Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units—200 from each of the last three purchases.                     Jan. 1 Beginning inventory 300 units @ $4.00 = $ 1,200 Mar. 7 Purchase 640 units @ $6.25 =   4,000 July 28 Purchase 1,280 units @ $6.50 =   8,320 Oct. 3 Purchase 1,160 units @ $7.00 =   8,120 Dec. 19 Purchase 720 units @ $8.90 =   6,408     Totals 4,100 units     $ 28,048      Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.)

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A: Perpetual inventory system helps to track inventory after each sale or purchase made hence, it is…

Q: ne product and uses a pe

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

A: Weighted Average Method - Under this method of inventory valuation company takes average of the cost…

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A: Formula: Average cost per unit = Total cost of goods available for sale / Total no. of units…

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A:

Q: Seminole Co. began the year with 23,000 units of product in its January 1 inventory costing $15…

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A: Solution: Cost assigned to ending inventory under LIFO is as under using below table:

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A: UNDER LIFO METHOD (LAST PURCHASED FIRST SOLD )

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A:

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A: Weighted average Cost Per Unit=Cost of Goods available for Sale/Number of Units Available

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

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A: No. of Units Cost per unit Jan 1 250 2.30 Jan 9 60 2.50 Jan 25 100 2.64

Q: The following information is for the Bud Company; the company sells just one product: Units Unit…

A:

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Q: Lopez Company reported the following current-year data for its only product. The company uses a…

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A: Inventory valuation refers to the process of determining the value of inventory available with the…

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

Q: Laker Company reported the following January purchases and sales data for its only product.   Date…

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.