BrightStar Trading had a beginning inventory of $5,000, purchases during the year totalled $25,000, and sales amounted to $24,000. What is the ending inventory? A) $4,000 B) $6,000 C) $7,000 D) $9,000

BrightStar Trading had a beginning inventory of $5,000, purchases during the year totalled $25,000, and sales amounted to $24,000. What is the ending inventory? A) $4,000 B) $6,000 C) $7,000 D) $9,000

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 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

See similar textbooks

Related questions

Q: Please explain the solution to this financial accounting problem with accurate principles.

A: Step 1: Definition of Deposits in TransitDeposits in transit refer to cash deposits that have been…

Q: Financial accounting 34.5.6

A: Explanation of Integrated Control Framework:An integrated control framework is a structured system…

Q: None

A: Step 1: Definition of Work in Process (WIP) InventoryWork in Process (WIP) Inventory refers to…

Q: Calculate the amount to be reported for ending inventory.

A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…

Q: Provide correct solution and accounting question

A: Step 1: Definition of Controllable Overhead Spending VarianceThe controllable overhead spending…

Q: Can you solve this general accounting problem using appropriate accounting principles?

A: Step 1: Definitions Concept of the High-Low Method:The High-Low Method is a cost estimation…

Q: Choice best answer

A: The annual growth rate (g) of the company can be calculated using the Retention Growth Model (or…

Q: Correct answer please general accounting

A: here is your explanation thank you feel free to ask doubts if any

Q: Calculate the banks return on equity?

A: The Return on Equity (ROE) measures a bank's profitability relative to its equity capital. It…

Q: Give me correct answer please

A: Step 1: Definition of Gross Profit MarginThe gross profit margin is a profitability ratio that shows…

Q: Solve this question and accounting

A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method used to…

Q: Please give me true answer this financial accounting question

A: Step 1: Definition of Abnormal Rate of ReturnAbnormal rate of return is the difference between the…

Q: Isla Manufacturing's May 1, 2023, beginning work inprocess was 1,120 units. During May, an…

A: Given:Beginning work in process (May 1, 2023) = 1,120 unitsUnits put into production during May =…

Q: Elena gives stock to Jake that has a tax basis of $4,500. At the time of the gift, the stock is…

A: Explanation of Donor's Basis (Carryover Basis):The donor's basis is the original cost of the asset…

Q: The custodian of a company asset should A. be someone outside the company. B. be an accountant. C.…

A: In the context of a company's assets, a custodian is an individual or entity that is responsible for…

Q: MCQ

A: Explanation of Book Value: Book value represents the carrying amount of an asset on a company's…

Q: I am looking for the correct answer to this financial accounting question with appropriate…

A: Concept of Purchase Price:The purchase price is the total amount paid by one company to acquire a…

Q: BlueSky Corp has total debt of $250 million and 40 million shares outstanding with a market price of…

A: To calculate the market debt-equity ratio, we use the formula:Market Debt-Equity Ratio = Total Debt…

Q: Compute talon industries' receivable turnover

A: Step 1: Definition of Receivable Turnover and Average Collection PeriodReceivable Turnover: This…

Q: General Accounting

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures how effectively a…

Q: What is the profit margin?

A: Understand the formula for profit marginProfit margin is a financial metric that shows the…

Q: Please provide the answer to this financial accounting question using the right approach.

A: Explanation of P/E Ratio: The price-to-earnings ratio (P/E ratio) is a valuation metric that…

Q: Based on the attached amortization schedule, what is the amount for the interest expense and…

A: Step 1: Interest ExpenseInterest expense is calculated based on the outstanding lease balance at the…

Q: Not use ai solution for accounting question

A: Step 1: Definition of Operating Cash FlowOperating Cash Flow (OCF) represents the cash generated or…

Q: need help this question solution please

A: Step 1: Definition of Direct Labor Time VarianceThe direct labor time variance measures the…

Q: What is the cost of goods sold on the sale ??

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) is the direct cost…

Q: Please explain this financial accounting problem with accurate financial standards.

A: Step 1: Definition of Acid-Test RatioThe acid-test ratio, also known as the quick ratio, measures a…

Q: Accounting question answer

A: To compute the weighted average cost of capital (WACC) for the acquisition, Templeton needs to…

Q: What is the profit margin if the tax rate is 32 percent?

A: Step 1: Calculate EBIT (Earnings Before Interest and Taxes)EBIT = 19% of Sales= 0.19 × $812,500=…

Q: Financial Accounting

A: Step 1: Definition of Troubled Debt Restructuring (Asset Transfer Method)When a company settles a…

Q: A firm has a market value equal to ns book value Currently, the firm has excess cash of s800, other…

A: 1. Calculate the Market Value of Equity:Since the market value equals the book value, the market…

Q: What is the division's turnover of this financial accounting question?

