Information on Loud Co.'s inventory is as follows: Inventory beg.              80 ,000 Purchases                      340,000 Purchase discount           4,000 Freight-in                       12,000 ales                              454,000 Sales return                      2,000 How much is the ending inventory if the gross profit rate is 25%.   Based on sales      Based on cost         Based on sales       Based on cost a.  66,400                     89,000                  86,400                          72,000 b. 66, 600                     88, 400               89,000                            66, 400

Q: What amount of inventory should Jang Jun-woo report in its January 31, 2020 balar sheet under…

A: Perpetual inventory system (Weighted average method)             Date…

Q: The following information is available for Zhang Company: Item Units Unit Total cost Beginning…

A: Solution...     Total costs of goods available for sale = $2,840  Total units available for sale =…

Q: JFC Corporation values its inventory by using retail method: 4. How much is the ending inventory at…

A: Retail inventory method is used by the retail operations like department stores to value the…

Q: low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income…

A: Note:  “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales…

A: The approaches is given as,

Q: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…

A:

Q: A company has the following financial information regarding its inventory:   Item Cost Retail…

A: Conventional retail inventory is one of the method used for calculation and estimation of inventory.…

Q: Vikarmbhai

A: Step 1: Calculate the Dollar Value of Beginning InventoryDollar Value of Beginning Inventory…

Q: Jane Company used the retail inventory method to estimate inventory at year end.     Cost Retail…

A: Under the conservative retail method Goods available for Sale- Retail = Beginning Inventory +…

Q: ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases…

A: Cost of sales refers to the total amount incurred by an entity for producing the product and selling…

Q: Cost Retail Beginning inventory Purchases Freight in Purchase return Purchase allowance 340,000…

A: Working:

Q: A company uses the retail method to value its inventory. The following information is available for…

A: CONVENTIONAL RETAIL METHODConventional retail method is the method which is used to determine the…

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: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: .The following data were related to ABC Corp.                                                  COST…

A: The ending inventory can be calculated on the basis of the cost to retail ratio. It can be…

Q: 11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below: Cost…

A: The ending inventory is the cost of inventory valuation at the year end.

Q: Answer is complete and correct. Item %23 Beginning Unit Ending Unit Average Unit Annual Unit Sales…

A: Average inventory turnover: In accounting, the average inventory turnover ratio is the computation…

Q: Given the information below, what is the gross profit?          Sales revenue $ 305,000…

A: The correct answer is $32,000.

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data…

A: We'll first calculate the cost of goods available for saleCost of Goods Available for Sale =…

Q: Presented below is information related to Cullumber Corporation for the current year. Beginning…

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

Q: EEE Company uses the first-in, first-out retail method of inventory valuation. The  following…

A: FIFO:- First in First out, it is a method of inventory valuation which helps in calculating…

Q: A company has the following financial information regarding its inventory: Item $41,325 O $40,950…

A: Ending inventory is the inventory which is left with the entity at the end of the period. It is…

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: Thug Life Company provided the following information at year-end: Cost Retail Inventory, January 1…

A: Inventory is one of the important current assets for the business. It includes raw material…

Q: Broadway Stores reports the following transactions related to inventory. Broadway sells all products…

A: The perpetual FIFO (First-In-First-Out) method is a method of inventory accounting where the cost of…

Q: Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Need answer of this Question

A:

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio: Under the retail inventory method, closing inventory is valued using the cost…

Q: Aquarius Corporation used the conventional retail inventory method. Cost Retail Beginning inventory…

A: All amounts are in (P).

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: >Gross Profit is the excess of Net Sales over Cost of Goods Sold. >Also, if we deduct the…

Q: Nick's Place recorded the following data: Date Received 1/1 Inventory 1/8 Purchased 1,000 1/12 Sold…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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: Required: Compute the ending inventory al retail and at cost by the conventional retail inventory…

A: To calculate ending inventory at cost we use the cost to retail percentage while in calculating…

Q: Generally, ending inventory is required to be recorded under perpetual inventory system. O True O…

A: Solution 1: False. This is because ending inventory can be recorded under both periodic or perpetual…

Q: Provide Solutions with explanation

A: Step 1: Introduction to the Gross Profit Percentage:Gross profit percentage is a mathematical value…

Q: Cost of Goods Sold Gross Profit (Loss) Sales Ending Net Sales Beg Inventory Purchases Inventory Net…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: How much is the gross profit? 89,000 82,000 99,000 94,000 How much is the cost of goods sold?…

A: Net Sales = Sales - Sales Discount - Sales Returns = 230000 - 7000 - 15000 = 208000 Ending Inventory…

Q: ales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end.…

A: Solution: Cost of goods sold is the cost of beginning inventory plus purchases cost and reduced by…

Q: Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for…

A: SOLUTION- INVENTORY COSTINGS HELPS IN DETERMINING THE COST INCURRED ON INVENTORY.

Q: Tollowing rmation records of companies ame dustry: A B D Sales $300 $150 $ ? $ 90 Opening Inventory…

A: Gross profit is computed by the following formula : Gross profit = net sales - cost of goods sold…

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.