Compute the correct December 31 inventory.

Q: Parris Company has shipped $20,000 of goods to Harlow Co., and Harlow Co. has arranged to sell the…

A: Consignment: It can be defined as an arrangement made by the business in which one party, known as a…

Q: Blue Spruce Ltd took a physical inventory count on December 31 and determined that goods costing…

A: The initial inventory value is the cost of goods on hand, which is given as $3,900. This is the…

Q: Chavez Wholesale Inc. changed its method of valuing inventory from the average cost method to the…

A: To generate a journal entry, you enter transaction records into your company's books. Your journal…

Q: Klassen Furniture Inc. paid $3,000 for inventory on September 26. By December 31, Klassen determined…

A: Lets understand the basics.As per IAS 2 "Inventory", inventory should be valued at lower of cost or…

Q: periodic inventory control system

A: Under periodic inventory system, a single journal entry is required for recording sales. Under…

Q: Required: For each item, (a)-(d), prepare the journal entry to correct the balances presently…

A: Given: Payable accounts  = $ 12,000 Balance in inventory  = $ 6,000 Selling price of lens = $ 17,000…

Q: Vibrant Company had $980,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: calculation of gross profit and showing of error are as follows

Q: What figure should appear in the company's financial statements at 31 October 20X3 for closingi…

A: Given transactions between Nov 1 and Nov 4 are: 1 Goods costing $38,400 were received from…

Q: McKendrick Shoe Store has a beginning inventory of $45,000. During the period, purchases were…

A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…

Q: Harry Company's reoords indicate the following information: Merchandise inventory, January 1, 200X7…

A: Closing inventory means the amount of inventory in hand at the end of specified period. We can apply…

Q: (i)The inventory costing $ 150,000 being ordered by customers before the year end was excluded from…

A: Auditors have to check whether or not the financial statements are correctly stating the financial…

Q: Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: On December 31, according to the accounting records, the inventory balance is $650,000. The…

A: Solution Inventory refers to all the items ,goods ,merchandise and material held by a business for…

Q: At the beginning of Year 2, Donald Company had $8,600 of inventory on hand. During the accounting…

A: The cost of goods available for sale refers to the value of goods that the company offers to the…

Q: Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand…

A: Lets understand the basics. When inventory sent on consignment basis then inventory needs to be…

Q: u are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You have…

A: Periodic Inventory System - It updates ending inventory balance in the ledger when a physical…

Q: Current Attempt in Progress Sheffield Company just took its physical inventory. The count of…

A: Since you have posted two different questions, we will do the first one for you. Please post the…

Q: PT Barnum Company uses the periodic inventory system and has the following data from its December…

A: Gross profit method : Under this method a percentage of gross profit is taken to calculate the cost…

Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity…

A: Under FIFO method the oldest products in inventory have been sold first.

Q: Required information [The following information applies to the questions displayed below.) Allied…

A: Journal Entries are the records of the transactions entered into by the organization during the…

Q: Current Attempt 19 First Bank is considering giving Oriole Company a loan. First, however, it…

A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory,,…

Q: Vibrant Company had $1,000,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: GROSS PROFIT   Gross Profit Is Computed by deducting Total Direct expenses from Total Sales. Or By…

Q: periodic inventory system, calculate cost of sales.

A: Cost of sales = Opening inventory + Purchases - Closing inventory

Q: Al Shams Company completed its inventory count. It arrived at a total inventory value of OMR 30,000.…

A: FOB- The term "freight on board destination" refers to the seller's legal ownership of the goods…

Q: Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A:

Q: Blue Spruce Corp. took a physical inventory on December 31 and determined that goods costing…

A: Lets understand the basics.FOB shipping point sale: When the goods are shipped to the buyer, the…

Q: What amount should Stallman report as its December 31, intentory?

A:

Q: The physical count of the inventory of Great Goods Company on December 31 was determined as a total…

A: The inventory at end shows the balance of inventory which belongs to the business, even if it is in…

Q: Vibrant Company had $1,000,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: Determination of gross profit and preparation of comparative income statement are as follows

Q: You are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You…

A: Periodic Inventory System - It updates ending inventory balance in the ledger when a physical…

Q: Problem 1 A sale of 250 units was made after purchase 3. Determine the cost of goods available for…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: ,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December…

A: Consignor is the owner of the goods and the goods at consignee's showroom should be included in the…

Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: The gross profit is calculated as difference between sales and cost of goods sold. Cost of goods…

Q: Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods…

A: FOB (Free on board) destination means the ownership of the goods will be transferred to buyer only…

Q: X company just took its physical inventory. The count of inventory items on hand at the company's…

A: Under consignment, one party assigns its goods for sale to another party. Goods held on consignment…

Q: Pelham Inc. had no inventory as of August 1. It had the following transactions during August: August…

A: Last-In-First-Out (LIFO): It refers to a method that is often used by a business in order to compute…

Q: .Your review of ABC Company's inventory and related records for the year revealed the following…

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

Q: Vibrant Company had $970,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: A gross profit of the firm is the financial gain after deducting the expenses related to producing…

Q: Bramble Company just took its physical inventory. The count of inventory items on hand at the…

A: Computation of correct inventory on December 31 Total Inventory cost-$350,000 1. Add Inventory sent…

Q: The 123 Accounting Company sells accounting videos. The following information has been extracted…

A: Weighted-average method: Weighted-average method is a method of inventory valuation. In this method,…

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

A: In case of sale of 37000 control will transfer when goods reach to destination ,but they are in…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.