GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the records for the quarter ended March 31, 2020: Inventor -January 1 P650,000 PurchasesP3,200,000 Net sales P4,500,000 Purchase return P75,000 Freight in P50,000. What is the estimated cost of inventory on March 31, 2020?       A. P1,120,000       B. P1,125,000       C. P2,025,000       D. P2,700,000       E. answer not given

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

A: The ratio is calculated to determine the relationship between 2 numbers. In accounting, Ratios are…

Q: Sheridan Inc. had beginning inventory of $13,200 at cost and $22,000 at retail. Net purchases were…

A: The ending inventory is the cost of goods that remains unsold at the end of the accounting period.…

Q: he Rebecca Company provided the following data for its December 31, 2020, inventory maintained on…

A: ANSWER:- c. $67,374 $67,374 is the estimated inventory at December 31, 2020, valued at lower of…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: income statements :— Income Statement is Include all Expenses during the Year and Revenue During the…

Q: The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year…

A: DIO( Days Inventory Outstanding)=(Avg Inventory/COGS)*No of days

Q: A company reports the following: Line Item Description Amount Cost of goods sold $696,000…

A: The objective of the question is to calculate the inventory turnover and the days' sales in…

Q: Income Statement Calculations Taylor Company uses a periodic inventory system. The following is…

A: Since, Cost of goods sold = opening stock + Net purchases - closing stock

Q: On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane…

A: The cost of goods sold represents the cost value of the inventory that is sold during the period.…

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

Q: A company reports the following: Cost of goods sold $335,070 Average inventory 74,460 Determine (a)…

A: Inventory turnover ratio means the number of times a company turns its inventory into sales. The…

Q: Data below for the year ended December 31, 2024, relates to Houdini Incorporated. Houdini started…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning…

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

Q: Cost of Goods Sold (Cost of sales) $1,000,000 Beginning Merchandise Inventory Ending Merchandise…

A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Q: Use the follwing information for questions 14 and 15 The following information was available for…

A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…

Q: The December 31, 2025 inventory of Migos Company consisted of four products, for which certain…

A: Lower of cost or market is an approach to valuation of inventory. The concept of lower of cost and…

Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit.  Sales Revenue =…

Q: Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at…

A: Ratio analysis is one of the important technique of management accounting. Under this, various…

Q: following transactions for Product B during the fiscal year ended on December 31, 2020. Date…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: A company has cost of goods sold of $85,000 and ending inventory of $18,000. Its days’ sales in…

A: Given, A company have the cost of goods sold at the rate of $85,000 and the ending inventory having…

Q: 6. The Denver Company uses the gross profit method to estimate its inventory in interim financial…

A: Ending inventory remains unsold at the end of accounting period of the organisation.

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: Beginning inventory = Ending inventory of previous year Cost of goods sold = Beginning inventory +…

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.     Lewis Clark…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of the…

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

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: Net sales $ 245,000   Cost of goods sold   176,000   Beginning inventory   54,000   Ending inventory…

A: Given information: Net sales is $245,000 Cost of goods sold is $176,000 Beginning inventory is…

Q: CG Films generates cost of goods sold of $135,000 for the year. Inventory at the beginning and end…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS  correct answer is = (a). 3.1 working note: inventory…

Q: $12,500 Purchases 25,000 Sales during January 20,800 The estimated inventory at January 31, 2004, is…

A: The right option is c . $21,500

Q: Suppose that the following information was available for Carla Vista Company at December 31, 2025:…

A: Inventory turnover ratio is calculated by dividing cost of goods sold by average inventory. Average…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $440000 and at the end of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: Given the information listed below for the fiscal year 2022, determine beginning inventory. A…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: The following data were extracted from the accounting records of Harkins Company for the year ended…

A: a.Calculate the cost of goods sold of Company H.

Q: The following information is available for Marin Inc. for three recent fiscal years. Inventory Net…

A: Inventory turnover = Cost of goods sold/Average inventory Days in inventory = 365/Inventory turnover…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: Beginning inventory = Cost of goods sold + Ending inventory - (Purchases - Purchase returns) Gross…

Q: Hayes Company had the following account balances at the end of the year: Beginning Inventory O…

A: The gross profit margin is the excess of revenue over the cost of goods sold. The income statement…

Q: The financial statements of Crane, Inc's. 2025 annual report disclose the following information: (in…

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

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: A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average…

A: Solution:a.   Inventory turnover = Cost of good sold / Average inventory…

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

Q: The records of Sheridan Stores provided the following data for the year: Cost Retail (Base…

A: The given details are, Freight = $16,000 Net markups = $8,000 Net markdowns = $6,500 Price index =…

Q: Sunland Company's inventory on January 1, 2025, at cost and retail are $97,500 and $141,000,…

A: LIFO stands for Life In First Out refers to the method of inventory that is used for the purpose…

Q: Condy Co. paid suppliers of merchandise inventory $700,000 during 2020. During 2020, inventory…

A: Purchases = Ending accounts payable + Amount paid - Beginning accounts payable = $38,000 + $700,000…

Q: A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total…

A: Gross profit method: It refers to a method that allows the business in estimating the value of the…

Q: The following information is available for Bridgeport Corporation for 2022: Beginning inventory…

A: Formula is as follows Inventory turnover =  cost of goods sold / average inventory Average inventory…

Q: Terry Company had January 1 inventory of $100,000 when it adopted dollarvalue LIFO. During the year,…

A: Given informationOpening stock (inventory) = $100000purchase = 600000Closing stock = 143360Base…