Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total Beginning inventory 1,070     $22     $23,540     Purchased May 31 1,030     23     23,690     Purchased Jul. 15 1,320     26     34,320     Purchased Nov. 1 1,240     27     33,480     Totals (goods available) 4,660       115,030     Ending inventory 930     ?       Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.   Ending Inventory A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG)

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 beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

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: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Under periodic inventory system, the cost of goods sold is taken as the residual value after…

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: 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: Bronze Company had the following transactions realting to inventory during January: Unit…

A: FIFO, or First In, First Out method is one of the commonly used methods of inventory valuation which…

Q: Miguel, Inc. uses a periodic inventory system. The company's beginning inventory of a particular…

A: For the purpose of inventory valuation, there are many methods that are used. These are first in…

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

A: Determine weighted-average cost per unit.

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: 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: A company had the following purchases and sales during its first year of operations: Purchases 15…

A: LIFO (Last in First Out):- It is a method of inventory valuation where the last purchased inventory…

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

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

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4…

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

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: During the year, a company sold 8,500 units of inventory for $30 per unit. In addition, the company…

A:

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

A: Solution: Cost assigned to ending inventory under LIFO is as under using below table:

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

A: Determine the inventory available for sale:   Date Particulars Units Unit cost Total Cost April…

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: Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of…

A: Weighted average unit cost = Total cost/ total units available for sale

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: Smart Tech's beginning inventory and purchases for the month of August were as follows:     # of…

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

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: Smart Tech's beginning Inventory and purchases for the month of August were as follows: Cost per *…

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

Q: 6. Trini Company had the following transactions for the month. Number of Units Cost per Unit…

A: The Inventory can be evaluated using different methods like : 1. FIFO, older unit would be sold…

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

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

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: The following information is taken from the inventory records of the CNB Company for the month of…

A: As per periodic inventory system, inventory records are not updated every transaction, they are…

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

A: Calculate the weighted average unit cost:

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: Massive Company provided the following information for the current year:…

A: Inventory valuation means valuing the inventory at the time when they are purchased or sold. There…

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

A: Lets understand some basics Inventory is the accounting of items, component parts and raw materials…

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: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Closing or ending inventory cost can be calculated using FIFO, LIFO and weighted average method in…

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

A: 1. FIFO Method   DATE PARTICULAR Rate PURCHASE SELL BALANCE               Opening Stock…

Q: Sylvia's Designs Co. had the following inventory activity during April: Unit Units Cost Beginning…

A: Total units available for sale = 100+50+40+60 = 250 units Total units sold = 80+120 = 200 units…

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

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

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

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

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: Bleistine Company had the following transactions for the month. Beginning inventory Purchased Jun. 1…

A: FIFO stands for first in first out , which means inventory which was purchased firsts are sold…

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

A: Moving average cost   Inventory Balance Total cost Average cost 09-Jan 490 $…

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.