Based on the information involving the changes in inventory and its relationship to goods available for sale as shown below, please calculate Cost of Goods Sold for 2021: Year 2021 Year 2022 10,000 25,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 7,000 16,000 7,000 8,500 Your Answer:

Based on the information involving the changes in inventory and its relationship to goods available for sale as shown below, please calculate Cost of Goods Sold for 2021: Year 2021 Year 2022 10,000 25,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 7,000 16,000 7,000 8,500 Your Answer:

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Description: Based on the information involving the changes in inventory and its relationship togoods available for sale as shown below, please calculate Cost of Goods Sold for2021:Year 2021 Year 202210,00025,000Beginning inventoryPurchasesGoods available forsal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20 % discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 2025 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 1.12
Part 3: What are the inventoriable costs for 2018 for the following 5 items? Required: What costs, if any, should be included in inventory? 1. Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20%. How much should Kim Co. record as the cost of these goods? Amount included in inventory 2. Keillor Company's inventory of $1,100,000 at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a)Goods shipped from a vendor f.o.b. shipping point on December 24, 2017, at an invoice cost of $69,000 to Keillor Company were received on January 4, 2018. (b)The physical count included $29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2017. The carrier picked up these goods on January 3, 2018. What amount should Keillor report as inventory on its balance sheet? Amount included in inventory 3. Zimmerman Corp. had 1,500 units of part M.O. on hand May 1,…
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Presented below is information related to Splish Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 Date 2024 2025 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $83,600 117,832 Compute the ending inventory for Splish Company for 2022 through 2027 using the dollar-value LIFO method. 116,501 131,709 157,765 190,224 Ending Inventory 83,600 207,802 Price Index 100 100 104 119 129 139 144
Complete the missing piece of information involving the changes in inventory, and their relationship to goods available for sale, for the two years shown: 2021 2022 Beginning inventory 10,000 7,000 Purchases 25,000 3,000 Goods available for sale 35,000 ? Ending inventory 7,000 ? Cost of goods sold ? 8,500
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) 2020 Inventory turnover $1,700 2,200 15,015 38,600 2021 $2,200 $2,500 2,500 2022 45,100 2020 17,860 17,595 2,600 Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 45,000 times 2021 times 2022 times
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for
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2. The following information is obtained from Lynbrook's inventory records. Based on your recommendation, Lynbrook uses the dollar-value LIFO retail method. 2021 2022 2023 Cost Retail Cost Retail Cost Retail Purchases $ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 240,000 $ 500,000 Net additional markups Net markdowns 20,000 30,000 10,000 10,000 40,000 20,000 Sales 400,000 600,000 450,000 Lynbrook adopted LIFO on January 1, 2021, when the cost and retail values of the inventory were $50,000 and $100,000, respectively. The company experienced the following price indexes: January 1, 2021 December 31, 2021 100 December 31, 2022 115 108 December 31, 2023 120 Required: Compute the cost of the ending inventory for 2021 and 2022. (round the cost-to-retail ratio to 3 decimal places) Reminder: Continue using proper excel formulas in your solution.
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es Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage ormal spoilage Sales Sales returns Cost $ 97,000 363,000 9,700 7,700 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 5,546 Retail $ 187,000 587,000 11,700 16,700 12,700 3,700 8,700 547,000 10,700 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,700. 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Conventional application