In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 350 units at $7, (2) 450 units at $8, and (3) 200 units at $9. Sunland uses the periodic inventory system.     Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted-average unit cost   $                                  Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory   $

Q: In its first month of operations, Waterway Company made three purchases of merchandise in the…

A: Computation of the average unit cost and the cost of the ending inventory are as follows:

Q: In its first month of operations, Weatherall Company made three purchases of merchandise in the…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A: In organization, there are two system for inventory valuation. (1) Perpetual Inventory system (2)…

Q: .the FIFO inventory costing method. 2.the LIFO method. 3.From the resulting data, what conclusions…

A: Requirement 1:   FIFO method:

Q: In its first month of operations, Concord Company made three purchases of merchandise in the…

A: Solution: Cost of ending inventory under FIFO will consider of 210 units from 3rd purchase and 150…

Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Ending inventory = Goods available for sale - Cost of goods sold

Q: Assume the beginning Inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A: Beginning Inventory         500 First Purchase       700   Second Purchase       800   Third…

Q: In its first month of operations, Coronado Company made three purchases of merchandise in the…

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

Q: The inventory records of Kiwi Company show the following purchases during the first quarter…

A:

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A: Comments; Multiple Questions asked  FIFO - It is a method of inventory valuation in which goods…

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

A: Given: A company reports the following beginning inventory and two purchases for the month of…

Q: In its first month of operations, Lily Company made three purchases of merchandise in the following…

A: Cost of the ending inventory under the average-cost method = Inventory on hand*Weighted-average…

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Net Sales = Sales revenue - Sales returns = $1,000,000 - $70,000 = $930,000 a. Cost of goods sold =…

Q: Pearl Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold = Sales…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The different methods for valuation of inventory are: 1. LIFO 2. FIFO 3. Weighted Average method

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A:

Q: Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Formula: Net sales = Sales - Sales returns

Q: During the year, a company sold 8,500 units of inventory for $30 per unit. In addition, the company…

A:

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The cash value attributed with the products in stock at the end of the financial period is known as…

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

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

Q: Oriole Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: UNDER LIFO METHOD (LAST PURCHASED FIRST SOLD )

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

A: Weighted average unit cost = Total cost/ total units available for sale

Q: Oriole Company had beginning inventory on May 1 of $10,560. During the month, the company made…

A: Cost of goods available for sale = Beginning inventory +  Purchases - purchase return Cost of goods…

Q: Seifert Company uses the periodic inventory system. At the end of the accounting period, on December…

A: Journal entries refer to transaction recording into the day book of the company or accounts of…

Q: Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Net sales = Sales revenue - Sales return = $1061800-72100 = $989,700

Q: The company is using the periodic inventory system, has merchandise inventory costing 140 on hand at…

A: The cost of merchandise sold is a term used for the cost incurred for the manufacturing of…

Q: n its first month of operations, Waterway Company made three purchases of merchandise in the…

A:

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A:

Q: Bridgeport Company uses the gross profit method to estimate inventory for monthly reporting…

A: Calculating of inventory as a balancing figures in case of gross profit method , we need to prepare…

Q: In its first month of operations, Crane Company made three purchases of merchandise in the following…

A: Calculate the average unit cost.

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

Q: Monarch Company uses a weighted-average perpetual inventory system, and has the following purchases…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The FIFO method is the method of the valuation of inventory. Under this method, It is assumed that…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Weighted Average cost per unit=Total costTotal Units=$5,610450=$12.47

Q: In its first month of operations, Skysong, Inc. made three purchases of merchandise in the following…

A: Determine average cost per unit.

Q: Trini Company had the following transactions for the month. Number Cost of Units per Unit Total…

A: The merchandise corporations follow inventory valuation method according to their requirements to…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Note:- I am only answering the wrong part..   Specific- Identification…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: In a Periodic inventory system, the cost of goods sold and the cost of ending inventory is computed…

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company…

A: Total cost of goods available for sale = Beginning inventory + Purchases = $12,000 + $30,000 =…

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

A: Goods Purchased     No. of Units Cost per Unit Jan 1 390 3.8 Jan 9 90` 4 Jan 25 120…

Q: n its first month of operations, WeatherallCompany made three purchases of merchandise in the…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A: Formula: Ending inventory units = Purchases - Sale units

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The cost of inventory and the cost of goods sold is determined as per the method used by the…

Q: operations, Swifty Corporation made three purchases of merchandise in the following sequence: (1)…

A: a) the FIFO method Of the 110 units remaining on hand, all 280 are from the last purchase.…

Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…

A: The retail method is used to estimate the cost of inventory using cost to retail percentage.

Q: The records of a company showed the following for June:  Sales…

A: A periodic inventory system is one of the inventory valuation and management systems. Under this…

Q: Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made…

A: Inventory valuation methods are those methods which are used for valuation of inventory in the…

Q: The accounting records of Concord Corporation show the following data. 2,820 units at $7 Beginning…

A:

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.