How much is the sales of branch to be included in the combined financial statements? 2,333,333 2,240,000 2,800,000 0 How much is the cost of goods sold of the branch to be included in the combined financial statements? 900,000 1,200,000 1,800,000 1,500,000 How much is the ending inventory of the branch to be included in the combined financial statements? 1,000,000 800,000 1,250,000 8333,333

Q: Fill in the appropriate blanks for each of the independent situations below:…

A: The cost of goods sold (COGS) is any direct cost associated with the manufacture of goods that are…

Q: Presented below is information related to Sage Inc.     Cost   Retail Inventory, 12/31/20…

A: The cost-to-retail ratio is a financial ratio that is used in retail accounting to measure the…

Q: Sunland company provided the following information of its two products: Product A Product B $20 $90…

A: The lower of cost or market value rule is the concept used to report the value of inventory in the…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: SOLUTION COST OF GOOD SOLD- IT REFERS TO THE DIRECT COSTS OF PRODUCING THE GOOD SOLD BY THE COMPANY.

Q: Cost of goods sold Freight-out Insurance expense Salaries and wages expense $221,840 6,000 11,000…

A: The income statement is one of the important financial statements of the business. It records the…

Q: Exercise 3: The following information is given for Erwin Company for 19X6: net sales $52,000, net…

A: Introduction:- Net sales is the sum of gross sales minus its sales returns, allowances, and any…

Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000…

A: The income statement is the financial statement that shows the financial performance of the business…

Q: fill in the blanks in the following separate income statements a through e   A B C D E Sales 62000…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Cost of Sales Net Beg Net Ending Goods Sales returns Sales Inventory Purchases Inventory Sold 5,000…

A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: inventory management is considered to be an important part for business. The inventory in accounting…

Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…

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

Q: Glen Company provided the following for the current year:          Warehouse   Inventory on…

A: COGS = Beginning Inventory + Purchases + Freight In + Transportation to Consignee - Closing…

Q: How much is the sales of branch to be included in the combined financial statements? a. 2,240,000…

A: A separate business unit located away or separately from the home office is defined as a branch. The…

Q: Question no.1: The cost of sales of the Makati Branch and the cost of sales of Makati Branch…

A: Home office is the office which is the main office and there are some branches which are under the…

Q: Gross profit method Based on the following data, estimate the cost of the ending inventory: Sales…

A: Cost of Ending Inventory - Cost of Ending Inventory is the inventory left and unsold in the year.…

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A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

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A: Formula: Gross profit = Sales revenue - cost of goods sold

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A: 1. Cost of goods sold = The cost of goods sold is that cost which includes all the costs incurred…

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A: Calculation of missing Figure are as follows

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Q: Cost of Goods Sold Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…

A: As requested to answer only last part so we are answering only last part.

Q: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 Sales Sales Returns…

A: Cost of goods available for sales include the beginning inventory, and purchase of inventory during…

Q: Provide help

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Q: Cost of Goods Sold       Beginning Inventory       Add:                 Purchases…

A: Gross Profit is computed by subtracting the cost of sales from total sales revenue. Cost of goods…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Retail Inventory Method: This method is generally used by retailers to value the ending inventory.…

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A: Cost of goods sold is the amount of money incurred by the entity for the making of the goods. It is…

Q: Company 1 23,485 Current Assets Accounts Receivable Inventory 11,395 Total Assets 45400 Current…

A: Gross profit percentage is calculated by dividing gross profit by sales revenue. Gross profit is the…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: Account Cost of goods sold Inventory Company X $1,980,000 $ 175,000 Company Y $4,338,000 $ 295,000…

A: Days in inventory = 365 / (Cost of goods sold / Average inventory) where, Average inventory =…

Q: Walang Kayo Company provided the following data: 12/31/2019 P 600,000 4,000,000 2,400,000 1,200,000…

A: As per Accrual concept every income and expense should be recognise in the books of accounts as and…

Q: Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $…

A: Gross profit is calculated by deducting the cost of goods sold from the sales amount and net profit…

Q: 102,000 20,000 120,000 $525,000 140,000 5,000 2,000 50,000 4,000 Cost of merchandise sold…

A: 1. Income tax expense Rate is not given therefore it cannot be determined. 2. Multi step income…

Q: 6. What would the amount of cost of sales be in the following scenario? Purchases returns, R8 000;…

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Q: ABC, wholesaler, incurred the following costs: Purchase abroad ($ 1= P 50) $ 10,000 P 50,000 Import…

A: Cost of Inventory Purchased: As a result, the processes required to determine the quantity of…

Q: Prepare the current assets section of Bramble's statement of financial position as at December 31,…

A: Balance sheet shows the financial position of the company that involves the assets, liabilities, and…

Q: Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and…

A: FIFO METHOD:— It stands For First in First Out. In this Method Firstly Beginning Inventory is used…

Q: None

A: Detailed calculation and explanation:A.Cost of goods manufactured refers to the cost of direct…

Q: NEED ANSWER ASAP Q: USING THE BALANCE SHEET PROVIDED, WHAT IS THE AVERAGE FINISHED GOODS INVENTORY?…

A: Finished goods inventory means amount of remaining unsold finished goods held by the business. This…

Q: Question 8) Below is a series of cost of goods sold sections for companies A, P. M. M $700 (g) 290…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold…

Q: The following are the components in determining cost of goods sold, Determine the missing amounts.…

A: Here are the components of COGS that are typically included:Direct materials: The raw materials that…

Q: Consider the following partially completed income statements for merchandising companies and compute…

A: Income statement is prepared by the management that reflects the income generated by the business by…

Q: The two independent cases are listed below: Sales Revenue Cost of Goods Sold Gross Profit…

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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.