Larry Traders has the following information: • Beginning inventory: $82,000 Purchases: $149,500 Ending inventory: $80,000 Calculate the cost of goods sold.
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- Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%Calculate the COGS. STEP BY STEP ANSWERCalculate the COGS
- Step by step solutionWhat is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: XWhat is the value of beginning inventory?
- Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0 Beginning inventory $058,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net markdowns 26,135 Sales revenue 186,000 Instructions a. Compute the ending inventory at retail. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions. 1. Excluding both markups and markdowns. 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups. 4. Including both markdowns and markups. c. Which of the methods in (b) above (1, 2, 3, or 4) does the following? 1. Provides the most conservative estimate of ending inventory. 2. Provides an approximation of lower-of-cost-or-market. 3. Is used in the conventional retail method. d. Compute ending inventory at lower-of-cost-or-market (round to nearest dollar). e. Compute cost of goods sold based on (d). f. Compute…Mic Drop Company uses the first-in, first-out retail method of inventory valuation. The following information is available: • Beginning inventory: P115,000 at cost; P300,000 at retail • Purchases: P600,000 at cost; P1,100,000 at retail • Net additional markups – P100,000; net markdowns – P200,000 • Sales revenue – P900,000 What is the estimated cost of the ending inventory using the average retail method? A. P240,000 B. P220,000 C. P400,000 D. P200,000What's the Solution?
- Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800 Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?Company Z had the following information: inventory at cost of $5,100, selling value of inventory of $5,250, inventory cost of completion of $100, inventory cost of distribution of $150, normal profit margin of $2,000, and inventory replacement cost of $4,800. What is the floor amount to be used in the determination of the inventory's market value in the lower-of- cost-or-market method of inventory? O $3,000 O $5,000 O $4,800 O $5,250N5. Account