bedrock company reported a december 31 ending inventory balance of 414500 the following aditional information is also available the ending inventory balance of 414500 included 73700 of consigned inventory for which bedrock was the consignor the ending balance of 414500 included 25400 office supplies that were stored in the warehouse and were to be used by the company supervisors and mangers during the coming year based on this information the correct balance for ending inventory on december 31 is?

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

Q: Remote Company had the following information pertaining to inventory:     Units Unit Price Total…

A: Average cost per unit = Total cost of goods available for sale / Total no. of units available for…

Q: The Ogale Equipment Corporation maintains a general ledger account for each class of inventory,…

A: Serial No Date Description Debit Credit 1 Jan 2,2021 Account Receivable $ 8,100…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

Q: Sandvik Mining uses a periodic inventory system. One of the company’s products is a special…

A: First in First out Method (FIFO) In the first in first out method the goods which are purchased in…

Q: COVID Co's fiscal year ends on December 31. COVID determines inventory quantity by a physical count…

A: Explanation 1) Included: Gooods are purchased terms fob shipping point on Dec 24 no mattter that…

Q: You were hired to audit the financial statements of Candace Company. An interim procedure was…

A: In the given question, we are provided with the data of Candace Company. With the given information…

Q: CPA Company provided the following inventory data for the month of April 2021:     Units Unit…

A: FIFO Method: First in, first-out (FIFO) is an accounting approach in which assets that are bought or…

Q: Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period,…

A: FIFO (First-In, First-Out):In the FIFO (First-In, First-Out) method, the goods that were bought or…

Q: H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year.…

A: According to IAS-2 “Valuation of inventory”, inventories are valued at lower of cost or net…

Q: COVID Co's fiscal year ends on December 31 COVID determines inventory quantity by a physical count…

A:

Q: Windsor Machine Company maintains a general ledger account for each class of inventory, debiting…

A: Journal entries help a company to keep a systematic record of the transactions that take place in a…

Q: eceipts and issues of a raw material for a period were:   Date Details Units Cost per unit…

A: Last in first out (LIFO) involves estimation of cost of goods sold and ending inventory by assuming…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the…

A: Under perpetual inventory system of recording inventory, whenever a purchase or sale of inventory is…

Q: During the month of January, De Oro Company which uses a perpetual inventory system recorded the…

A: Under the average cost method, the ending inventory is multiplied by the average cost of inventory…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Step 1: FIFO or First-in, First-out method assumes that the goods first purchased are first sold.…

Q: Is it impossible for a company to report positive net income on the income statement but have…

A: Cash flow from the operating activities refers to the inflow and outflow of the cash in the business…

Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.Under…

Q: What is the amount of ending inventory and cost of goods sold under the FIFO inventory costing…

A: Periodic inventory system:   The periodic inventory system records and updates the inventory after…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…

Q: the Gladstone Company of units purchased and sold throughout each accounting period but applies its…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: 4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on…

A: Inventory is bought by the company which is further sold to customers to generate revenue. The cost…

Q: A review of the accounting records of the Danzee Company yields the following information concerning…

A: Ending inventory is the amount of goods left with the entity. These are reported in the balance…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: Perpetual inventory system is a system where the cost of goods sold is updated as soon as the goods…

Q: Bedrock Company reported a December 31 ending inventory balance of $416,500. The following…

A: It is important to understand the items that should be included in inventory at the end of an…

Q: Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…

Q: Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period,…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Sandvik Mining uses a periodic inventory system. One of the company’s products is a special…

A: Inventory is recognized at cost or net realizable value whichever is lower. There is some technique…

Q: H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year.…

A: INTRODUCTION:For inventory to be valued on a company's balance sheet, NRV is necessary. It is the…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by…

A: FOB Shipping point FOB Destination point  Under this system, the responsibility of the seller over…

Q: The controller of Wildhorse Corp. has provided you with the following information relating to its…

A: As per Generally Accepted Accounting Principles (GAAP), inventory is measured at lower of cost or…

Q: inventory in the financial statements. If an item is not reported as inventory, indicate how it…

A: Inventory includes  * Goods available for sale (finished goods)  * Work in progress (under…

Q: cent year ost of goods sold un unit" to 4 decimal p

A: Answer : Total cost : unit cost  total cost 1970 $6 $11,820 6090 $5 $30,450 4160 $3 $12,480…

Q: Brockton Ltd. began applying IFRS in 20X8. One of the necessary adjustments was to adjust past…

A: Retrospective Restatement: Retrospective restatement is the act of revising the acknowledgment,…

Q: A company has the following purchases and sales during July. Using the LIFO perpetual inventory…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using LIFO…

Q: The company uses a periodic inventory system. Determine the cost assigned to ending inventory using…

A: Specific identification method:— It is one of the methods of inventory valuation in which sales…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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.