CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases…

A: Computation of the cost of goods sold is as follows:Computation of Cost of Goods SoldBeginning…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

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

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of the inventory is described as the number of days the company requires to sell the…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…

A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…

Q: if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at…

A: Inventory days turnover is calculated by dividing the number of days in a year by inventory turnover…

Q: Ac. Corp X has 50 units in beginning inventory with a cost of $300. During the year purchases were…

A: Inventory is the remaining goods at the end of a particular period. It is a current asset and is…

Q: Calculate the weighted-average unit cost for each sale. (R

A: The weighted average cost method is an inventory accounting method.It is calculated by the cost of…

Q: Broadway Stores reports the following transactions related to inventory. Broadway sells all products…

A: The perpetual FIFO (First-In-First-Out) method is a method of inventory accounting where the cost of…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold…

A: The financial ratios helps to analyse the financial statements of the business on the basis of…

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Ratio analysis helps to analyze the financial statements of the company. Management can take…

Q: Selected financial information for Zachary Company for Year 4 follows: Sales Cost of goods sold…

A: Average Merchandise inventory= (Beginning merchandise inventory + Ending merchandise…

Q: Suppose that the following information is available for Nike Inc. for the current year. Beginning…

A: Lets understand the basics.INVENTORY TURNOVERInventory Turnover Ratio is the Ratio between Cost of…

Q: company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6…

A: Cost of goods sold is amount of expenses in purchase of raw material and manufacture the products…

Q: Assume Ava Co. has the following purchases of inventory during the first month of operations…

A: LIFO is last in first out inventory valuation method in which goods purchased at last in the…

Q: k t Oakland Retail Group begins the year with inventory of $65,000 and ends the year with inventory…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: Selected financial information for Rooney Company for Year 4 follows: $ 1,800,000 1,260,000 Sales…

A: Inventory turnover ratio is the measure that helps in determining the efficiency of the entity in…

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: Suppose Domino's had cost of goods sold during the year of $290,000. Beginning merchandise inventory…

A: INVENTORY TURNOVER RATIO inventory Turnover Ratio is the Ratio Between Cost of Goods Sold &…

Q: During the year, TRC Corporation has the following inventory transactions. Number Unit Date…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: Cost of goods sold implies to the total direct expense incurred by the business in manufacturing and…

Q: Perez Corporation has the following financial data for the years 20X1 and 20X2: Sales Cost of goods…

A: Inventory turnover ratio The ratio that represents the number of units sold and replaced by a…

Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

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