Inventory Costing Methods—Perpetual Method The Luann Company uses the perpetual inventory system. The following July data are for an item in Luann’s inventory:  July 1 Beginning inventory 30 units @ $9 per unit   10 Purchased 50 units @ $11 per unit   15 Sold 60 units       26 Purchased 25 units @ $13 per unit   Calculate the cost of goods sold for the July 15 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. For weighted-average cost, do not round the weighted-average unit cost. A. First-in, First-out:     Cost of Goods Sold: Answer   B. Last-in, first-out:     Cost of Goods Sold Answer   C. Weighted-average cost:     Cost of Goods Sold Answer

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

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Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Step 1: Step 2: Step 3: Step 4:

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

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A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

Q: Inventory Costing Methods-Perpetual Method Mary Company uses the perpetual inventory system. The…

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A:

Q: Alternative Inventory Methods Garrett Company has the following transactions during the months of…

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Q: the ending inventory cost and the cost of goods sold by three methods

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Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

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Q: Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which…

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Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

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Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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Q: eriodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale…

A: Lets understand the basics. In first in first out basis company assumes that, goods come first in…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

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

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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Q: Inventory Costing Methods—Periodic Method The Luann Company uses the periodic inventory system. The…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Date Particulars No. of Units Price per unit Total value Jan. 1 Inventory 40  $122 $4,880 Mar.…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

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A: First, we have to calculate the total cost of inventory.  Cost of Inventory = Inventory * Price per…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim…

A: FIFO:               Inventory at end = 20(20×120)+(60×128)                            = $11,020…

Q: Alternative Inventory Methods Garrett Company has the following transactions during the months of…

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

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a) 208b) 192c) 204Explanation:a) To find the cost of the ending inventory, we start from the last…

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Q: Weighted average cost flow method under perpetual inventory systemThe following units of a…

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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: Weighted average cost flow method under perptual inventory system.  The following units of a…

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Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

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

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Under first-in, first-out (FIFO) costs are taken from the oldest purchases first and the most…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

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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.