The units of an item available for sale during the year were as follows: Jan. 1   Inventory 11 units at $35 Feb. 17   Purchase 20 units at $37 Jul. 21   Purchase 16 units at $38 Nov. 23   Purchase 10 units at $39 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a.  Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method.

Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…

A: This Numerical has covered the concept of Valuing of Ending Inventory Under Periodic Method. In the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

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

Q: A company uses a weighted-average perpetual inventory system. The following transactions took place…

A: THE WEIGHTED AVERAGE PERPETUAL INVENTORY SYSTEM RECALCULATES A NEW UNIT COST WHENEVER A NEW PURCHASE…

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

A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700

Q: Muscat Company has the following inventory information. Units Per unit price Iotal July 1 Beginning…

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

Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

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

A: The cost of the inventory is determined by three  methods. The methods are- FIFO - First in First…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…

A: Under FIFO method goods that are brought at earlier dates are sold first. Cost of goods sold include…

Q: The Lippert Company uses the periodic inventory system. The following July data are for an item in…

A: Total units available for sale = 30 + 50 + 25 = 105 units Units sold = 60 units Ending inventory =…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: (a) Calculate the ending inventory using FIFO method.

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

A: Step 1:

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: In the question mentioned inventory cost, we assumed that ending inventory.

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

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

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145…

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

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

A: Given, There are 11 units of the product in the physical inventory at November 30. The periodic…

Q: he units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @…

A: solution ending inventory             =7 units a inventory cost by FIFO =under FIFO the goods…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…

A: Particulars Units Price per unit Total value Jan. 1 1010 $126           1,27,260…

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 21 units…

A: In First-in-first-out (FIFO) it is assumed that the first purchased item will be sold first. So, the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800…

A: “Hey, since there are two questions posted, we will answer first question(EX 7-13). If you want any…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units…

A: SOLUTION- THE INVENTORY CAN BE VALUED USING VARIOUS METHODS AS FIFO,LIFO AND WEIGHTED AVERAGE .

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units…

A: Weighted average cost per unit = Cost of goods available for sale / Total units available for sale =…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units…

A: "Since you have asked multiple question, we will solve the first question for you. If you want…

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: The units of an item available for sale during the year were as follovs: January 11 Inventory 60…

A: FIFO is one of the most common methods used for inventory valuation. FIFO method works on the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

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

Q: ble for sale during the year were as follows: r. 1 Inventory 25 units @ $32 $800 ne 16 Purchase 29…

A: Solution: Under periodic method Inventory cost is determined at the end of a specific period as…

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

A:

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

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

Q: A company had the following purchases during its first year of operations: Purchases Sales 20 units…

A: Month Purchases Sales Jan 20 units at $7 April 30 units at $8 May    15 units at $14

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

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

Q: Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24…

A: Inventory is a physical item of trade sold by suppliers during their accounting period. There are…

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: There are 11 units of the product in the physical inventory at November 30. The periodic inventory…

A: a. The inventory cost by FIFO method is $418

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units…

A: Last in first out: In this method, it is assumed that goods purchased recently are sold first.

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: 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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: Total units available for sale = 37 units Total cost of goods available for sale = $1,441 Average…

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…

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.