Below will find inventory purchase information for the year ended 12/31/19: you 4,800 2,600 2$ 24 = 200 units @ 100 units @ 1-Jan Beg. Inventory 2$ $ 11,200 2,600 25-Feb Purchases 2$ 26 = 15-Jun Purchases 400 units @ 2$ 28 = 2$ 8,400 - 100 units @ 2$ 26 = 15-Aug Purchases 15-Oct 2$ 2$ Purchases 300 units @ 2$ 28 = 6,000 $ 35,600 15-Dec Purchases 200 units @ 2$ 30 = Cost of Goods Available for Sale 1300 A year end physical inventory indicated that there were 300 units on hand. Required: a. Use the information above to determine 2019 CGS and 12/31/19 Inventory. h. Discuss the implications of the cost flow assumptions used.

Q: The inventory data for an item for November are: Nov. 1   Inventory 24 units at $19 4   Sold 11…

A: Inventory is the current asset reported in the balance sheet of the company. LIFO represents the…

Q: A company just began business and made the following four inventory purchases in June: $ 990 1,344…

A: Under average cost method using periodic inventory system, value of ending inventory and cost of…

Q: he accounting records of Americo Electronics show the following data. Beginning inventory   3,000…

A: Inventory Valuation is done in every organization. The inventory valuation is done under three types…

Q: Concord Shutters has the following inventory information. Nov. 1 Inventory 50 units @ $8.00 Purchase…

A: The direct cost associated with the production of a product like materials and labor constitute cost…

Q: he inventory data for an item for November are: Nov. 1   Inventory 24 units at $24 4   Sold 11…

A: Cost of Goods Sold under LIFO = (11*24) + (17*20) = 264 + 340 = 604

Q: A company just starting the business made the following four inventory purchases in June: Unit Unit…

A: Average method of inventory accounting focuses on the average price of the goods available for sales…

Q: 2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year…

A: Total units available for sale = Beginning units + Purchases  = 430+600+700+450+550 = 2730 units…

Q: Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory…

A: Specific identification method: Specific identification method identifies the cost of each item in…

Q: The inventory data for an item for November are: Nov. 1   Inventory 16 units at $25 4   Sold 8…

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

Q: Warwick Co. has the following data related to an item of inventory: Inventory, March 1 Purchase,…

A: Under LIFO method of inventory accounting, the items that are purchased most recently would be…

Q: For the next two (2) questions: ABC Company uses the periodic inventory system. The inventory…

A: Under periodic inventory system, we would determine the cost of goods available for sale and units…

Q: Calculate inventory valuation using FIFO method using the following information The following…

A: The FIFO method of inventory valuation assumes that the product that was purchased first will be…

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

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

Q: Grays Company has the following purchases and sales during the month of August. Using the FIFO…

A: Inventory valuation method includes: First in first out Last in first out Weighted average method…

Q: Sheridan has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 101 units @ $5.40…

A: Solution..     Ending inventory under FIFO method

Q: a companys inventory records report the following august 1 begining balancw 16 units at 6.00 5th…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase…

A: FIFO is the inventory valuation method in which stock which is purchased first is taken out for sale…

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10…

A: Formulas:

Q: Swifty has the following inventory data: July 1 Beginning inventory 23 units at $46 Purchases 137…

A: for the valuation of inventory following methods are used for valuation. 1. FIFO 2. LIFO 3. Weighted…

Q: The inventory data for an item for November are: Nov. 1 20 units at $19 Inventory Sold 4 10 units 10…

A: Introduction: The price of the goods sold by the wholesaler or retailer is referred to as the cost…

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: Oriole has the following inventory data: Nov. 1   Inventory   34 units @ $6.70 each 8…

A: The cost of goods available for sale is the sum of the cost of inventory purchased at each time…

Q: Inventory information for Part 311 of Blossom Corp. discloses the following information for the…

A: Total sales = No. of units sold x sales price per unit = (200*40)+(496*42)+(299*45) = $42,287

Q: Tomasino's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan.…

A: First in First Out Method (FIFO) In first in first out method inventory valuation is taken from the…

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: The last-in, first-out (LIFO) is an inventory valuation method in which it is assumed that the…

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at…

A: Inventory Valuation can be done by the First In First Out (FIFO) method and the Last In First…

Q: A company just starting business made the following four inventory purchases in June: Number of…

A: LIFO inventory method :  As per LIFO method goods purchased last are sold first . Hence units…

Q: The inventory data for an item for November are:   Nov.  1 Inventory 20 units at $19          4…

A: The perpetual inventory system seems to be an inventory control strategy that uses technology to…

Q: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost…

A: Lets understand the basics. There are various type of inventory systems are followed by the entities…

Q: er unit January 26 40 units sold What is the value of inventory at 31 January using the FIFO method?…

A: First in, first out (FIFO) is an accounting approach that prioritises the sale of assets acquired…

Q: Tamarisk, Inc. has the following inventory data: July 1 Beginning inventory 90 units at $19 $1710…

A: Given the following information: July 1: Beginning Inventory = 90 units @ $19 = $1,710 July 7:…

Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912…

A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the…

Q: The inventory data for an item for November are: Nov. 1   Inventory 24 units at $21 4   Sold 11…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and…

A: Inventory management is important for manufacturing companies. There are mainly three methods of…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: In FIFO method, the inventory that comes first is sold first. FIFO stands for 'First in first out'.

Q: Muscat Co. just starting business made the following four inventory purchases in June:…

A: Inventory is an asset which realizes revenue to the business when it is sold. There are various…

Q: Motors has the following inventory information. Nov. 1 Inventory 30 units e s8.00 Purchase 120 units…

A: Under periodic system , the inventory are not valued at regularly basis, the valuation is done…

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units…

A: FIFO is first in first out inventory method which says that inventory purchased first will be sold…

Q: Smalley, Inc., purchased items of inventory as follows:Jan. 4 100 units @ $2.00Jan. 23 120 units @…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: The following are the inventory records of the Jordan Company: Units 20 Cost $2 Total $40 Balance,…

A: In case of FIFO units sold are from purchases made earlier, therefore units in ending inventory…

Q: Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at…

A: Solving through weighted average. Date Purchases     Sales     Ending Inventory       Quantity…

Q: A company had inventory on November 1 of 5 units at a cost of $27 each. On November 2, they…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Pharoah Company has the following inventory data: July 1 Beginning inventory 150 units at $19 $2850…

A: Answer) Calculation of Cost of ending inventory using FIFO Method Under FIFO method using periodic…

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

Q: Swifty Company uses the perpetual inventory system and the moving-average method to value…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 105 units at $20 2,100 22 Purchases 15…

A: In Average Cost Method of inventory valuation , inventory is valued at…

Q: A company's inventory records report the following in November of the current year: 5 units e $13…

A: LIFO (Last-in, First-Out) is one of the inventory method where all the latest inventory to be sold…

Q: Warwick Co. has the following data related to an item of inventory: Inventory, March 1 Purchase,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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.