7:43l 4G 4a elearning.yu.edu.joTime left 0:06:57MAX CO. uses the retail inventory method to valueits merchandise inventory. The followinginformation is available for 2020 :CostRetailInventory, 1/1/2020€4,670,000€ 9,340,000Purchases21,196,00045,604,000Freight-in2,712,000Sales46,702,000What is MAX's estimated ending inventory at cost?a. €4,287,000O b. €3,956,000O c. €3,880,000o d. €8,242,000Clear my choice+II

Name: 7:43l 4G 4a elearning.yu.edu.joTime left 0:06:57MAX CO. uses the reta
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 7:43l 4G 4a elearning.yu.edu.joTime left 0:06:57MAX CO. uses the retail inventory method to valueits merchandise inventory. The followinginformation is available for 2020 :CostRetailInventory, 1/1/2020€4,670,000€ 9,340,000Purchases21,196,00045,604,0

The inventory management will include ordering of goods, storing/holding of goods, work in progress…

Answered: AX CO. uses the retail inventory method…

Business

Accounting

AX CO. uses the retail inventory method to value smerchandise inventory. The following formation is available for 2020 ;

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $ 80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308
Blossom Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2020, are as follows: Cost Retail Inventory, 2/1/20 $ 170000 $ 245000 850000 1387500 Purchases 132500 Markups, net 1425000 Sales Estimated normal shoplifting 17000 losses 100000 Markdowns, net Under the lower-of-cost-or-market method, Blossom's estimated inventory at July 31, 2020 is (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to O decimal places.)
Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow: 2019 2020 1stQ $ 31,000 6,100 4,100 $ 20,800 5,200 $ 15,600 2ndQ $ 33,000 7,100 4,300 $ 21,600 5,400 $ 16,200 3rdQ $ 35,000 7,900 4,700 $ 22,400 5,600 4thQ $ 37,000 9,100 5,100 $ 22,800 5,700 $ 17,100 1stQ $ 39,000 10,600 5,300 $ 23,100 5,775 $ 17,325 Sales Cost of goods sold (LIF0) Operating expenses Income before income taxes Income taxes (25%) Net income $ 16,800 If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows: 2019 2020 1stQ 4thQ 2ndQ $6,700 3rdQ $7,300 1stQ Cost of goods sold (FIF0) $5,900 $8,100 $9,500 Sales for the second quarter of 2020 are $41,000, cost of goods sold under the FIFO method is $11,100, and operating…
SHOW COMPUTATIONyou found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point.b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021.c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit.d. A P600,000 shipment of…
Required information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $249,510 6,300 4,800 26,500 Retail $470,000 22,000 446,500 8,000 4,500 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for…
Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019; $129.492 at December 31, 2020; and $145,200 at December 31, 2021. The year-end price indexes were 100 at 12/31/19,110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Sunland Company for 2019 through 2021 using the dollar-value LIFO method. 2019 2020 2021 Ending Inventory %24 24 24
Stigma industries has the following beginning inventory and purchases for 2020: 12each 4,800 14each 8,40d 13,200 Beginning inventory 400 Inventory purchased 600 Cost of goods availablel,000units It sells 600 of these units in 2020. compute its cost of goods sold for 2020 and the ending inventory reported on its 2020 balance sheet under each of the following inventory costing methods: FIFO LIFO Cost of goods soldAnswerAnswer Ending inventory AnswerAnswer
Presented below is information related to Blue Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 77,200 100 December 31, 2018 249,951 221 December 31, 2019 248,472 252 December 31, 2020 280,098 273 December 31, 2021 336,630 294 December 31, 2022 401,685 305 Compute the ending inventory for Blue Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020 $enter a dollar amount 2021 $enter a dollar amount 2022 $enter a dollar amount
Crane Company uses a periodic inventory system and the average cost method. At December 31, 2025, the following information has been compiled for its finished goods inventory: Replacement value Cost Expected selling price Normal profit margin Selling costs $13100 $14900 $15380 15% 5% of expected selling price After applying LCNRV, Crane, which uses the cost of goods sold method to record inventory write-downs, will make an entry O crediting Inventory for $480. O debiting Cost of Goods Sold for $289. O crediting Cost of Goods Sold for $1800. O debiting Inventory Loss for $480.
Hoover Corp., a wholesaler of music equipment, issued $11,200,000 of 20-year, 9% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on the bonds. 20Y4 Sept. 1 Called the bond issue at 102, the rate provided in the bond indenture. (Omit entry for payment of interest.)
Dineshbhai
Please help me