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

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

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: 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: 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: Gato Inc. had the following inventory situations to consider at January 31, its year-end. (a1)…

A: (a) Goods held on consignment for steel Corp. Since December 12: Answer: Goods held on consignment…

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

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

Q: Assume Orlon Iron applies Its Inventory costing method perpetually at the time of each sale. At the…

A: Solution: Ending units = 3000 +9000 + 8000 - 3000- 6000 = 11000 units Ending inventory using FIFO =…

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: Inventory is reported on the balance sheet of the company and thus, it is necessary to determine the…

Q: Crane Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at…

A: Ending inventory at cost refers to the value of goods held by a company at the end of an accounting…

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: Prepare journal entries would HEC record on November 30 and December 1? (Assume HEC uses a perpetual…

A: Revenue is the total sum of money obtained through conducting commercial activities like sales. A…

Q: The following were selected from among the transactions completed by Babcock Company during November…

A: Hi, There are 2 different questions asked by you. (1) The given charts consists of all the…

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

A: Perpetual inventory system is one of the inventory systems that continuosly updates its costing…

Q: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1…

A: Lets understand the basics.Inventory and cost of goods sold can be calculated using,(1) FIFO(2)…

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: The Luna Corporation made the following materials purchased and issued during the month of January.…

A: period system of inventory management uses periodic count of inventory to measure cost of goods sold…

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

A: Here the situation is the recording of the transactions which was carried out in case of the…

Q: The following inventory information is available for Cullumber Manufacturing Corporation for the…

A: Total Manufacturing Overhead cost  = Utilities + Depreciation on manufacturing machinery +…

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: madison company perpetual inventory records indicate that 875,300 of merchandise should be on hand…

A: Adjusting entry: Date Account Title and Explanation Debit ($) Credit ($) oct 31 Cost…

Q: Sanchez Company was formed on January 1 of the current year and is preparing the annual financial…

A: Lower of cost or market value is the method of recording ending inventory in financial statement,…

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

A: INTRODUCTION: Every business must deal with a number of business operations on a daily basis. These…

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

A: The last in the first out method refers to the inventory valuation method. This method follows the…

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

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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

A: F.O.B (Free On Board) Shipping Point: Under this system, the responsibility of the seller over the…

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.