A company's inventory records report the following: August 1: Beginning balance 18 units @ $8...
Question:
A company's inventory records report the following:
August 1: Beginning balance 18 units @ $8
August 5: Purchase 13 units @ $7
August 12: Purchase 17 units @ $8
On August 15, it sold 36 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
Inventories:
Inventories are valued at the lower of cost and net realizable value. AT the time of purchase, purchases made and recorded through the perpetual inventory system are recorded as inventories.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerBeginning Inventory | 18 |
Purchases (13+17) | 30 |
Units Sold | -36 |
Ending Inventory | 12 |
August 12 Purchases-Ending Inventory | 12 |
Cost | 8 |
Cost of Ending Inventory | 96 |
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:

from
Chapter 6 / Lesson 11Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
Related to this Question
- A company's inventory records report the following: August 1 - Beginning balance - 29 units at $19 August 5 - Purchase - 24 units at $18 August 12 - Purchase - 28 units at $19 On August 15, it sold 58 units. Using the FIFO perpetual inventory method,
- A company's inventory records report the following: August 1 Beginning balance 15 units @ $12 August 5 Purchase 10 units @ $13 August 12 Purchase 20 units @ $14 On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the valu
- A company's inventory records report the following: August 1 Beginning balance 28 units at $18 August 5 Purchase 23 units at $17 August 12 Purchase 27 units at $18 On August 15, it sold 56 units. Using the FIFO perpetual inventory method, what is the valu
- A company's inventory records report the following: August 1 Beginning balance 35 units @ $25 August 5 Purchase 30 units @ $24 August 12 Purchase 34 units @ $25 On August 15, it sold 70 units. Using the FIFO perpetual inventory method, what is the value o
- A company's inventory records report the following: August 1 Beginning balance 23 units @ $13 August 5 Purchase 18 units @ $12 August 12 Purchase 22 units @ $13 On August 15, it sold 46 units. Using the FIFO perpetual inventory method, what is the value o
- A company's inventory records report the following August 1 Beginning balance 32 units @ $22 August 5 Purchase 27 units @ $21 August 15 Purchase 31 units @ $22 On August 15, it sold 64 units. Using
- A company reports the following beginning inventory and purchases and ends the period with 30 units in inventory. Compute ending inventory using perpetual FIFO. Beginning inventory 100 units at $10 cost per unit Purchase 1 40 units at $12 cost per unit Pu
- A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO periodic inventory method, what i
- The following data was extracted from the records of Winsam Company: Sales Revenue 450 units at $35 per unit Beginning Inventory 100 units at $16 per unit Purchases 400 units at $20 per unit What is the gross profit using the FIFO method?
- Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1 Inventory 55 units @ $19 9 Sale 36 units 13 Purchase 57 units @ $21 28 Sale 25 units
- Your Corporation uses a LIFO perpetual inventory system. On August 2, 10 units were purchased at $12 per unit. August 18, 15 units were purchased at $14 per unit. On August 29, 12 units were sold. What was the balance in ending inventory after this sale?
- Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method Nov. 5 Purchased 600 units of produ
- Your Corporation uses a FIFO perpetual inventory system. August 2 10 units were purchased at $12 per unit. August 18 15 units were purchased at $14 per unit. August 29 12 units were sold. What was th
- Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 033 Mar. 1 Beginning inventory 150 units @ $52.89 per unit Mar. 5 Purchase 250 u
- A company just starting a business made the following inventory transactions in August: Purchase on August 1 300 units $1,560 Sale on August 8 200 units $3,400 Purchase on August 12 400 units $1,340 Sale on August 24 350 units $5,950 Using the LIFO inven
- A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $20 Purchase November 2 10 units @ $22 Purchase November 12 6 units @ $25 On November 8, it sold 12 units for $54 each. Using the LIFO perpe
- Beginning inventory, purchases, and sales for Item Delta are as follows: Jul. 1 Inventory 50 units at $15 7 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, d
- Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO 64 Units @ $27 = $1,728 Inventory, December 31, using LIFO 64 Units @
- Compute ending inventory using FIFO and LIFO: In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7,
- Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method,
- A company had beginning inventory of 11 units at a cost of $23 each on March 1. On March 2, it purchased 50 units at $28 each. On March 8 it sold 25 units for $71 each. Using the FIFO perpetual inventory method, what was the cost at 25 units sold?
- FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (75 units @ $50/unit) $ 3,750 Purchases (150 units @ 50/u
- The following data was extracted from the records of Today Company: Sales revenue 600 units at $25 per unit Beginning inventory 110 units at $13 per unit Purchases 600 units at $10 per unit What is the gross profit using the LIFO method? A.) 6,000 B
- A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 $6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.6
- A company just starting business made the following purchases in August: August 1 300 units $1,560 August 12 400 units $2,340 August 24 400 units $2,520 August 30 300 units $1,980 1,400 units $8,400 A physical count of the inventory on August 31 reveals
- Beginning inventory, purchases, and sales data for the month are as follows: Beginning inventory 10 units @ 42 First Purchase 15 units @ $44 Second Purchase 13 units @ $45 Sales 26 units Determine the total cost of ending inventory according to FIFO and L
- Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 850 units of a product at a cost of $10 per unit. Terms of the sale are 3
- Simple Plan Enterprises uses a periodic inventory system its records showed the following: Inventory December 31, using FIFO 66 units $28 $1,848 Inventory December 31, using FIFO 66 units $24 $1,584
- A company had a beginning inventory of 12 units at a cost of $24 each on March 1. On March 2, it purchased 12 units at $42 each. On March 6, it purchased 7 units at $29 each. On March 8, it sold 28 units for $72 each. Using the FIFO perpetual inventory m
- A company had a beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory met
- A company had a beginning inventory of 10 units at a cost of $13 each on March 1. On March 2, it purchased 10 units at $20 each. On March 6, it purchased 6 units at $18 each. On March 8, it sold 22 units for $61 each. Using the FIFO perpetual inventory m
- A company had a beginning inventory of 12 units at a cost of $21 each on March 1. On March 2, it purchased 12 units at $36 each. On March 6 it purchased 7 units at $26 each. On March 8, it sold 28 units for $69 each. Using the FIFO perpetual inventory met
- FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (105 units @ $56/unit) $5,880 Purchases (180 units @ $56/unit) $10,080 Ending inventory (155 units @ $56/unit) $8,
- Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. |Nov. 5|Purchased 1,350 units of a product at a cost of $20 per unit. Terms of the sale ar
- A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 290 units. 130 units remain in ending inventory on January 31. Units Unit
- CCO Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory 15 units @ $ 3,000/unit Apr. 6 Purchase 35 un
- A company has beginning inventory of 14 units at a cost of $12.00 each on October 1. On October 5, it purchases 13 units at $13.00 per unit. On October 12, it purchases 23 units at $14.00 per unit. On October 15, it sells 39 units. Using the FIFO periodic
- A company just starting a business made the following purchases in August: August 1 300 units $1,560 August 12 400 units $2,340 August 24 400 units $2,520 August 30 300 units $1,980 1,400 units $8,400 A physical count of the inventory on August 31 reveals
- A company had the following purchases and sales during its first year of operations: On December 31, there were 26 units remaining in ending inventory. Using the Periodic LIFO in goods sold? (Assume a
- A company reports the following beginning inventory and purchases, and it ends the period with 30 units in inventory. Beginning inventory 100 units at $10 cost per unit Purchase 1 40 units at $12 cost per unit Purchase 2 20 units at $14 cost per u
- Beginning inventory, purchases, and sales for the Item Widget are as follows: Mar. 1 Inventory 200 units at $8 9 Sale 175 units 13 Purchase 160 units at $9 25 Sales 150 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) m
- Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug. 1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 1
- A company began August with 55 units of inventory that cost $35 each. Assume a perpetual inventory system. The company had the following transactions during the month: Complete the following for August for each of the inventory costing methods indicated.
