A corporation updates its inventory perpetually. Its beginning inventory is $53,000, goods purchased during the period cost $172,000, and the cost of goods sold for the period is $188,000. What is the amount of the ending inventory?
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- Hendrix Corporation uses a periodic inventory system. For 2022, its beginning inventory was $85,300, purchases of inventory were $372,000, and inventory at the end of the period was $98,750. What was the amount of Hendrix's cost of goods sold for 2022?What was the amount of Hendrix's cost of goods sold for 2022?The Westmoreland Corporation uses a periodic system for its inventory. The company starts the current year with inventory costing $177,000. During the year, an additional $387,000 is paid for inventory purchases and $17,000 for transportation costs to get those items. A physical count at the end of the year finds $145,000 of ending inventory. How was each of these numbers derived? What is the company’s cost of goods sold?
- At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000. Calculate cost of goods sold for for the year.A company updates its inventory perpetually. Its beginning inventory is $48,000, goods purchased during the period cost $145,000, and the cost of goods sold for the period is $160,000. What is the amount of the ending inventory?Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the year was $700,000 (28,000 units at $25 each). During the year, 96,000 units were purchased, all at the same price of $32 per unit. 98,000 units were sold during the year. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements? LIFO liquidation profit (loss)
- A company reported the following information for its most recent year of operation: purchases, $120,000; beginning inventory, $25,000; and cost of goods sold, $130,000. How much was the company's ending inventory? Want answerAt the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year, the company purchases additional inventory for $22,700. At the end of the year, the cost of inventory remaining is $9,700. Calculate cost of goods sold for the year.True or False? And why?
- The company had beginning inventory of $1,500 and net purchases of $4,800. At the end of the year, the company took a physical inventory count and determined that ending inventory is $1,125. The goods available for sale for the year would beAlpeshA corporation which uses a perpetual inventory system. The company purchased $5000 of merchandise on account on May 8th. Credit terms were 2/10, n/30. The company returned $500 of the merchandise on May 11th. The company paid off the bill on May 16th. The amount credited to inventory to record the apymet would equal $____ (Expressed on whole dollars)