Citizens Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Citizen Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Citizen report as inventory at the end of the year?

Q: Autumn Company began the month of October with inventory of $15,000. The following inventory…

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Q: Windsor Furniture Sales uses the periodic inventory system. On April 30, 2021, the company's year…

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A: When a physical inventory count is performed, a periodic inventory system only updates the ending…

Q: Best Hardware uses a periodic inventory system. Its inven-tory was $38,000 at the beginning of the…

A: Step 1  Perpetual Inventory management system, It is a system to manage the inventory and reconcile…

Q: The December 31, 2024, year-end inventory balance of the Almond Corporation is $236,000. You have…

A: Inventory balance is the amount of inventory which is kept by the entity for the purpose of selling.…

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A:

Q: Johnson Corporation began the year with inventory of 29,000 units of its only product. The units…

A: LIFO RESERVE ACCOUNT: It is the excess of FIFO over LIFO costs.   LIFO : LAST IN FIRST OUT  FIFO :…

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A:

Q: The company had beginning inventory of $1,500 and net purchases of $4,800. At the end of the year,…

A: The question is related to determination of goods available for sale for the year. It will be…

Q: Required: Determine the correct December 31, 2024, inventory balance and, assuming that the errors…

A: The inventory that is sold or distributed and that has been purchased as finished goods or requires…

Q: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Concord Company took a physical inventory on December 31 and determined that goods costing…

A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…

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…

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A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2022,…

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

Q: Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory…

A: Perpetual Inventory System is maintained on a continual basis or perpetual record is maintained for…

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: At December 31, 2021, the accounting staff of Persimmon Company submitted an inventory list that…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: ABC Inc purchased $9,000 inventory during the month of November from CDE Co. CDE applied a credit…

A: Formula used: Net purchases = Purchases - Purchase returns. Deduction of purchase returns value from…

Q: Required: Determine ending inventory and cost of goods sold at the end of the year. Assuming that…

A: The inventory that is sold or distributed and that has been purchased as finished goods or requires…

Q: A company using the periodic inventory system has inventory costing $183 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + merchandise  purchased - Ending inventory

Q: Butter Company took a physical inventory at the end of the year and determined that $190,000 of…

A: Freight on Board Destination means that the goods will be transferred and the legal title of the…

Q: Jillet Corporation began the year with inventory of 16,000 units of its only product. The units cost…

A: ANSWER:-   Ending inventory  =199,820 Cost of Goods Sold (75,000 units)  = 735,700 Income before…

Q: At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year,…

A: Cost of goods sold means the amount of cost incurred on the making of the goods sold in the market.…

Q: TS Quilts Inc. took a physical inventory at the end of the year and determined that $414,000 of…

A: The objective of the question is to calculate the amount that TS Quilts Inc. should report in their…

Q: Butter Company took a physical inventory at the end of the year and determined that $190,000 of…

A: FOB destination means Freight On board destination which implies that the seller is seller is the…

Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…

A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900

Q: Scotch company took a physical inventory at the end of the year and determined that P1,900,000 of…

A: ANSWER   Scotch company took a physical inventory at the end of the year and determined that…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Assume that the total inventory on hand at the end of the year as determined by taking a physical…

A: Goods with the terms of FOB shipping point should not be included in the inventory till the goods…

Q: King Supply maintains its internal inventory records using perpetual FIFO, but for financial…

A: Date Account Titles and Explanation Debit Credit   Cost of Goods sold  $      15,000…

Q: Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000…

A: Purchase made by Stallman Company of $25,000 from Pelzer Corporation under the condition of FOB…

Q: For each of the following, calculate the cost of inventory reported on the balance sheet. (a) The…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Take me to the text Suppose that on November 20, 2021, both Company A and Company B sold inventory…

A: The objective of this question is to calculate the value of inventory as at November 20 for both…

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: The December 31, 2024, year-end inventory balance of the Almond Corporation is $224,000. You have…

A: Inventory balance is the amount of inventory which is kept by the entity for the purpose of selling.…

Q: The December 31, 2024, inventory of Tog Company, based on a physical count, was determined to be…

A: When using a periodic inventory system, the accurate inventory balance is usually ascertained by…

Q: Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a begin-ning…

A: Cost of goods sold (COGS) = Net sales - Gross profit = $26,000,000 - $15,000,000 = $11,000,000

Q: Revolution Hardware reported $475,000 of inventory on December 31, 2020, based on a physical count.…

A: Goods out of consignment=Sale price×100100+Markup+Shipping cost=$26,500×100100+15+$590=$23,633

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each.…

A: Given: Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35…

Q: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: The Numerical has covered the concept of weighted Average Methode Under Periodic Inventory Method.…