If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data? Sep. 1 Inventory (at cost) $84,061 Sep. 1-30 Purchases, net (at cost) 152,000 Sep. 1-30 Sales 129,600 a.$45,600 b.$145,341 c.$38,880 d.$90,720

Q: The records of Alaska Company provide the following information for the year ended December 31. At…

A: A method used in accounting to determine the worth of a store's inventory is called the retail…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Ending Inventory: Ending inventory is the value of the stock or product that is still available at…

Q: Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling…

A: Gross profit = Sales -  Cost of goods sold

Q: The following information is taken from the books of Nicki Incorporated: July Beginning inventory…

A: Step 1: Introduction to Ending Inventory:Ending inventories are the amount of inventory that was not…

Q: Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: MULBERRY Company reported the following items were included in inventory at year-end: Merchandise…

A: Inventory includes goods that a company owns and intends to sell to generate revenue. However, goods…

Q: On the basis of the following data, estimate the cost of the inventory at June 30 by the retail…

A: The retail technique calculates a store's closing inventory balance by comparing the cost of…

Q: Beginning inventory 74,000. Cost of goods purchased 530, 900. Cost of goods available for sale…

A: Inventory turnover is the ratio between the cost of goods sold and average inventory. It is…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 1,600…

A: Cost of goods sold is the amount of cost which is incurred on the making of the goods. It includes…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Beginning inventory, purchases, and sales for 30xT are as follows:   May 1 Inventory 300 units…

A: Working:

Q: Use the inventory table and the gross profit inventory method to estimate the ending inventory and…

A: Gross Profit The amount of profit earned by a company after selling off the manufactured goods is…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: Using the following information, what is the cost of goods sold? Purchases $32,019   Selling…

A: The cost of goods sold includes the direct material labor cost and material cost incurred on the…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: What is the estimate of ending inventory using the dollar-value LIFO retail method?

A: Beginning inventory layer at base year retail = Beginning inventory at retail ÷ Base cost index…

Q: On the basis of the following data, estimate the cost of the inventory at June 30 by the retail…

A: The objective of the question is to estimate the cost of the inventory at June 30 using the retail…

Q: P palace provided the following information: Ending inventory, previous period $95.500 Ending…

A: The inventory turnover is a measure of the number of times inventory is sold or used in a time…

Q: 103 EZslide snowboards were sold. Buffalo Corp. uses a period anation ntory mases ases ases Units…

A: Ending inventory units = 140 - 103 = 37 units  Cost of ending inventory :   FIFO LIFO Average…

Q: Calculate the average unit cost for the inventory table shown below. Cost per Total cost Date of…

A: Weighted average method is one of useful method used for inventory management. Under this method,…

Q: Data relating to the computation of the inventory at December 31 for Dapper Inc. follow. Item Cost…

A: To calculate the ending inventory at cost using the average cost retail method, we need to follow…

Q: Use the inventory table and the gross profit inventory method to estimate the ending inventory and…

A: The gross profit is calculated as difference between sales and cost of goods sold. The ending…

Q: Required information [The following information applies to the questions displayed below.] A company…

A: Under the Weighted Average Method, the cost is considered to be average at the time of sale. In this…

Q: Based upon the following data, estimate the cost of ending inventory using the gross profit method.…

A: Ending inventory = Merchandise available for sale - Cost of Merchandise sold

Q: Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May…

A: Answer :Gross margin = Total sales - cost of good sold Total sales = 900 * $7.80 = $7,020 Cos of…

Q: provide correct answer please

A: If gross profit percentage is 42.02%, then cost of sales percentage is 57.98% (100% - 42.02%)…

Q: The inventory records for Radford Company reflected the following 600 units @ $2.80 Beginning…

A: Particulars No. of Units Cost per unit Total Value May 1 600 $2.80 $1680 May 7…

Q: ^ A

A: Lets understand the basics.Management prepares budget in order to estimate future profit and…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Goods available (cost)=Inventory+Purchases=$22,910+$45,620=$68,530

Q: The following information is taken from the books of Nicki Incorporated: July Beginning inventory…

A: Step 1: First, we will calculate the cost of goods sold for July: Gross profit=Sales−Cost of goods…

Q: Use the inventory table and the gross profit inventory method to estimate the ending inventory and…

A: Gross Profit  The amount of profit earned by a company after selling off the manufactured goods is…

Q: Presented below is information related to Marigold Company. Cost Beginning inventory $53,460…

A: The ending inventory comprises of the units that remains unsold at the end of the accounting period.…

Q: 19. Using the information below, calculate gross profit for the period: Sales revenues for the…

A: The gross profit is computed by deducting the cost of goods sold from the sales revenue. The cost of…

Q: P palace provided the following information: Ending inventory, previous period $95,500 Ending…

A: Step 1: Step 2: Step 3: Step 4:

Q: Which assets depreciate?

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

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.