The following units of an item were available for sale during the year: Beginning inventory 43 units at $50 Sale 39 units at $75 First purchase 21 units at $53 Sale 18 units at $77 Second purchase 15 units at $55 Sale 11 units at $78 The firm uses the perpetual inventory system, and there are 11 units of the item on hand at the end of the year.  What is the total cost of the ending inventory according to LIFO?

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Q: The following units of an inventory item were available for sale during the year: Beginning…

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

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Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

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A: Inventory is recorded on the balance sheet and thus, it is required to determine the value of…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: LIFO = Last In First Out Under the LIFO method, the latest purchases are sold first and the initial…

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Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

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A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Coulter Company uses the LIFO inventory method under theperiodic inventory system. The following…

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Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

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Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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A:

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

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Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh…

A: Inventory includes all the items, goods, and merchandise in the warehouse of the company to sell in…

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

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: am. 106.

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A: Inventory valuation methods include: First in first out Last in first out Weighted average method…

Q: The following units of an inventory item were available for sale during the year. Beginning…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following:…

A: Under the FIFO inventory method, the units purchased first are sold first, while under the LIFO…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: The following units of an item were available for sale during the year: Beginning inventory 21 units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sold…

Q: and LIFO costs under perpetual inventory system The following units of an item were available for…

A: calculation of ending inventory under LIFO and FIFO method

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.