Mactan Company’s statements for 2018 and 2019 included the following errors:  12/31/18 inventory understated  P2,000,000  12/31/19 inventory overstated  1,000,000  Depreciation for 2018 understated  400,000  Depreciation for 2019 overstated  800,000     How much should retained earnings be retroactively

Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…

A: LIFO stands for Last In First Out. Using LIFO method, the newer inventory is to be sold first and…

Q: ABC Company's accounting records indicated the following information for 2020: Inventory, January 1…

A: Inventory is the stock of raw materials or finished goods held by a firm at a point of time.…

Q: Required: Compute the cost of the 2021 ending inventory under the a conventional retail method b…

A: Inventory: Inventory is considered as current asset of the company because it is converted into cash…

Q: Alquist Company uses the retail method to estimate its ending inventory. Selected information about…

A: Conventional retail method is one of the method used for estimating inventory. Under this, cost to…

Q: Current Attempt in Progress Concord Company had ending inventory at end-of-year prices of $90,000 at…

A: LIFO stands for Last in first out. Using LIFO, the newer inventory is sold out and older inventory…

Q: Current Attempt in Progress Bonita Company understated its inventory by $19500 at December 31, 2020.…

A: The owner's equity is one of the financial statement that shows change in equity during the period.…

Q: Mercury Company has only one inventory pool On December 31, 2024, Mercury adopted the dollar-value…

A: InventoryInventory includes all the items, merchandise, and raw materials that are used by the…

Q: In 2020, Kevin Company overstates their ending inventory balance by $50,000. What is the effect on…

A: Ending inventory is part of income statement and balance sheet. Any increase in ending inventory…

Q: None

A: The current ratio is a measure of a company's ability to pay its short-term obligations. A current…

Q: 20x2 Ending inventory P320,000 understated P300,00

A: Effect of error happened on net income Amount in  20x1 Amount in 20x1 Ending Inventory 20X1…

Q: Answer pls

A: Step 1: Determine the ceiling (Net Realizable Value, NRV).Estimated selling price: $508,000Estimated…

Q: Bartleby Graduate Inc. was organized on January 1, 2020. On December 31, 2021, the company lost most…

A: Solution-1   Inventory January 1, 2020 P0 Add: Purchases P8,90,000 Less: Purchase return and…

Q: Tamarisk Hardware reported cost of goods sold as follows. 2021 2022 Beginning inventory $ 23,000 $…

A: The cost of goods sold (COGS) alludes to the immediate expenses of delivering the merchandise sold…

Q: Ending inventory Depreciation expense December 31, 2020 $14,900 overstated $23,200 understated Total…

A: Accounting errors refers to unintentionally error made by the accountant while recording, posting or…

Q: Sunland Company has had issues counting its inventory over the last several years. Assuming that the…

A: Inventory management is the accounting of goods, components, and raw materials that a business…

Q: Pyramid issued 50,000 $1 par, common shares for $230,000 when the business began, and there have…

A: A journal is made to record all business transactions. All the financial transactions are recorded…

Q: What amount should be reported as inventory on December 31, 2021?

A: P3,000,000 (Option D) should be reported as inventory on December 31, 2021.

Q: Wildhorse Co. reported the following information for a three-year period: Ending inventory Sales…

A: Inventory Turnover :— It is calculated by dividing cost of goods sold by average inventory. Days…

Q: he following information is available for Sheffield Company at December 31, 2020: beginning…

A: Inventory Turnover Is a Ratio States The Cost Of Goods Sold Divided By The Average Inventory.…

Q: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Question: 239 BOZ Co. has determined its year-end inventory on a FIFO basis to be $500,000.…

A: To determine the net carrying value of BOZ Co.'s inventory under the lower-of-cost-or-market (LCM)…

Q: Cullumber Tool Company's December 31 year-end financial statements contained the following errors.…

A: Net income, also generally appertained to as net profit or net earnings, is a  crucial  fiscal…

Q: When you undertook the preparation of the financial statements for Crane Company at January 31,…

A: Computation of ending inventory cost as on 31st Jan 2026 using retail method   Cost Retail…

Q: Retained earnings at December 31, 2023 is not affected if Inventory at the beginning of year 2023…

A: If the beginning inventory of 2023 is overstated (or ending inventory of 2022 is overstated): Net…

Q: None

A: To determine the net carrying value of BOZ Co.'s inventory using the lower-of-cost-or-market (LCM)…

Q: Complete the missing piece of information involving the changes in inventory, and their relationship…

A: we know that,  cost of good sold = opening stock + purchases + Direct expenses - closing stock.

Q: The following information was available for Swifty Company at December 31, 2020: beginning inventory…

A: Lets understand the basics. Inventory turnover ratio indicates how many times entity turns its…

Q: Fog Gear Incorporated changed from LIFO to the FIFO inventory costin January 1, 2024. Inventory…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: 2017 2018 2019 2020 Inventory $12,000 $9,500 $13,500 $14,000 Cost of goods sold $76,000 $84,000…

A: Inventory turnover ratio means the cost of goods sold divided with average stock.

Q: inventory balances under the FIFO and weighted average method: Year FIFO Weighted Average 2017…

A: Explanation: In the absence of comparative financials, the beginning of the year value is considered…

Q: Problem

A: The net carrying value of BOZ Co.'s inventory at year-end can be calculated by applying the…

Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…

A: Effect on change of method: When the company changed the method of the inventory valuation then on…

Q: A. FF Co. changed its inventory valuation from the FIFO cost method to the weighted average method…

A: Solution:- Introduction:- As per LIFO, Cost of goods sold is valued at latest price and closing…

Q: (Inventory Errors) 5. Machina Company began operations in 2021. During the first two years of…

A: The inventory error effects the balance sheet and income statement of the business. The overstated…

Q: None

A: To calculate the total effect of the errors on 2023 net income, we need to consider the impact of…

Q: None

A: Absolutely, here's the calculation of the ending inventory for Oriole Company for 2022 through 2027…

Q: Ayayai Company is in the process of adjusting and correcting its books at the end of 2020. In…

A: Correction entries are prepared to rectify any mistake which has done in the books of accounts.…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. LIFO stands for…

Q: had used the FIFO method of inventory valuation since it began operations in 2017 CPA Co. decided to…

A: Answer -    Working Note : Particulars Amount FIFO inventory- 2019 8,300,000 Weighted average…