Given the following information, what journal entry does Lil Wayne's company make to COGS if they use FIFO periodic inventory method and count 120 units at the end of the year inventory count? Use a positive for a debit, negative for a credit. Date Units Purchased  Cost per Unit  Beginning Inventory 80  $   4.20 3/31/2021 160  $   4.45 10/31/2021 100  $   4.90

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

A: Detailed explanation:FIFO method uses the costs from beginning inventory and earliest purchases as…

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A: The cost of goods sold is the total cost that is contributes in the selling of the product.

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Q: [The following information applies to the questions displayed below.] Brianna's Boutique has the…

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Q: st 1 st 5 Beginning Ba Purchase

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Q: The following information is available for Zhang Company: Units Item Beginning inventory 100 First…

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A: Hi student Since there are multiple questions, we will answer only first question.

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.