- Perpetual Inventory Using LIFO : Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1 Inventory 100 units @ $21 ; 5 Sale 80 units ; 11 Purchase 111 units @ $25 ; 21 Sale 9
- Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug. 1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 410 units. Ending inventory at January 31 totals 150 units Units Unit Cost Beginning inventory on January 1 370 $3.60 Purchase
- Beginning inventory, purchases, and sales for WCS12 are as follows: Oct 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units a. Assuming a perpetual inventory
- Use the following information, prepare an inventory chart for (a) FIFO and (b) LIFO. Assume a perpetual inventory system. Dec. 1 Beginning inventory 70 units @ $14 9 Purchases 30 units @ $16 17 Sales 25 units 22 Purchases 15 units @ $18 27 S
- In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $39, (2) 400 units at $51, and (3) 500 units at $59. Cisler uses a periodic inventory system. Assuming there are 300 units on
- A company made the following merchandise purchases and sales during the month of May: There was no beginning inventory. a) If the company uses the LIFO periodic inventory method, then what would be
- Prepare journal entries to record each of the following purchases transactions of a merchandising company. Assume a perpetual inventory system. Nov. 5 Purchased 900 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoi
- Grays Company has inventory of 10 units at a cost of $10 each on August 1. On August 3, it purchased 20 units at $12 each. 12 units are sold on August 6. Using the FIFO perpetual inventory method, wha
- Grays Company has inventory of 24 units at a cost of $12 each on August 1. On August 3, it purchased 34 units at $10 each. 26 units are sold on August 6. Using the FIFO perpetual inventory method, wha
- Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased 40 units at $12 each. 32 units are sold on August 6. Using the FIFO perpetual inventory method, wha
- A company had beginning inventory of 14 units at a cost of $8 each on March 1. On March 2, it purchased 10 units at $10 each. On March 6, it purchased 8 units at $14 each. On March 8, it sold 26 units for $56 each. Using the FIFO perpetual inventory metho
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 450 units. Ending inventory on January 31 totals 170 units. Units Unit cost Beginning inventory on January 1 410 $4 Purchases
- Prepare journal entries to record each of the following purchase transactions of a merchandising company Assume a perpetual inventory system. Nov. 5 Purchased 800 units of a product at a cost of $8 per unit. The terms of the sale are 5/10, n/60: the invoi
- The following data were extracted from the records of Winsam Company: | Sales revenue | 450 units @ $35 per unit | Beginning inventory | 100 units at $16 per unit | Purchases | 400 units at $20 per unit Winsam's most recent balance sheet showed an ending
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130units. Units Unit Cost Beginning inventory on January 1 320 $3.10 Purchase
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units. Ending inventory at January 31 totals 140units. Units Unit Cost Beginning inventory on January 1 290 $2.70 Purchase
- Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 98 units @ $21 5 Sale 78 units 11 Purchase 109 units @ $25 21 Sale 92 units Assuming a perpetual inventory s
- A company purchased inventory for $1,100 per unit. The company later sold one unit of the inventory for cash of $1,800. Under the perpetual inventory system, which accounts will be debited to record the sale?
- A company reported the following purchases and sales data for December. The company uses a perpetual inventory system. Determine the cost of goods sold for December, using FIFO, LIFO, and Weighted Average methods.
- Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning inventory 24 units @$10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a
- A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31. Units Unit Cost Beginning inventory on January 1 320 $ 3
- Title Products' inventory records show the following inventory purchases for its first year of operations: A physical inventory on December 31 shows 2,000 units on hand. Under the FIFO method, how much is the December 31 inventory balance? A) $12,000. B)
- Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows Mar. 1 Inventory 90 units $17 8 Sale 72 units 15 Purchase 100 units @ $20 27 Sale 84 units
- Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 90 units @ $34 Jan. 8 Sale 72 units Jan. 15 Purchase 100 units @ $37 Jan. 27 S
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 320 $3.00 Purcha
- A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. Purchased 65 units at $6 per unit Purchase
- Ralwins Company had the following balances and transactions during 2018, from January 1 to December 31: Beginning Merchandise Inventory 100 units at $ 81 March 10 Sold 60 units June 10 Purchased 300 units at $ 84 October 30 Sold 160 units What would be r
- Trans Co. uses the periodic inventory system. The following are inventory transactions for the month of January: Jan. 1 Beginning inventory 10, 000 units @ $3 5 Purchase 8, 000 units @ $4 15 Purchase 5, 000 units @ $6 20 Sales at $10 per unit 14, 000 unit
