What is ending inventory? Beginning inventory is $30,000. Purchases of inventory duringthe year are $50,000. Cost of goods sold is $60,000. What isending inventory?a) $20,000b) $30,000c) $10,000d) $50,000

Step 1: Introduction to inventoryInventory refers to the goods and materials that a company holds…

Answered: Beginning inventory is $30,000.…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

See similar textbooks

Similar questions

Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
ABC has beginning inventory for the year of $12,000. During the year, ABC purchases inventory for $150,000 and ends the year with $20,000 of inventory. ABC will report cost of goods sold equal to: Numeric Response:??????????????
Consider the following information. Beginning inventory at retail (base year) $ 120,000 Ending inventory at retail $ 168,000 Beginning cost-to-retail percentage 40 % Current-year cost-to-retail percentage 45 % Retail price index for the year 1.12 What is the estimate of ending inventory using the dollar-value LIFO retail method?
Expert of general account
Beginning inventory was $4,000, purchases totaled $31,000, and sales were $20,000. What is the ending inventory? Question
k t Oakland Retail Group begins the year with inventory of $65,000 and ends the year with inventory of $55,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $220,000 140,000 170,000 420,000 Required: Calculate cost of goods sold for the year. Beginning inventory Add: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 65,000
Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter all values as a positive value.) Cost of Goods Sold Cost per unit Cost per unit # of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit # of units sold Inventory Balance Cost per unit Cost of Goods Sold # of…

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS

Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? a) $20,000 b) $30,000 c) $10,000 d) $50,000