needed in 10 minutes Computational. From the following information, determine the amount of ending inventory. Beginning Inventory - P20,000 Purchases - 41,000 Purchase Returns and Allowances - 3,000 Purchase Discounts - 4,000 Freight-In – 10% of gross purchases Cost of Goods Available for Sale - 55,000 Cost of Goods Sold - 22,500

Q: 1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000 Purchase for…

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

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

A:

Q: Using the data below, determine the ending inventory amount assuming the weighted average method…

A: The periodic inventory system is an inventory valuation system that computes ending inventory at the…

Q: Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit.…

A: The question is based on the concept of Cost Accounting. The valuation of the inventory and cost of…

Q: Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the…

A: Net Present Value is a method of capital budgeting that is used to determine which of the projects…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Inventory is one of the important current asset of the business. It can be valued by many methods…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

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: (a) Sales Revenue $fill in the blank 1 (b) Cost of Goods Sold fill in the blank 2 (c) Gross Margin

A: A perpetual inventory system is the inventory system where the level of inventory is updated…

Q: Based on the following data, estimate the cost of ending merchandise inventory using the gross…

A: Cost of goods sold = Sales (net) - gross profit (35% of sales) Cost of goods sold = $729,000 -…

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

A: cost ratio = cost of goods availabe for sale retail value of good available

Q: Using the retail method and the following data, estimate the cost of ending inventory. (Round…

A: Formula: Cost to retail Ratio= Opening Inventory at Cost- Purchase at CostOPening Inventory at…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description…

A: Using the weighted average method and assuming a perpetual inventory system for WCS12:a) Weighted…

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Formula: Gross margin = sales - cost of goods sold. Deduction of cost of goods sold from sales value…

Q: Complete the following: (Round your answers to the nearest hundredth.)     Average…

A:

Q: Given the following data, calculate the cost of goods sold for the 04/15 sale using the…

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

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Under the weighted-average (AVG) cost allocation method, a weighted-average cost per unit is…

Q: Calculate inventory turnover at cost (to nearest tenth):   Ending inventory $35,000   Beginning…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

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: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: (a) Calculate the sales revenue.

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: LIFO method stands for the last in first out method. Here it is assumed that the units sold will…

Q: Calculate cost of ending inventory using the retail method: (Round your answer to the nearest cent.)…

A: For calculation of ending inventory, we will use the following formula: Ending inventory = Opening…

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

Q: Calculate inventory turnover at cost (to nearest hundredth, format as 1.23 that's it, it's a ratio):…

A: Inventory turnover is calculated as ratio of cost of goods sold and average inventory

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: In the weighted average method of inventory valuation, ending inventory and cost of goods sold are…

Q: Using the data below, calculate the cost of merchandise sold. Beginning inventory, $1,000 Inventory…

A: Solution: Particulars Amount ($) Beginning Inventory 1,000 Add: Inventory purchased 3,000…

Q: Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit.…

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

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: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A:

Q: A company has a beginning inventory of $20,000, purchases of $30,000, and sales of $40,000.…

A: Periodic inventory system is a type of accounting that used to maintain track of inventory, and it…

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

A: Inventory accounting is the method of accounting that deals with the valuation and reporting of…

Q: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000…

A: Ending inventory is value of inventory at the end of the period. It is calculated by adding…