Bullwinkle company has the following inventory, purchases, and sales data for the month of August. Beginning Inventory: Aug 1 20 units @ $2 $40 Purchases: Aug 10 60 units @ $2.5 150 Aug 20 70 units @ $3 210 Sales: Aug 12 30 units Aug 27 60 units Instructions: Determine the COGS and ending inventory cost at August using the assumptions (a) FIFOand (b) average-cost

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 of merchandise at Dunne Co. and data on purchases and sales for a…

A: Under LIFO (Last in First out) method, whenever a sale happens then items which are bought recently…

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A: Total units available for sale = 30 + 50 + 25 = 105 units Units sold = 60 units Ending inventory =…

Q: The beginning inventory of merchandise at Alfredson Co. and data on purchases and sales for a…

A: 1.

Q: A company had the following purchases during its first year of operation Purchases Sales January…

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

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A: Weighted Average Cost Method: The weighted average cost technique divides the cost of commodities…

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

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

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

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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: The inventory records for Radford Company reflected the following 600 units @ $2.80 Beginning…

A: Particulars No. of Units Cost per unit Total Value May 1 600 $2.80 $1680 May 7…

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: First-in, first-out is the method of inventory valuation where goods which are purchased firstly,…

Q: The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

Q: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month…

A: 1. Calculate the cost of merchandise sold and ending inventory.

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

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Q: A company using perpetual FIFO has the following data for August: Beginning inventory: 150 units…

A: Cost of goods sold for 80 units = 80 units x $11 = $880   Sales = 80 units x $25 = $2,000

Q: The following transactions occurred in CuddlePH Company during the month of May: Units Price…

A: Under FIFO Method value of ending inventory is calculated on the assumption that units of inventory…

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

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

Q: During April, Wiggins Company sold 900 units of Product X for $10 per unit. Its beginning inventory,…

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

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A: Step 1: Compute the ending inventory (in units) as follows:

Q: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month…

A: As there are multiple sub-parts only the first three are being answered.

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

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Q: . Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record…

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Q: Seasons Limited would like to estimate the month end inventory by using the sales revenue earned…

A: For every organization there will always be opening stock and closing stock as all the purchases…

Q: A company had the following purchases during its first year of operations: Purchases Sales January…

A: FIFO method records its cost of goods sold at the initial purchase prices and that is why it is…

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

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Q: The Lippert Company uses the periodic inventory system. The following July data are for an item in…

A: Working: FIFO   Purchases+Beginning Inv. Cost of Goods Sold Balance in Inventory Date Units…

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

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

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

A: Month Purchases Sales Jan 20 units at $7 April 30 units at $8 May    15 units at $14

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: Under FIFO method, the goods purchased first are sold first and newer goods are sold later.

Q: The following data is available for one of the products sold by Chan Company for the month of April:…

A: This question is related to inventory valuation, there are many methods of inventory valuation such…

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

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A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: Larkspur Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A:

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

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

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

A: FIFO Method         Date…

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A: In the periodic inventory system, the cost of goods sold and the inventory on hand is calculated at…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.