A: Step 1: Define TurnoverTurnover refers to the ratio of a company's sales to its average operating…

Q: What is the total assets turnover? Give me solution this question

A: Step 1: Definition of Total Asset TurnoverThe total asset turnover ratio measures the efficiency…

Q: Property, Plant & Equipment (Non-current Assets) 1.Define PPE and explain its treatment under…

A: 1. Definition and Treatment of PPE under IAS 16Property, Plant, and Equipment (PPE) consists of…

Q: help this accounting question answer

A: Step 1: Definition of Annual Cost of Trade CreditThe annual cost of trade credit is the implied…

Q: Account

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a key financial performance…

Q: Subject general accounting

A: Step 1: Definition of Labor Efficiency (Quantity) VarianceLabor efficiency variance (also known as…

Q: Can you help me solve this general accounting problem with the correct methodology?

A: Step 1: Definition of Gain or Loss on Sale of Equipment The gain or loss on sale of equipment is the…

Q: Compute the total assets turnover ratio?

A: Step 1: Definition of Total Asset Turnover RatioThe Total Asset Turnover Ratio measures a company's…

Q: Please explain the solution to this financial accounting problem with accurate explanations

A: Explanation of Equity Method of Accounting :The equity method of accounting is a technique used when…

Q: Hi experts please provide answer this financial accounting question

A: Step 1: Definition of Return on Common Stockholders' EquityReturn on common stockholders' equity…

Q: Just in time inventory systems primarily aim to ?

A: The correct answer is: b) Minimize inventory carrying costs Just in Time (JIT) inventory system is a…

Q: Isla Manufacturing's May 1, 2023, beginning work inprocess was 1,120 units. During May, an…

A: Given Data:Beginning Work in Process (WIP) on May 1 = 1,120 unitsUnits started during May = 3,475…

Q: Get correct answer with accounting question

A: Step 1: Definition of Profitability Index (PI)The Profitability Index (PI) is a financial metric…

Q: What is Henderson net income??

A: Step 1: Definition of Net IncomeNet income refers to a company's total earnings, calculated as…

Q: Please need help with this financial accounting question

A: Step 1: Definition of Total Cost of Work-in-ProcessThe total cost of work-in-process (WIP) includes…

Q: Can you help me solve this general accounting problem with the correct methodology?

A: Step 1: Definition of Taxable Capital GainA taxable capital gain is the profit realized from the…

Q: NDB Company has a factory with fixed costs of $650,000 and a production capacity of 225,000 units…

A: Provided Data:Fixed costs = $650,000Target profit = $470,000Production capacity = 225,000…

Q: Choice best answer please solve this questions

A: Calculate Microsoft's P/E Ratio:P/E Ratio = Stock Price / EPSP/E Ratio = $420.30 / $11.20P/E Ratio ≈…

Q: Maple Grove Trading presents the following financial information Description Operating Expenses…

A: To calculate Maple Grove Trading's gross profit:Calculate Net Sales:Net Sales = Sales Revenue -…

Question

Subject:-- general accounting questions

BrightStar Trading had a beginning inventory of
$5,000, purchases during the year totalled $25,000,
and sales amounted to $24,000. What is the ending
inventory?
A) $4,000
B) $6,000
C) $7,000
D) $9,000

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

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.
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.
General Accounting
What is the ending inventory of this accounting question?
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?
Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020?
During the current year, Peach Industries' reports sales of $184,000 and an average sale period of 50 days. The inventory balance is $11,000 at the beginning of the year and $13,000 at the end of the year. What is Peach's gross margin percentage? Round to one decimal point. O 42.8% O 44.5% O 47.6% O 52.4% 56.2%
Carla Vista Companyhad a January 1 inventory of $306,000 when it adopted dollar-value LIFO. During the year, purchases were $1,770,000 and sales were $3,010,000. December 31 inventory at year-end prices was $371,520, and the price index was 108. What is Carla Vista Company's Gross Profit? 2,662,960 1,277,240 1,281,040 1,305,520
Concord Corporation had January 1 inventory of $305000 when it adopted dollar-value LIFO. During the year, purchases were $1820000 and sales were $2990000. December 31 inventory at year-end prices was $429000, and the price index was 110. What is Concord Corporation’s gross profit?
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
Right Answer
A company's beginning inventory was valued at $25,000. During the year, it made purchases worth $60,000 and ended with inventory valued at $30,000. What is the Cost of Goods Sold (COGS)? a) $55,000 b) $60,000 c) $65,000