Kennel Company reported the​ following:   Cost of goods sold​ (estimated for next​ period) ​$320,000 Ending inventory​ (estimated for next​ period) ​$95,000 Beginning inventory for the period ​$60,000   Based on this​ information, the purchases for the next period should​ be:   A. ​$285,000.   B. ​$355,000.   C. ​$380,000.   D. ​$415,000.

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

A: Retail inventory method refers to an accounting method which is used by the companies to compute the…

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: A company reports the following: Line Item Description Amount Cost of goods sold $696,000…

A: The objective of the question is to calculate the inventory turnover and the days' sales in…

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Given, Gross profit rate = 30% Gross profit = Sales*Gross profit rate Cost of goods sold = Sales -…

Q: The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute…

A: Days in Inventory = 365 x Average Inventory / Cost of Goods Sold Average Inventory = (Beginning…

Q: Glen Company provided the following for the current year:          Warehouse   Inventory on…

A: COGS = Beginning Inventory + Purchases + Freight In + Transportation to Consignee - Closing…

Q: Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count…

A: We’ll answer the second question since the exact one wasn’t specified and the first question is…

Q: Hopkins Company reported the following information related to inventory and sales: Units Unit Cost…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:

A: Average days in inventory is calculated to how quickly a company can convert its inventory into…

Q: A company reported the following information for its most recent year of operation: purchases,…

A: Inventory: Inventory refers to the stock of goods, raw materials, or work-in-progress items that a…

Q: Applying the Cost of Goods Sold Model Milton Company reported beginning inventory of $74,000 on…

A: The cost of goods sold (COGS) represents the direct expenses incurred by a company to produce goods…

Q: A company has beginning inventory for the year of $15,000. During the year, the company purchases…

A: The cost of goods sold is the cost incurred on the goods that are sold during the period.

Q: e the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percenta…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: The following are data regarding Sunny Company in 2021 - Finished Goods Inventory December 31…

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

Q: Anthony Corporation reported the following amounts for the year: Net sales Cost of goods sold…

A: DAYS SALES IN INVENTORY Days Sales in Inventory is the ratio between 365 Days & Inventory…

Q: A company has beginning inventory for the year of $11,000. During the year, the company purchases…

A: The objective of the question is to calculate the cost of goods sold (COGS) for a company given the…

Q: Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit.…

A: FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Q: A business using the retail method of inventory costing determines that inventory at retail is…

A: It is a method to determine the cost of ending inventory balance via the cost to rate ratio It is…

Q: A business using the retail method of inventory costing determines that merchandise inventory at…

A:

Q: Hayes Company had the following account balances at the end of the year: Beginning Inventory O…

A: The gross profit margin is the excess of revenue over the cost of goods sold. The income statement…

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: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000…

A: Cost of Goods sold is the amount incurred to produce the products sold by the business during the…

Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:…

A: Meaning : Average days in inventory means the number of days a company keeps its inventory before it…

Q: Richard Company's financial records report beginning inventory of $543,000; ending inventory of…

A: The objective of this question is to calculate the amount of purchases made by Richard Company…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: 2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase…

A: INTRODUCTION: The cost of goods sold is the sum of all costs incurred in producing a sold product or…

Q: SCC Company reported the following for the current year:   Net sales $ 48,000 Cost of goods sold…

A: Inventory turnover ratio :Inventory turnover ratio indicates the demand for the product &…

Q: What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail…

A: Beginning inventory at cost = $70000 Beginning inventory at retail = $100000 Net purchases at cost =…

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.