Brentwood Corporation reported the following information for its most recent year of operation: Purchases: $115,000 Beginning Inventory: $25,500 Cost of Goods Sold: $126,000 How much was the company's ending inventory?

Brentwood Corporation reported the following information for its most recent year of operation: Purchases: $115,000 Beginning Inventory: $25,500 Cost of Goods Sold: $126,000 How much was the company's ending inventory?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: What is the effect on net income

A: Concept of Discontinued Operations GainA discontinued operations gain refers to the profit a company…

Q: Over the past four years, the Dow Jones Industrial Average (DJIA) delivered annual returns of 12%,…

A: To find the arithmetic average annual return, we need to add up all the annual returns and divide by…

Q: How much is the direct labor price variance?

A: Explanation of Direct Labor Price Variance: This represents the difference between the actual hourly…

Q: What is the value of the total assets?

A: To find the total assets, follow these steps: Step 1: Use the Debt-Equity Ratio FormulaThe…

Q: what is the direct labor rate variance?

A: Step 1: Calculation of actual rate of labor.Actual rate = Actual labor cost / Actual hours worked=…

Q: The estimated scrap value of the truck.

A: Calculation of Annual DepreciationAnnual Depreciation = (Purchase Cost - Salvage Value) / Useful…

Q: Question

A: Concept of Sales Price VarianceSales Price Variance measures the difference between the actual…

Q: The ending inventory is

A: Explanation of Beginning Inventory:Beginning inventory refers to the value of goods a company has in…

Q: Accurate Answer

A: Step 1:Under the straight-line method, the depreciation expense is calculated by dividing the…

Q: General accounting

A: Step 1: Define Taxable IncomeTaxable income is the portion of an individual's or couple's income…

Q: MCQ

A: The Cash Conversion Cycle (CCC) is calculated using the formula:CCC = Inventory Days + Accounts…

Q: Give me this question answer

Q: PLEASE HELP WITH INCORRECT CELLS

Q: !?

A: Concept of Overhead CostsOverhead costs are the indirect expenses incurred by a company that cannot…

Q: ??

A: Step 1: Definition of Adjusted Gross IncomeThe income derived after subtracting "for adjusted gross…

Q: Please help me

A: Concept of RevenueRevenue refers to the total amount of money a business earns from its operations…

Q: Baxter Sports Ltd. of Australia manufactures sporting equipment. One of the company's products, a…

A: Explanation of Standard Cost:Standard cost represents the expected cost a company assigns to…

Q: The absorption costing unit product cost is.

A: Step 1: Definition of Absorption CostingAbsorption Costing, also known as full costing, is a method…

Q: Please provide answer this financial accounting question not use ai

A: Step 1: Definition of Gross Profit PercentageGross Profit Percentage is a financial metric that…

Q: Please help me

A: Concept of Accounts ReceivableAccounts receivable represents the amount a company is entitled to…

Q: Silver Star Manufacturing has $20 million in sales, an ROE of 15%, and a total assets turnover of 5…

A: Total Asset Turnover = Net Sales/Total Assets5 = 20,000,000/Total AssetsTotal Assets =…

Q: Don't give me incorrect solution

A: To calculate Return on Assets (ROA), we use the following formula:ROA=Average Total AssetsNet…

Q: Predetermined overhead rate per

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is an estimated…

Q: Answer this Question

A: Recall the ROA Formula Return on Assets (ROA) is calculated as: ROA=Average Total AssetsNet…

Q: Assuming no safety stock, what is the re-order point (R) given an average daily demand of 65 units,…

A: The reorder point (R) is an essential component of inventory management that assists firms in…

Q: Cost of goods manufactured is

A: Step 1: Definition of Cost of Goods ManufacturedThe cost of goods manufactured (COGM) is the total…

Q: plantwide overhead rate?

A: Step 1: Definition of Plantwide Overhead RateThe plantwide overhead rate is a single overhead rate…

Q: Find correct answer please accounting question

A: Step 1: Information givenEarnings Per Share (EPS) = $8Market Price Per Share = $96We need to…

Q: Silverstone would report profit at?

