understanding of the FIFO method, First-in first-out (FIFO) is an inventory…

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: Shown below is activity for one of the products of Denver Office Equipment:       January 1…

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

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

A: Under FIFO, inventory is valued at latest prices while cost of goods sold at initial prices. Under…

Q: Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300…

A: The cost of the ending inventory and the cost of goods sold can be computed by various methods. The…

Q: Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units…

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

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: Riverbed Corp reports the following for the month of June. Date Explanation Units…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Current Attempt in Progress Sunland Company reports the following for the month of June. Date…

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

Q: WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART?   Crane Company reports the…

A: Cost of goods available for sale: It is the value of goods that are available for sale. It is…

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: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

A: a)

Q: The following amounts and costs of platters were available for sale by Sierra Pottery during the…

A: Given that, Beginning inventory = 10 units @ $41 Purchases = 15 units @ $55 Second purchase = 30…

Q: Units Purchased During the Year   Date Units Cost per Unit Total Cost Beginning Inventory…

A: Calculation:

Q: The following three identical units of Item A are purchased during April: Item A Units Cost $ 68…

A: Gross profit is the profit earned, it is = Sales - Cost of goods soldEnding inventory is the value…

Q: Muharraq company had the following purchases and sales information: Purchases 13 units at $150 20…

A: As per FIFO (First in first out) method, inventory which is purchased first will be sold first.

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.