How would you calculate inventory reserves for unpaid amount, when we are discussingabout income and loss from business as per the below scenarioDuring 2023, item sold for $300,000. The item cost $200, 000, leaving a gross profit of $100,000. The $300,000 will be paid in 4 annual instalments in 2023 through 202

To calculate inventory reserves for unpaid amounts in this scenario, we need to consider the…

Answered: How would you calculate inventory…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

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Similar questions

Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
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What is Seaside Surfing's COGS if the company had inventory of $20,000 at the beginning of 2019, had net inventory purchases of $45,000 during the year, and had $7,000 inventory left at the end of 2019? During the same period sales discounts were $46,700, sales returns were $24,300 and allowance for doubtful accounts was $13,250.
Complete the missing piece of information involving the changes in inventory, and their relationship to goods available for sale, for the two years shown: 2021 2022 Beginning inventory 10,000 7,000 Purchases 25,000 3,000 Goods available for sale 35,000 ? Ending inventory 7,000 ? Cost of goods sold ? 8,500
Gatekeeper Company has the following information: Inventory - January 1 Cost Net realizable value Net purchases Inventory - December 31 Cost Net realizable value 2023 ? ? 10,000,000 5,000,000 5,200,000 Required: 1. Compute the cost of goods sold during 2022 2. Compute the gain on reversal of inventory write down for 2023 2022 P 3,000,000 2,800,000 8,000,000 4,000,000 3,700,000
Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P500,000, P300,000 and P40,000. What is the gross profit for the year ended 2020?
Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Year 2021 Year 2022 Year 2023 Year 2022 Year 2023 Sales $260,000 305,000 333,000 Cost of Goods Sold $187,500 241,250 242,250 Inventory Turnover Average Inventory $25,000 30,000 38,000 Gross Margin Days' Sales in Inventory
How much should PINK report as current assets on December 31, 2021?
Current assets Cash Trading investments Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities Additional information: Type here to search (in thousands) Allowance for doubtful accounts Credit sales $ Cost of goods sold 30 55 671 624 41 $ 1,421 882 $ 2021 $ 50 4.175 2.909 91 60 582 $ 1,311 $ 826 526 52 $ 2020 3.901 2,645 $ 60 40 498 581 $ 29 $ 1.208 756 2019 40 3.733 2.364
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