Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The cost of ending inventory and cost of goods sold can be valued using various methods like LIFO,…

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

A:

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

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

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

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

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

A: First in first out means the units first bought is first sold and for the valuation of ending…

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

A:

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

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units…

A: Average cost per unit = Total cost of goods available for sale / total units available for sale =…

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

A: Inventory valuation can be done under different methods like FIFO,LIFO, Weighted Average.FIFO Stands…

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

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

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

A: Step 1:

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

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 14 units…

A: Periodic inventory system is a system in which the inventory is updated in the accounting records on…

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

A:

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

A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…

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

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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

A: Under the FIFO method, the earliest purchases are sold first which the ending inventory consists of…

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

A:

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

A: It is given that periodic inventory system is applied for calculating the inventory and it is also…

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

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

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

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

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 1,800…

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

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

A: Solution:- Determination of the inventory cost using periodic inventory system as follows:-

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

A: Under FIFO method, older goods are sold first and newer goods are sold later. Under LIFO method,…

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

A: calculating ending inventory a)first in first out =(6*40+3*39)=$357 b)last in first…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

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

A: FIFO Method Value of ending inventory Under FIFO method using periodic inventory system, Value of…

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

A: For any manufacturing company inventory management play a vital role. There are mainly three methods…

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

A: The periodic inventory method is a system of inventory valuation for accounting purposes in which…

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

A: Goods or items which are stored by the business either for selling or for further production so as…

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

A: Solution-                                                                                FIFO METHOD…

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

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

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

A: In FIFO earlier  goods will be sold first

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

A: as per the FIFO method, the consumption of inventory will be from the first purchase, As per the…

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

A: FIFO stands for First in First Out LIFO stands for LIFO in First Out

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

A: The three methods of inventory valuation are FIFO or First In First Out, LIFO or Last in Last Out or…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units…

A: Formula: Cost per unit = Total cost / Number of units

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

A: First-in-first-out (FIFO), last-in-last-out (LIFO), and weighted average cost method are the…

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

A: LIFO represents that inventory purchased last would be sold first. Whereas, FIFO represents that the…

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

A: The total goods sold of 18 is computed by subtracting closing inventory, 20 from the total units…

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

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.