Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available.     Units   Unit Cost   Total Cost April 1 inventory   220   $11     $ 2,420   April 15 purchase   450   13     5,850   April 23 purchase   330   14     4,620       1,000         $12,890   Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory     Cost of goods sold

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

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

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

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

Q: Compute ending inventory and cost of goods sold for Dove Company using the average inventory costing…

A: Average Cost Method: It is one of the method of inventory valuation, under which inventory is…

Q: Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in…

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

Q: Carla Vista Inc. uses a periodic inventory system. Its records show the following for the month of…

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

Q: The Pins Shop shows the following data related to an item of inventory. SHOW ALL COMPUTATION FOR…

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

Q: Crane Company uses a periodic inventory system and reports the following for the month of June. Date…

A: FIFO: "First-In, First-Out" - Items purchased or produced first are sold or used first.LIFO:…

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

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…

Q: (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO…

A: Note: Colour coding has been used for better understanding. Answers can be given without coding as…

Q: Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Perpetual FIFO:                     Goods Purchased Cost of Goods Sold Ending Inventory Date…

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

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: Indigo Ltd., which uses a perpetual inventory system, recorded the following inventory transactions…

A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: For calculating the inventory details such as cost of goods sold and cost of ending inventory, in…

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

A: Introduction: LIFO: LIFO stands for last in first out. Which means last received inventory to be…

Q: Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions…

A: Under FIFO method using perpetual inventory system, Value of ending inventory and cost of goods sold…

Q: Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21…

A: The perpetual inventory system is the system used for valuing the inventory. Under this system the…

Q: Ivanhoe Company uses a periodic inventory system and reports the following for the month of June.…

A: 1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

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

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

Q: A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units.…

A: LIFO - Last in first out means that the units purchased latest will be sold first , therefore the…

Q: Pharoah Company uses a periodic inventory system and reports the following for the month of June.…

A: 1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

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

A: Ending Inventory under FIFO Method is 29 units @ $11 equal to $ 319

Q: Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Periodic inventory system is the inventory management system wherein the record of inventory is…

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

A: Lets understand the basics. In Last In First Out (LIFO) basis company assumes that, goods come last…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

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

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

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

Q: The following data has been provided by Lee Company regarding its inventory purchases and sales…

A: Step 1: LIFO Method is the method of inventory costing. It states that the inventory that is bought…

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

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

Q: The following information was available from the inventory records of Jun Company for January: Unit…

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

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Weighted average is the average cost of units of inventory purchased during a particular period (say…

Q: The following information relates to the inventory of Margaret's Megamart Ltd during December.…

A: Under the FIFO method, the inventory purchased earlier is assigned to cost of goods sold first and…

Q: The accounting records of Sheridan Company show the following data. Beginning inventory 2,710…

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

Q: Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: Lets understand the basics. There are various methods are followed for maintaining inventory records…

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO (First In First Out) is the inventory valuation method that determines the cost of goods sold…

Q: Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June.…

A: FIFO stands for First-in-first-out. It refers to the method of valuing inventory in which goods…

Q: Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following:…

A: Under the FIFO inventory method, the units purchased first are sold first, while under the LIFO…

Q: Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May,…

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

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

A: clsoing inventory = opening inventory + purchase - sales

Q: Phillips Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO (Last in first out): It is an Inventory valuation technique in which the last received stock of…

Q: Atlas Company uses the perpetual inventory costing system. The company has provided the following…

A: Inventory can be defined as the stock of goods or products that are manufactured and stored by the…

Q: At the end of January of the current year, the records of Donner Company showed the following for a…

A: There are two inventory costing methods namely the Periodic Method and the Perpetual Method:Under…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: Answer to Question:- Cost assigned to cost of goods sold using FIFO=$2,724 Workings:- Total units…

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.