In preparing its interim financial reports for the quarter ending March 31, 2023, TRIGO Company decided to use the gross profit method in estimating its ending inventory. Information that may be relevant for this purpose is provided as follows:| | Year 2022 | January 1 to March 31, 2023 ||---------------------------|--------------------|----------------------------|| **Beginning inventory** | ₱2,300,000 | ₱2,470,000 || **Gross purchases** | ₱7,530,000 | ₱1,800,000 || **Gross sales** | ₱10,350,000 | ₱2,500,000 || **Purchase returns** | ₱260,000 | ₱60,000 || **Sales returns** | ₱350,000 | ₱100,000 || **Freight in** | ₱400,000 | ₱90,000 |**Required:** Under each of the following independent scenarios, determine the estimated inventory as of March 31, 2023:1. The Company maintained during the first quarter of 2023 the 2022 gross profit rate based on sales.

Net sales is the sales revenue after taking all returns and discounts. Cost of goods sold is actual…

In preparing its interim financial reports for the quarter ending March 31, 2023, TRIGO Company decided to use the gross profit method in estimating its ending inventory. Information that may be relevant for this purpose is provided as follows: Beginning inventory Gross purchases Gross sales Purchase returns Sales returns Freight in Year 2022 P2,300,000 7,530,000 10,350,000 260,000 350,000 400,000 January 1 to March 31, 2023 P2,470,000 1,800,000 2,500,000 60,000 100,000 90,000 Required: Under each of the following independent scenarios, determine the estimated inventory as of March 31, 2023: SY 1. The Company maintained during the first quarter of 2023 the 2022 gross profit rate based on sales. af gly

In preparing its interim financial reports for the quarter ending March 31, 2023, TRIGO Company decided to use the gross profit method in estimating its ending inventory. Information that may be relevant for this purpose is provided as follows: Beginning inventory Gross purchases Gross sales Purchase returns Sales returns Freight in Year 2022 P2,300,000 7,530,000 10,350,000 260,000 350,000 400,000 January 1 to March 31, 2023 P2,470,000 1,800,000 2,500,000 60,000 100,000 90,000 Required: Under each of the following independent scenarios, determine the estimated inventory as of March 31, 2023: SY 1. The Company maintained during the first quarter of 2023 the 2022 gross profit rate based on sales. af gly

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: accounting
is this correct?
A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $165,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Ending Inventory at Year-End Costs Cost Index (Relative to Base Year) 2024 $ 243,800 1.06 2025 324,500 1.18 2026 304,750 1.15 2027 299,700 1.11 Required: Calculate inventory amounts at the end of each year. (nearest whole dollars)
Do not give solution in image
Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10
i need the answer quickly
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
During 2024, a company sells 20 units of Inventory. The company has the following inventory purchase transactions for 2024: Total Cost $969 826 $1,795 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. Date January 1 September 8 Ending inventory Cost of goods sold Number of Transaction Beginning inventory Purchase Units Unit Cost 17 $57 59
Calculate the ending inventory at cost using the retail method (round cost-to-retail ratio to 2 decimals and final answer to 0 decimals). Keep in mind the ending inventory at October 31, 2023, at retail prices, is $82, 600.
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.
Swifty Corporation began operations on December 1, 2022. The only inventory transaction in 2022 was the purchase of inventory on December 10, 2022, at a cost of $23 per unit. None of this inventory was sold in 2022. Relevant information for fiscal 2023 is as follows: Ending inventory units: Dec. 31, 2022 Dec. 31, 2023, by purchase date Dec. 2, 2023 July 20, 2023 Mar. 15. July Sept. Dec. 2 During 2023, the following purchases and sales were made: Purchases 20. (a1) 4 320 units at $26 320 units at $27 240 units at $29 120 units at $32 120 31 Ending inventory $ 120 Nov. 151 Dec. Sales Apr. Aug. 20 310 10 18 The company uses the periodic inventory method. 12 200 180 279 Determine ending inventory under specific identification.