How would you calculate inventory reserves for unpaid amount, when we are discussing about income and loss from business as per the below scenario During 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
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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?Help me answer this TY
- For the next two (2) questions: DEF Co. has provided the following data: Inventory December 31, 2021 P1,500,000 950,000 December 31, 2022 P1,400,000 980,000 Accounts payable For 2022, cost of goods purchased was P8,300,000 while cash purchases of inventory amounted to P1,300,000. 3. How much is the cost of goods sold in 2022? 4. What is the total amount of cash paid to suppliers in 2022?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 ? 8,500Gatekeeper 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 InventoryHow 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 2.364Use 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. Sales Cost ofGoods Sold AverageInventory Year 2021 $250,000 $187,500 $26,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 252,250 35,000 InventoryTurnover GrossMargin Days' Salesin Inventory Year 2022 fill in the blank 1 $fill in the blank 2 fill in the blank 3 Year 2023 fill in the blank 4 $fill in the blank 5 fill in the blank 6The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer