If beginning inventory is $10,000, purchases are $90,000 and ending inventory is $30,000, what is cost of goods sold? Group of answer choices $60,000 $100,000 $130,000 $70,000

Q: Q5. The following information extracted from the cost records during January 2023 Dates January 1…

A: Lets understand the basics.In first in first out method entity assumes that, goods purchased first…

Q: Merchandise purchased for resale= $401,000 Freight-in= 8000 Freight-out= 5200 Purchase returns=…

A: Total purchases includes the procured goods for resale and the cost which was incurred for…

Q: A company has the following at the end of the year: Inventory Quantity Purchase Cost Market Value…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00…

A: a) Net realizable value is the value realised by company on sale of a inventory after deducting the…

Q: Please true answer

A: Step 1: Introduction to the Generally Accepted Accounting PrinciplesThe Generally Accepted…

Q: Calculate the Cost of Goods Sold from the following: Per unit cost $3, Opening stock 350 nos,…

A: Cost of goods sold :— It is the total cost of units sold during the period. It is calculated by…

Q: l profit margin 2,400   a. Determine the net realizable value under the LCNRV rule. b. Determine…

A: Net Realizable Value:  It refers to the amount which is expected to be collected by the firm from…

Q: how do you get $6100 in estimated return inventory?

A: Trial Balance is a report that lists balances of all general ledger accounts of an entity.Trial…

Q: Use the following information: Net sales $ 180,000 124,000

A: Gross profit is calculated as difference between sales and cost of goods sold. Gross profit = Sales…

Q: I want to answer this question

A: Step 1: Introduction to the InventoryIn financial accounting, inventory refers to the item used by…

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: Beginning inventory is P10, net purchases are P140 and net sales are P120. If the gross profit rate…

A: Ending inventory is the amount of inventory held by an entity at the end of a period. It is shown in…

Q: Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2022 $181,000 100 December 31,…

A: To calculate the ending inventory for Bramble Company using the dollar-value LIFO method, we must…

Q: Calculate the missing information. Round dollars to the nearest cent and percents to the nearest…

A: The selling price is the price of the product at which the product is available for sale.

Q: Provide Answer please

A: Here's a detailed explanation of each option and why the correct answer is $60:Understanding…

Q: 1. Jammy Company developed the following information about its inventories in applying lower of cost…

A: The lower cost or market method is related to inventory valuation. The inventory is recognized in…

Q: a. Compute the inventory tumover for each year using the formula Sales/Inventory. (Round your…

A: Inventory turnover ratio tells us how many times a company has sold and replenished inventory in a…

Q: I want the correct answer

A: According to the lower of cost or market rule, inventory is recorded at the lower of either its…

Q: Applying the lower of cost or market to each item of inventory, what should the total inventory…

A: As per the lower cost and market value method, the inventory is valued with the lowest value whether…

Q: Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500…

A: Beginning inventory or the opening inventory is the total value of a business's inventory of all of…

Q: Company sells following products - A, B and C. The following information was available at the year…

A: The inventory is valued at the lowest of the cost or net realizable value for the inventory. The net…

Q: DDD uses the retail inventory method to approximate the lower of average cost or market. The…

A: The costs incurred by the business which are directly linked to the production constitute has the…

Q: The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the…

Q: FIFO cost of goods sold?

A: Goods available for sale Cost of goods sold + Ending inventory As per LIFO method,   Cost of…

Q: Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed…

A: Cost of goods sold include the cost of goods that are sold during the period. Cost of goods sold =…

Q: ($) ('$) Unit Total Balance Cost in Units 50 Date Explanation Units Cost Jun-01Beginning inventory…

A: FIFO: COGS = 50 units x $1 + 10 units x $1.2 + 40 units x $1.2 + 110 units x $1.4 = $50 + $12 + $48…

Q: What is the cost of goods sold? O A. $751,700 OB. $364,500 O C. $455,400 O D. $520,600

A: Definition: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a…

Q: Net sales Cost of goods sold $ 180,000 124,000

A: Ratio analysis is a technique to know the liquidity, profitability and operational efficiency of the…

Q: s the cost of goods sold? 5,387,500

A: Cost of goods sold refers to the expenses involved while the goods or services provided by the…

Q: ABC Co. using perpetual Inventory system, has the following Information for the month of Jan Date…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

Q: LC3Q4.lf the Margin is 20 percent and cost of goods sold is OMR 33000, Calculate the sales figure?

A: Margin means the profit earned . cost means the cost incurred on purchasing the goods. Sales price…

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

A: Item Inventory quantity Unit cost price Unit market price Total cost price Total market price A…

Q: Given the following information, what is the cost-to-retail ratio? Beginning inventory at cost…

A: Particulars Cost Retail Beginning inventory $20,000 $35,000 Purchases  100,000 168,000 Goods…

Q: Calculate the following: Company A Mark -  up                             25 percent Sales…

A: Gross profit is the difference between sales and the cost of sales. Mark up is always calculated on…

Q: Using the gross profit method with the following cost data, estimate the cost of ending inventory.…

A: Ending inventory is the value of inventory remaining unsold at the end of the period. The inventory…

Q: Original Selling Price Amount of Markdown Markdown Item Sale Price Percent (in $) Suitcase $63.00…

A: A markdown is a reduction from original selling price of a product to a new sale price. To find…

Q: An item has a 29% markup based on selling price. The markup is $400. a. Find the selling price. b.…

A: Markup refers to the profit a seller wants on the sale of the product. It is added to the cost of…

Q: ('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in…

A:

Q: Need help

A: To get the total value of the company's ending inventory using the lower of cost or market method,…

Q: A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual…

A: Answer -    Calculation of number of reorders to be made each year: EOQ=√2DO / C =√2(1,000)(30) /…