Wards’ inventories are determined using FIFO (periodic). Wards provided the following information for the first quarter of 2019:      Beginning inventory, January 1, 2019 60 units @ $63.00      (1) Purchase 40 units @ $56.25      (2) Purchase 95 units @ $66.00      (3) Purchase 30 units @ $64.50      Ending inventory, March 31, 2019 45 nits a) Compute the company’s cost of goods sold for the first quarter. b) Compute the ending inventory to be reported on Wards’ balance sheet at March 31, 2019.

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,300. During 2021, the company…

A: Cost of Goods Sold: When the inventories are sold for the accounting period, the cost incurred in…

Q: Below are the merchandise transactions of Yellow Company for the month of January        2019.…

A: Sales Jan,10,2019 8000 15 120000   Jan,25,2019 3000 17 51000     11000   171000

Q: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

Q: During 2021, a company sells 374 units of inventory for $95 each. The company has the following…

A: Last- in-First-out(LIFO) is one of the method to know the records of the inventory accounts which…

Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053…

Q: Debra King Company was formed on December 1, 2019. The following information is available from…

A: FIFO (First In First Out):Under this method, it is assumed that goods purchased first is sold first,…

Q: Required: 1. Calculate the number and total cost of the units available for sale during 2020. 2.…

A: Solution:- Given, Synergy Company began 2020 with 23,500 units of Product X in its inventory that…

Q: The records of Rami co. show the following data in June 30, 2020, During the month inventory on hand…

A: The cost of goods sold is the total cost that is contributes in the selling of the product.

Q: Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1,…

A: Under weighted average method, the cost of inventory is calculated by dividing total cost with…

Q: During 2021, a company sells 260 units of inventory for $91 each. The company has the following…

A: FIFO (FIRST IN FIRST OUT METHOD) GOODS WHICH ARE PURCHASED FIRST ARE SOLD FIRST .

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: FIFO is a method in which the inventory which is acquired first by the business organization is sold…

Q: following transactions for Product B during the fiscal year ended on December 31, 2020. Date…

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

Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1,…

A: Weighted average method is used to find the cost of goods by dividing total cost with number of…

Q: Muscat Company uses the periodic .24 inventory system to account for inventories. Information…

A: Total units available for sale = Beginning inventory + Purchase on 1/15/2020 + Purchase on 1/28/2020…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Units sold=Opening units+Purchase-Ending units=200+100+100-120=280 units

Q: ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800…

A: Under the FIFO method, initial purchases are sold first so the ending inventory includes the…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: Answer: Journal Entries:

Q: On May 1, 2022, Heineken Company had beginning inventory consisting of 300 units with a unit cost of…

A: Lets understand the basics. For calculating average cost per unit, we will need to use below…

Q: During 2021, a company sells 310 units of inventory for $92 each. The company has the following…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A:

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: Moving Average Method is one the Inventory Valuation Method. Unit cost keep change as new Inventory…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…

Q: Bramble Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under FIFO method of inventory valuation , units which were purchased firsts are sold first ,…

Q: On January 1, 2019, the general ledger of Global Corporation included supplies of $1,600. During…

A: Supplies expense can be calculated by adding up the value of inventory purchased during the year and…

Q: Sawyer Company was formed on December 1, 2020. The following information is available from Sawyer's…

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

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The…

A: Average Cost Method: The average cost technique gives a cost to inventory items based on the overall…

Q: The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: FIFO METHOD It is an accounting method for valuation of assets. Under FIFO method , inventory of…

Q: A rain coat manufacturing company uses the periodic method and reported the following amounts for…

A: Cost of sales means for how much cost or value of goods has been sold by the business. It includes…

Q: Sunrise company inventory records contained the following information regarding its latest Sunrise…

A: 1. Calculate the cost of goods sold and ending inventory cost under FIFO.

Q: Sami Company had the following balances and transactions during 2020. Beginning inventory 10 units…

A: Answer:  With formula:

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: Under the LIFO method, the goods which are purchased in the last are sold first. The ending…

Q: The inventories of Berry Company for the years 2019 and 2020 are as follows:…

A: The financial transactions are initially recorded in the form of journal.

Q: ABC Merchandising Corporation has beginning inventory at the start of 2018 of $ 679,000, during the…

A: Cost of goods sold = Beginning inventory + Goods purchased - Ending inventory

Q: Givens Company uses a periodic inventory system.Its records show the following for the month of…

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: Perpetual inventory system is a system that allows immediate tracking by recording the sale or…

Q: amuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were…

A: FIFO is the inventory valuation method in which inventories purchased first will be sold first.…

Q: Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 64500 123000 Purchases 315000 483000 Total 379500 606000…

Q: Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1,…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Jane company uses a periodic inventory system. its records show the following information for the…

A: In the absence of any information, assumed FIFO method is used for valuation for inventory

Q: Hero Company reported inventory on December 31, 2019 at 6,000,000 based on physical count of goods…

A: FOB shipping point implies that ownership of goods are transferred from seller to the buyer when…

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory on hand…

A: Definition: First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items…

Q: Shania Twain Company was formed on December 1, 2019. The following information is available from…

A: Required a. Prepare schedules to compute the ending inventory on March 31, 2020, using the FIFO…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

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

Q: Required: Determine the cost of goods sold for October under each of the following cost flow…

A: Inventory is defined as the current asset held by the business entity for the purpose earning…

Q: Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were…

A: Perpetual inventory system records the inventories through use of technology when the goods are…

Q: Lol Company’s inventory account balance on December 31, 2019 was 360,000 and 30,000 of those goods…

A: Ending inventory for 2019 = inventory account balance + goods purchased on FOB shipping point =…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Periodic Inventory System:- This is the inventory system where entries get updated on a periodic…

Q: Hawkeye Auto Parts uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 72000 117000 Purchases 802000 1317000 Total 874000 1434000…

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.