A company uses the periodic inventory system and had the following activity during the current monthly period.         November 1: Beginning inventory 100 units @ $20 November 5: Purchased 100 units @ $22 November 8: Purchased 50 units @ $23 November 16: Sold 200 units @ $45 November 19: Purchased 50 units @ $25   Using the weighted-average inventory method, the company's ending inventory would be:   Multiple Choice   $2,000   $2,250   $2,400   $2,200   $4,400

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

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

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

A: FIFO (First-in First Out): Under FIFO inventory accounting, units purchased first are the units to…

Q: 99) A company uses the periodic inventory system and had the following activity during the current…

A: Weighted Average Inventory MethodThe Weighted Average Inventory Method is an accounting cost flow…

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

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

A: Ending inventory is the amount of inventory in hand at the end of the period. It is the amount which…

Q: A company’s inventory records report the following:   August 1 Beginning balance 32 units @ $22…

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

Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

A: Weighted Average Method :— It is one of the methods of inventory valuation in which it is assumed…

Q: For the past two years, Monroe Corporation’s statement of cash flows has shown net cash provided by…

A: Cash flow from the financing activities: It involves the net cash flow that generate through the…

Q: Emily Company uses a periodic inventory system. At the end of the annual accounting period, December…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: A company reports the following beginning inventory and purchases, and it ends the period with 30…

A: Inventory is valued at the end of the financial statement. There are many methods to value the…

Q: he following units of an inventory item were available for sale during the year: Beginning…

A: FIFO: FIFO stands for first in first out. Under this system, inventory which are purchased first…

Q: A company had the following purchases and sales during the month of November: Units Acquired at Cost…

A: LIFO stands for Last In First Out. Using LIFO perpetual inventory, the newer inventory is sold out…

Q: Which of the following is most likely to be regarded as an estimated liability that is subject to…

A: Solution Concept Estimated liability that is subject to provision           It means that the amount…

Q: The following units of an inventory item were available for sale during the year: Unit Unit Cost…

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Inventory is one of the important current asset of the business. It can be valued by many methods…

Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

Q: ssume that the company uses perpetual inventory system and weighted average method, prepare journal…

A:

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: First In First Out Method: The FIFO Method is a method of valuation of inventory remaining at the…

Q: The units of an item available for sale during the year were as follows:   March 1 Inventory 10…

A: Definition: Periodic Inventory System: A periodic inventory system is a system in which the…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: Given the following information, what journal entry does Lil Wayne's company make to COGS if they…

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

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

A: LIFO = Last In First Out Under the LIFO method, the latest purchases are sold first and the initial…

Q: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

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

A: Total units are 68  Out of which units sold are 50 given  Hence 18 are closing inventory  LIFO…

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Inventory data for an item for November are: Date 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov…

A: Ending inventory is the amount of inventory that an entity has, on hand, at the end of the period.…

Q: April 5 April 10 April 15 April 20 April 22 ne unit is sold on April 25. The c entify the cost of…

A: Answer : Ending inventory = Total number of unit purchase - Unit sold Ending inventory = 5 - 1 = 4…

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

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

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

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: 不 Baldwin Company had the following balances and transactions during 2019: Beginning Merchandise…

A: FIFO method follows First in First out Basis, means beginning inventory and units purchased first…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 5 units…

A: Ending inventory is amount of inventory in hand at the end of the period. It is reported under…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description…

A: Using the weighted average method and assuming a perpetual inventory system for WCS12:a) Weighted…

Q: Mayse Company uses a weighted average perpetual inventory system and reports the following: Date…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1   Inventory 330 units at…

A: Weighted Average Perpetual Date Goods Purchased Cost of goods sold Ending Inventory   Units Cost…

Q: The following information is available for Motta Company: Beginning inventory 200 units at $8 First…

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

Q: A company nvento Multiple Choice O $33,300. Date April 1 Beginning inventory Units Acquired at Cost…

A: Ending inventory is viewed as a current asset since it is anticipated to be sold or turned into cash…

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

A: Step 1:Computation of the total cost available for sale: Step 2:Computation of the total sales: Step…

Q: 2

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units…

A: SOLUTION- THE INVENTORY CAN BE VALUED USING VARIOUS METHODS AS FIFO,LIFO AND WEIGHTED AVERAGE .

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: FIFO is the inventory management method wherein the goods bought at first are to be sold first.…

Q: The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First…

A: Weighted average method is the one which is used to measure the cost of inventory on average cost…

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.