Metro Retail's perpetual inventory system shows 2,000 units, but physical count reveals 1,850 units. Each unit costs $40. What is the amount of inventory shrinkage.
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- King Company had 25 units @$5 in beginning inventory; bought 30 units @$6 and then sold 50 units. Assume King Company uses the FIFO perpetual inventory system. Compute the (a) cost of goods sold and the (b) cost of ending inventory.Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.) Purchases Cost ginning Inventory Total Units $25.60 $5,120 22.00 20.80 8,800 7,280 200 $ 200 400 Cost Cost of Goods Sold $ tA Total UUOne hundred units of inventory on hand at the end of the year are recorded at their cost of $10each using LIFO. Current replacement cost is $8.00.How would the Gross profit be affected by the adjusting entry needed under lower-of-cost-or-market?
- Calculate the inventory-to-sale conversion period based on the following information: average inventories = $120,000; average receivables = $90,000; average payables = $40,000; cost of goods sold = $182,500; and net sales = $365,000. 240 days 180 days 90 days 60 daysBoreki Enterprise has the following 10 items in inventory. Theodore Boreki asks you, a recent OM graduate, to divide these items into ABC classifications. Fill in the blanks and then answer the following questions. (Round dollar volume to the nearest whole number and percentage of dollar volume to two decimal places.) Dollar % of Total Dollar Item Annual Demand Cost/Unit Volume Volume A2 10 120 B8 4000 12 48,000 67,500 5.65 C7 1500 45 7.94 D1 2000 44 E9 1000 20 20,000 2.35 F3 25 40 G2 200 1500 300,000 35.29 Н2 600 20 12,000 1.41 15 1000 300 J8 2500 12,500 1.47Paco Ltd had the following for the year ended 2020: Ending inventory =$400,00 Opening inventory =$ 41,500 Sales revenue = 114,000 Purchases=77,000 Purchase discounts=7,000 Purchase returns and allowances=5,800 The company has the policy ofusing periodic method. Calculate cost of sales for the year.
- The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?A firm has beginning inventory of 150 units at a cost of $10 each. Production during the period was 650 units at $13 each. If sales were 600 units, what is the cost of goods sold (assume FIFO)? What is the value of the ending inventory using FIFO? Show your work I also want to learn how to get the answer to this, can you please help provide how you got the answers.For a particular component, the re-order quantity is 6,000 units and the average inventory holding is 3,400 units. What is the level of safety inventory (in whole units)?
- A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory was $2,100,and costs had increased 5 % during the year.what is the ending inventory using dollar-value LIFO? Round to the nearest dollar.On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year, the cost value of the inventory was $173,200. If annual cost of goods sold was $1,609,170, find the inventory turnover at cost for the year. Round your answer to the nearest tenth. Need Help? Read It Watch It Master ItAccounting
