Bonita Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:   Units Per unit price Total Balance, 1/1/20 170 $5 $850 Purchase, 1/15/20 130 5.3   689 Purchase, 1/28/20 130 5.6   728 An end of the month (1/31/20) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…

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Q: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

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Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

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

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Marilee's Electronics u

A: Inventory should be measured at cost or net realizable value, whichever is lower.Here the net…

Q: Dobler Company uses a for the inventory accc

A: Selling units we can calculate by adding inventory beginning with purchases and then subtracting it…

Q: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A: Calculation of cost of goods available for Sale Date Particulars Number of Units  Unit…

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

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Q: A perpetual inventory system is used by EhsaanTraders and an inventory record card is maintained for…

A: Solution:   Cost of ending inventory under FIFO Date Particulars Unit  Unit cost Total…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

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: 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: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Abshire Corp uses the periodic inventory system. The following table shows beginning inventory and…

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

Q: Green Company has beginning inventory of 20 units at a cost of $12.00 each on May 1. On May 5, it…

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

Q: Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its…

A: Using FIFO method, the older units are sold and newer units are left into the stock. Using LIFO…

Q: Suppose that on April 13, 2018, both Company A and Company B sold inventory with a cost of $59,500.…

A: Step 1The calculation of the value of inventory on April 13 is as follows: CompanyInventory…

Q: n, what is the gross profit for the month?

A: 1. As units are sold on the basis of FIFO . So, closing inventory will      be out of Last purchased…

Q: Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory…

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

Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

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Q: During 2021, a company sells 365 units of inventory for $93 each. The company has the following…

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Q: Crane Corporation sells item A as part of its product line. Information as to balances on hand,…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

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A: Under FIFO method, inventories that are purchased first should go into the cost of goods sold first…

Q: The Boxwood Company sells blankets for $ 40.00 each. The following was taken from the inventory…

A: Number of units available for sale = 10 + 16 + 10 = 36 units Number of units sold = 3 + 5 + 2 = 10…

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: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A:

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…

Q: 1) During 2021, a company sells 30 units of inventory at $60. The company has the following…

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

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: Current Attempt in Progress Sheridan Company uses a periodic inventory system. Details for the…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: The following is the information for ABC Corporation for the inventory transactions The company sold…

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

Q: Port Corporation sells item X-100. Purchases, sales and costs of item X-100 for the last quarter of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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 DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: San Lorenzo General Store uses a periodic Inventory system and the retail Inventory method to…

A: Final answer  CostRetailCost -to- retail ratio Beginning inventory$40,000$55,000  Net purchases$…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

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Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh…

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Q: Baldwin, Inc. had the following balances and transactions during 2026: Beginning Merchandise…

A: Cost of goods sold is the amount of cost incurred by the entity on the making of the goods sold in…

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

A: (1 )   LIFO   Method    DatePurchase COGSBalance October  1  54 × 23      =  $ 1242October 3132  ×…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

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

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.