A: Explanation of Standard Gross Profit:Standard gross profit is the expected profit calculated based…

Q: what is company A's net income? account question

A: Step 1: Definition of Net IncomeNet income is the final profit a company earns after deducting all…

Q: Hatfield Corporation, which has only one product, has provided the following data concerning its…

A: Step 1: Definition of Period Cost in Variable CostingPeriod costs under variable costing include all…

Q: If Ram Nation can give up one unit of future consumption and as a result increase its current…

A: To find the true rate of interest from the given data, let's consider the situation step by…

Q: Hi expert please give me answer general accounting question

A: Step 1: Understanding the Terms of the Trade CreditThe supplier offers terms 3/15, net 60.This means…

Q: General accounting

A: Step 1: DefinitionThe plantwide overhead rate is used to allocate total manufacturing overhead to…

Q: Can you help me with accounting questions

A: Step 1: Definition of Expected Market Price Using P/E RatioThe expected market price of a stock is…

Q: Solve this Accounting Problem

A: Step 1: Identify Given DataCost of Equipment = $30,000Expected Useful Life = 12 yearsResidual…

Q: b. Prepare the journal entries to record the standard costing information for November.Note: Record…

A: Step 1: ques has been solved and the formulas have been stated Step 2: Step 3: Step 4:

Q: Find correct answer please

A: The Price/Earnings (P/E) ratio is calculated using the formula:P/E=Earnings per Share (EPS)Market…

Q: Required information [The following information applies to the questions displayed below.] Kitimat…

A: Step 1:There are two methods to calculate the income of the business, i.e., variable costing and…

Q: A technology company earns a profit of $8 per share. If the stock is currently selling for $96 per…

A: The Price/Earnings (P/E) ratio is calculated using the formula:P/E=Earnings per Share (EPS)Market…

Q: The book value of its liability?

A: Explanation of Bond Issue Outstanding:A bond issue outstanding refers to the total value of bonds…

Q: Question 2.7 : Given the following data: Annual Sales: $5,000,000 , Fixed Assets: $750,000 , Total…

A: Step 1: Definitions Related to the Question1. Fixed Asset Turnover RatioThe Fixed Asset Turnover…

Q: 4 PTS

A: Equity represents the owner's residual interest in the company after liabilities are deducted from…

Q: Hii expert please provide correct option general accounting question

A: Step 1: Define Cash Balance CalculationThe cash balance is calculated by starting with the beginning…

Q: ??!!

A: Terms:Markup: The amount added to the cost of a product to determine the selling price. When…

Q: Get accurate answer of this financial accounting question

A: Step 1: Define Straight-Line DepreciationStraight-line depreciation is a method of allocating the…

Q: How long, on average, does it take the firm to collect on its sales?

A: Concept of Annual SalesAnnual sales represent the total revenue generated by a company from selling…

Q: Determine comprehensive income

A: Explanation of Net Income: Net income represents the total profit or earnings of a company after…

Q: Need help this question

A: Step 1: Definition of Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is used to compute the units…

Q: HELP

A: Straight-line depreciation is a method of allocating the cost of an asset evenly over its useful…

Question

How much was the company's ending inventory?

Brentwood Corporation reported the following
information for its most recent year of
operation:
Purchases: $115,000
Beginning Inventory: $25,500
Cost of Goods Sold: $126,000
How much was the company's ending
inventory?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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?
A7X Corporation has ending inventory of $815,716, and cost of goods sold for the year just ended was $9,647,235. What is the inventory turnover? The days’ sales in inventory?
Bobaflex Corporation has endinginventory of $527,156 and cost of goods sold for the year just ended was$8,543,132. What is the inventory turnover? The days’ sales in inventory?How long on average did a unit of inventory sit on the shelf before it wassold?
The following data were extracted from the income statement of Keever Inc.: Current Year Previous YearSales $18,500,000 $20,000,000Beginning inventories 940,000 860,000Cost of goods sold 9,270,000 10,800,000Ending inventories 1,120,000 940,000a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning the inventories?
GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?
A company reported the following information for its most recent year of operation: purchases, $120,000; beginning inventory, $25,000; and cost of goods sold, $130,000. How much was the company's ending inventory? Want answer
The following data were extracted from the income statement of Keever Inc.:Current YearPrevious YearSales$919,800$959,200Beginning inventories64,46254,430Cost of goods sold459,900532,900Ending inventories58,26264,462a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year.Current YearPrevious Year1. Inventory turnover 2. Number of days' sales in inventory days days
The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory $82000; ending inventory $124000%3; cost of goods sold $620000; and sales $808000. Metlock inventory turnover ratio in 2022 was O 7.8 times. O 7.6 times. O 5.0 times. O 6.0 times. Saye for Later