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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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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The following data relate to Tech Edge in 2023.... Please provide answer the accounting question
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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
Based on the information involving the changes in inventory and its relationship to goods available for sale as shown below, please calculate Cost of Goods Sold for 2021: Year 2021 Year 2022 10,000 25,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 7,000 16,000 7,000 8,500 Your Answer:
If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25. The value of the Inventory at the end of 2019 is: $ 62,500 $ 36,500 $ 3,042 $ 2,500
Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was $1,540,000. The inventory at the end of 2029 was $376,000 and at the beg of 2019 the inventory was $416,000. Company C's inventory turnover during 2019 was closest to: A. 3.99 B. 3.89 C. 3.84 D. 3.79
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