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…

A: The question is based on the concept of Cost Accounting. Perpetual moving average is one of the…

Q: During 2021, a company sells 374 units of inventory for $94 each. The company has the following…

A: Under LIFO Method, cost of goods sold and value of ending inventory is calculated on the assumption…

Q: Waterway Company uses a periodic inventory system. Details for the inventory account for the month…

A: The ending inventory comprises of the units that remains unsold at the end of the accounting period.…

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

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

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: Debra King Company was formed on December 1, 2019. The following information is available from…

A: FIFO (First In First Out):Under this method, it is assumed that goods purchased first is sold first,…

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: 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: 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: During 2021, a company sells 260 units of inventory for $91 each. The company has the following…

A: FIFO (FIRST IN FIRST OUT METHOD) GOODS WHICH ARE PURCHASED FIRST ARE SOLD FIRST .

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…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Pink Company has beginning inventory of 24 units at a cost of $12.00 each on May 1. On June 5, it…

A: In case of LIFO method latest goods will be sold first. Thus ending inventory consists of goods…

Q: The Boxwood Company sells blankets for $35.00 each. The following was taken from the inventory…

A: METHOD LIFO - LAST IN FIRST OUT : DATE  PURCHASE  SALE  BALANCE MAY 03 9 UNITS  X $18     MAY…

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: During 2021, a company sells 373 units of inventory for $92 each. The company has the following…

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

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: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: LIFO (Last-in-First-Out): As per LIFO inventory cost method, units purchased last are sold first.

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

A: FIFO METHOD It is an accounting method for valuation of assets. Under FIFO method , inventory of…

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

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: Gross profit is a  fiscal  move that shows the difference between an association's  profit from…

Q: 1. The Pattasar Electric Appliances company uses perpetual inventory system and first-in, first-out…

A: Calculation table

Q: ist, InC. uses a tem alid nas the ToOV Beginning Inventory 124 units @ $50 per unit Purchases…

A: Under periodic inventory system, ending inventory is valued and balance amount out of purchase is…

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: Alta Ski Company's inventory records contained the following information regarding its latest ski…

A: 1. Inventory Valuation Methods - Inventory generally valued by two methods - a. FIFO Method- Under…

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.