eceipts and issues of a raw material for a period were:   Date Details Units Cost per unit Cumulative Total Sep 1 Balance 240 $3.70 $888 Sep 5 Receipt 440 $3.60 $1584 Sep 15 Issue 240     Sep 31 Issue 300       Using the LIFO inventory pricing method, what is the value of closing inventory on Sep 31

Q: The following data regarding purchases and sales of a commodity were taken from the related…

A: There are 3 types of methods for inventory valuation: a. FIFO b. LIFO c. Weighted average Explaining…

Q: Prepare the journal entry for the inventory write-down using the LCM, net realizable method Company…

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

Q: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering…

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

Q: Inventory records for Dunbar Incorporated revealed the following:   Date Transaction Number of…

A: Under the weighted-average method ending inventory is valued on the basis of the weighted average…

Q: Ivanhoe's Place recorded the following data:   Units Unit Date Received Sold On Hand Cost 1/1…

A: Periodic inventory system is a system of inventory valuation where inventory is updated at the end…

Q: Ending inventory assuming weighted-average cost

A: Weighted average cost per unit = Sum of weighted cost of beginning inventory and purchases/Sum of…

Q: he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A:

Q: Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Given the following:     Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A:

Q: ok int Given the following: erences January 1 inventory April 1 June 1 November 1 Cost of ending…

A: Inventory Units Cost per unit Amount Beginning Inventory 36 5 180 Apr 01 Purchases 56 8 448…

Q: Your organisation uses the weighted average cost method of valuing inventories. During August 20X1,…

A: We have the following information: Method of Inventory Valuation: Weighted Average Cost Method 5th…

Q: The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual…

A: FIFO: It is a system of inventory valuation in which the inventories purchased first is sold out on…

Q: Required information [The following information applies to the questions displayed below.] A company…

A: Cost of ending inventory (before adjustment)=Quantity×Unit Cost

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: The following information is to be used in costing inventory on August 31. August 1 Beginning…

A: The question is based on the concept of Cost Accounting.

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…

A: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20…

Q: During the year, ABC Inc determined ending inventory and COGS under FIFO cost flow anc periodic…

A: Quantity sold = Quantity of opening stock + Quantity purchases - Quantity of closing stock Quantity…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Given information Date units per unit cost Amount ($) 1-Jan 40 $4 $160 1-Apr 60 $7 $420…

Q: # of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06…

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

Q: MNO Manufacturing Company which uses the periodic inventory system showed the following transactions…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21…

A: Solution:- a)Calculation of Ending inventory using FIFO method as follows:- Rule:- As per FIFO…

Q: The following is a record of Oriole Company’s transactions for the month of May 2022. May 1…

A: Compute weighted average cost per unit after each purchase and sale transaction.

Q: The cost of materials used and the cost assigned to the August 31 inventory by each of these…

A: FIFO- Under first in first out method inventory that is brought at the earlier dates are sold/issued…

Q: 1.  Calculate the total amount to be assigned to the ending inventory under each of the following…

A: Requirement a:   Compute the amount of ending inventory under FIFO method.

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculate Units sold:  Units Sold=Total units avaialble-Inventory at November 30=97-13=84

Q: Using the specific identification method:   Date Units purchased Cost per unit Ending inventory…

A: Ending inventory refers to amount of inventory ,company has stored in the warehouse at the end of…

Q: Pronghorn Company uses the periodic inventory method and had the following inventory information…

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

Q: iven the following data, calculate the cost of ending inventory using the average cost method.…

A: Inventory valuation:          For calculation of accurate net income, ascertainment of accurate…

Q: Given the following information, determine the cost of ending inventory at December 31: December 2:…

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

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…

A: Inventory is regarded as the materials that are kept by a business unit with an intention of further…

Q: Spotter Corporation reported the following for June In Its perlodic Inventory records. Date…

A: Date Description Units Unit cost Total cost June 1 Beginning 12 $8 $96 11 Purchase 38 9 342 24…

Q: Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption,…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Gillam Ltd uses a perpetual inventory system. The unit cost of inventory is assigned using the…

A: Perpetual Inventory System In the perpetual inventory system immediate recording of all the cost of…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculating units sold: Units sold = Total units available for sale - Units in ending inventory = 96…

Q: Inventory Purchase Information Date Number of Units Cost per unit Extended Cost Beginning…

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

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: a. FIFO method:

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…

A: Inventory cost by the average cost method=Ending Inventory Units×Total Cost Goods Available for…

Q: Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23…

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

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-,…

A: When it comes to stock management, the FIFO and LIFO accounting systems, and also the Average Cost…

Q: a.  Determine the inventory cost by the FIFO method. $fill in the blank 1 b.  Determine the…

A: The FIFO (“First-In, First-Out”) method means that the cost of a company’s oldest inventory is used…

Q: The following information is available for Sigma Company Units Unit Cost 300 $12 $ 3,600 April 1:…

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

Q: for inventory. Date   Description   Units   Unit Cost or Selling Price Oct. 1   Beginning…

A: Ans. *Calculations for Average cost per unit:                     Available for sale…

Q: The following information is taken from the records of Wildlife Florist. The company uses the…

A: Opening inventory=200×RM 20=RM 4000

Q: HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date   Explanation…

A: Under FIFO method , goods purchased first are sold first . Under LIFO Method , goods purchased in…

Q: Receipts and issues of a raw material for a period were:   Date Details Units Cost per unit…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Q: Assume the following data with regard to inventory for Caciato Company: Aug. 1 Inventory 40 units @…

A: The inventory valuation method would be considered as the one under which the cost of goods sold and…

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.