Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000   9 Purchase 1 300 units @ $12 = $3,600   14 Sale 1   400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500   29 Sale 2   225 units @ $25   The company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.

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A: a) Meaning of FIFO Method :-  FIFO stands for “First-In, First-Out”. The FIFO method assumes that…

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

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A: Total units available for sale = Beginning units + Purchases  = 430+600+700+450+550 = 2730 units…

Q: LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: We have the following information:

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A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: Pharoah Company has the following inventory data: July 1   Beginning inventory   150 units at $19…

A: The answer is as fallows

Q: Required information [The following information applies to the questions displayed below.] Altira…

A: Beginning inventory=Units×Cost per unit=3500×$7.60=$26,600

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

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

Q: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

A: Meaning of FIFO  Method : - FIFO stands for “First-In, First-Out”. It is a method used for cost flow…

Q: Required information [The following information applies to the questions displayed below.]…

A: Under FIFO method of Inventory, inventory which are purchased first are sold first. Note: Since you…

Q: Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase…

A: FIFO is the inventory valuation method in which stock which is purchased first is taken out for sale…

Q: Inventory Costing: Weighted Average Filimonov Inc. has the following information related to…

A: Inventory or Stock is the goods and material a business holds for resale. Before working on the…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A:

Q: Required information [The following information applies to the questions displayed below.] Altira…

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Q: LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: Using LIFO method, the units purchased at last are to be sold first.

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A: LIFO inventory method :  As per LIFO method goods purchased last are sold first . Hence units…

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A: The FIFO method helps the management in determining the COGS by assuming that the goods being sold…

Q: Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10…

A: LIFO stands for last in first out. It is a method of valuing inventories in which the goods…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: Weighted average cost is a method of assigning cost of inventory for goods sold and ending…

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases…

A: As posted multiple sub parts we are answering only first question kindly repost the unanswered…

Q: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

A: Under the FIFO method, goods purchased earlier are sold first, i.e. oldest product in the company's…

Q: Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the…

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

Q: The following information was available from the inventory records of Apollo Company for January:…

A: Cost of inventory after 1st sale (January 9) = (P29,310 + P20,600) x (2,500 / 5,000) = P24,955

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases…

A: FIFO is the inventory costing method where it is assume that the oldest inventory will be sold…

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A: In FIFO method, the inventory that comes first is sold first. FIFO stands for 'First in first out'.

Q: Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales…

A: Working:

Q: Altira Corporation provides the following information related to its merchandise inventory during…

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

Q: Muscat Co. just starting business made the following four inventory purchases in June:…

A: Inventory is an asset which realizes revenue to the business when it is sold. There are various…

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A: The inventory can be valued using various methods as FIFO, LOFO and moving average method under…

Q: Inventory records for Marvin Company revealed the following: Date Transaction March 1 Beginning…

A: Introduction: Ending inventory is the cost of items on hand just at end of a reporting period. For a…

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A: Definition:   Average cost method: Under average cost method, the company calculates a new average…

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A: A) FIFO METHOD: Date Purchases     Cost of Goods Sold     Ending Balance       Quantity Unit…

Q: Pharoah Company has the following inventory data: July 1 Beginning inventory 150 units at $19 $2850…

A: Answer) Calculation of Cost of ending inventory using FIFO Method Under FIFO method using periodic…

Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: Working Note: (1.) Calculation of Total Sales: Date Units Selling Price Total Sales Apr. 11 88…

Q: July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 105 units at $20 2,100 22 Purchases 15…

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Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…

A: Total Units purchased=Mar 5+Mar 18+Mar 25=400+120+200=720 units

Q: Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10…

A: LIFO method: Last-in, first-out (LIFO) method is one of the inventory valuation methods under which…

Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Inventory Costing Methods-Periodic Method The following information is for the Bloom Company; the…

A: Calculate the units of cost of goods sold:

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases…

A: Perpetual FIFO (First in First Out) refers to a cost flow tracking system which evaluates the cost…

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.