1. Inventory, end. ₱162,000; Net purchases, ₱216,000; Cost of goods sold, ₱144,000. How much is the Inventory, beg.? a. 90,000 b. 120,000 c. 144,000 d. 80,000 2. At the beginning of the period, Entity A’s notes payable had a balance of ₱1,200. During the period, Entity A obtained an additional loan of ₱800 and made total payments of ₱500. How much is the ending balance of Entity A’s notes payable? a. 1,800 b. 1,500 c. 1,200 d. 900

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Assume that Gallant Company uses a periodic inventory system and has these account balances:…

A: Step 1: Introduction to The Periodic Inventory System:A periodic stock valuation system is one that…

Q: 8.A company has cost of goods available for sale of $250,000, sales of $305,000, and a gross profit…

A: "As per guidelines, we will solve first question for you. If you want any specific question to be…

Q: Shown below in T-account format are the beginning and ending balances ($ in millions) of both…

A: Cost of Goods Sold360Add: Increase in Inventory (154.2-150)4.2Purchases of the Year364.2Less:…

Q: . Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count…

A: We’ll answer the second question since the exact one wasn’t specified and the first question is…

Q: A corporation which uses a perpetual inventory system. The company purchased $5000 of merchandise on…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Shown below In T-account format are the beginning and ending balances ($ in millions) of both…

A: IntroductionCash paid to Suppliers represents the payment made by Company to Merchandise the…

Q: Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount…

A: Income statement is one of the financial statements that shows the profitability, total revenue and…

Q: Dickson Co., purchased inventory with an invoice price of $2,200, shipping charges of $200,…

A: The purchase would include the cost that has been incurred while purchasing the inventory.

Q: The following transactions are for Sheridan Company. 1. 2. 3. On December 3, Sheridan Company sold…

A: The accounting equation states that assets equal to sum of liabilities and equity. The transactions…

Q: An electronics retailler purchases $25,000 of computers on account for resale. The retailer returns…

A: There is two method of inventory: 1. Periodic inventory method: It is a inventory valuation method…

Q: Please solve this answer

A: We have given, The sold price  = $12,000. The cost of goods = $8,000. The credit term is 1% for 10…

Q: On December 15, 2022, LYCHEE Company purchased goods costing  ₱ 100,000. The terms were FOB shipping…

A: FOB SHIPPING POINTS In FOB Shipping Points, When the Goods are Shipped to the Buyer then Ownership…

Q: Subject: accounting Shown below in T-account format are the beginning and ending balances…

A: Cash Paid to Suppliers - Cash Paid represents operating activity in the cash flow statement. This…

Q: 2. Cash paid to suppliers for year ended December 31, 2005 is: €6,480 €6,460 €5,520 a) b) d) e)…

A: Cost of goods sold is actual cost of goods being sold to customers. On the basis of purchases, cash…

Q: 1. a. The quick ratio is 0.09, cash is $10,000 and accounts receivable are $25,000. Accounts payable…

A: Quick ratio is a measure of company's liquidity which analyzes the company's ability to honor and…

Q: ales                                                               $63,000        $43,600…

A: Solution Formulas used Cost of goods sold       =merchandise inventory (beginning ) + total cost of…

Q: $ millions Total revenue GIS $14,597.0 $16,790.0 Cost of sales and services 9,871.0 10,312.9 Average…

A: Days sales outstanding (DSO) measures the average number of days it takes for a company to collect…

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.