- A company just starting business made the following inventory transactions in August: Purchase on August 1 300 units $1,560 Sale on August 8 200 units $3,400 Purchase on August 1 2,400 units $1,340 Sale on August 24 350 units $5,950 Using the LIFO invento
- A company just starting business made the following four inventory purchases in June: |June 1 | 150 units | $ 390 |June 10 |200 units |585 |June 15 |200 units |630 |June 28 | 150 units |495
- Trans Co. uses the periodic inventory system. The following are inventory transactions for the month of January: Jan. 1 Beginning inventory 10, 000 units @ $3 5 Purchase 8, 000 units @ $4 15 Purchase 5, 000 units @ $6 20 Sales at $10 per unit 14, 000 uni
- Complete the August Journal Entries to reflect purchases and sales transactions (company uses perpetual) under the LIFO costing method and post. Inventory on hand at beginning of Aug. | | Units|Cost
- A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method, the value of the ending inventory on August 31 is: a. $5,670. b. $3,240. c. $5,160. d. $2,730. A company just starting a business mad
- 1. A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending Inventory at January 31 totals 130 units. Units U
- During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units Cost per unit Beginning Inventory 100 $15 Jan. 5, Sales 50 Jan. 10, Purchases 70 $13 Jan. 15, Sale 25 Jan. 25, Sale 35 Require
- A company s inventory records report the following in November of the current year: Beginning November 1 4 units @ $11 Purchase November 2 11 units @ $13 Purchase November 6 7 units @ $15 On November 8, it sold 20 units for $41 each. Using the LIFO perpe
- Grays Company has an inventory of 19 units at a cost of $7 each on August 1. On August 3, it purchased 29 units at $9 each, and 21 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as the cost of goods sol
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on January 1 230 $2.10 Purchas
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 $3.10 Purchas
- Beginning Inventory (1,000 units at $6.50) = 6,500 Dec 12. Assuming the perpetual method is used, the company sold 3,200 units at $18 each on account, terms 2/10, n/30. Calculate the cost of goods sold using the FIFO method and record the appropriate j
- Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 46 units @ $83 6 Sale 35 units 14 Purchase 22 units @ $88 19 Sa
- Grays Company has an Inventory of 13 units at a cost of $8 each on August 1. On August 3, It purchased 23 units at $11 each. 15 units are sold on August 6. Using the perpetual FIFO Inventory method, what amount will be reported as the cost of goods sold f
- A company has a beginning inventory balance of $120 units, which are 10 units at $12 each. Early in the month, they purchased 16 units at $10 per unit and sold 15 units. What is the cost of goods sold for the month using the perpetual inventory system and
- A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units? A. $36,000 B. $21,00
- A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units?
- Grays Company has inventory of 26 units at a cost of $7 each on August 1. On August 3, it purchased 36 units at $12 each. 28 units are sold on August 5. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the
- Grays Company has inventory of 18 units at a cost of $6 each on August 1. On August 3, it purchased 28 units at $12 each. 20 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the
- Grays Company has an inventory of 15 units at a cost of $10 each on August 1. On August 3, it purchased 25 units at $9 each. 17 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported in the cost of goods sold f
- A company has inventory of 25 units at a cost of $6 each on June 1. On June 3, it purchased 35 units at $11 each. 27 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 27 units that were sold? \\ A. $675 B. $178
- A company has beginning inventory of 42 units at a cost of $13 each on October 1. On October 5, it purchases 32 units at $14 per unit. On October 12, it purchases 45 units at $15 per unit. On October 15, it sells 95 units. Using the FIFO periodic inventor
- The Rock Supply Co. uses the perpetual inventory procedure and the LIFO method of inventory costing. Following are inventory data for 2017. Purchases Sales January 10 600 units at $8 March 17 400 units March 15 800 units at $.7.60 October 5 1,300 units Ma
- A company just starting business made the following four inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on Ju
- Perpetual Inventory Using FIFO - Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows: Inventory: August 1: 775 units @ $44 Purchases: August 10: 360 un
- Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Mar. 5 Purchased 500 units of product at a cost of $5 per unit. Terms of the
- A company just starting a business made the following four inventory purchases in May: May 1 - 130 units totaling $390; May 10 - 200 units totaling $650; May 15 -200 units totaling $700; and May 28 - 170 units totaling $680. A physical count of inventory
- Beginning inventory, purchases, and sales for an inventory item are as follows: Beginning inventory 150 units @ $755 Sale 120 units First purchase 400 units @ $785 Sale 200 units Second purchase 300 units @ $805 Sale 290 units The firm uses the perpetual