Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4, Planet purchased 44,000 Playday doghouses for $33 each and sold 29,000 of them to Saturn for $39 each. Saturn sold all of the doghouses to retail establishments prior to December 31, 20X4, for $54 each. Both companies use perpetual inventory systems.

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the Inventory (beginning)…

A: Lets understand the basics.Average days in inventory shows how many days on and average items are…

Q: On June 10, Culver Company purchased $8,700 of merchandise on account from Concord Company, FOB…

A: Journal entries are used by the management to record the transactions in the books of accounts.…

Q: granted

A: A journal is a concise record of every transaction a company makes and it explains how transactions…

Q: Johnson Corporation began the year with inventory of 29,000 units of its only product. The units…

A: LIFO RESERVE ACCOUNT: It is the excess of FIFO over LIFO costs.   LIFO : LAST IN FIRST OUT  FIFO :…

Q: Garrett Company uses the perpetual inventory system. The company's records showed a book balance of…

A: The correct option with necessary working are as follows

Q: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Williston Cattle Company uses a perpetual inventory system. Williston purchased sheep from Little H…

A: Under the perpetual inventory system, inventory account is debited for the purchases.

Q: Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following…

A: The journal entries are prepared to record the transactions on regular basis. The net sales are…

Q: Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the…

A: The perpetual inventory system records the purchase of goods by debit inventory account. Under…

Q: ABC Inc purchased $9,000 inventory during the month of November from CDE Co. CDE applied a credit…

A: Formula used: Net purchases = Purchases - Purchase returns. Deduction of purchase returns value from…

Q: Required: Determine ending inventory and cost of goods sold at the end of the year. Assuming that…

A: The inventory that is sold or distributed and that has been purchased as finished goods or requires…

Q: Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase…

A: Journal entries refers to the process of system documentation of the financial transactions of a…

Q: Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following…

A: Inventory Valuation Method - Inventory Valuation can be done using three methods - a. FIFO Method b.…

Q: cost of $2.35 each. Tetra Company sold 4,100 units of Inventory on January 20, Year 1. Assuming that…

A: Perpetual Inventory Method: This method involves continuously tracking inventory levels in real-time…

Q: Gemstone sells 400 units of inventory for $12,000 to Jades on account. The units cost $12 each.…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: ulbright Corporation uses the periodic inventory system. During its first year of operations,…

A: The question is based on the concept of cost accounting.Ending inventory is the amount of inventory…

Q: Butter Company took a physical inventory at the end of the year and determined that $190,000 of…

A: Freight on Board Destination means that the goods will be transferred and the legal title of the…

Q: Jillet Corporation began the year with inventory of 16,000 units of its only product. The units cost…

A: ANSWER:-   Ending inventory  =199,820 Cost of Goods Sold (75,000 units)  = 735,700 Income before…

Q: At 12/31/20, Tangerine had an inventory balance of $10,000. Upon further investigation, it was…

A: Consignor is the owner of the goods and the goods at consignee's showroom should be included in the…

Q: Butter Company took a physical inventory at the end of the year and determined that $190,000 of…

A: FOB destination means Freight On board destination which implies that the seller is seller is the…

Q: Fulbright Corporation uses the periodic inventory system. During its first year of operations,…

A: The objective of the question is to calculate the ending inventory of Fulbright Corporation using…

Q: Z Wholesale Company began the year with merchandise inventory of $5,000. During the year, Z…

A: Net purchases :— It is gross purchases less purchase return & allowance less purchase discount.…

Q: Alex Company owns 80 percen Company. During the year, Alex sold merchandise that cost $9,000 to…

A: Parent company is that company which controls other company known as subsidiary company.…

Q: Oriole Company's inventory records show the following data: Inventory: January 1 Purchases: June 18…

A: Weighted Average Method :— It is one of the method of inventory valuation in…

Q: Jillet Corporation began the year with inventory of 16,000 units of its only product. The units cost…

A: Last-In, first-out is referred to as LIFO. It is a technique used to calculate cost of products sold…

Q: Johnson Corporation began the year with inventory of 15,000 units of its only product. The units…

A: What are inventories? It is also known as a stock which is the unsold units of the company at the…

Q: Bramble Company's inventory records show the following data: Inventory: January 1 Purchases: June 18…

A: LIFO is a method of inventory valuation. Under this method, the company uses inventory that was…

Q: Genuine Accessories Inc. uses a perpetual inventory system and records purchases at the net cost and…

A: "Since you have posted a question with many subparts and not specified which question should be…

Q: On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30.…

A: Accounts Payable = 3,500 x 4% = 140 Cost of Goods sold = 3,900 + 210 - 400 = 3,710

Q: 4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on…

A: Inventory is bought by the company which is further sold to customers to generate revenue. The cost…

Q: ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

Q: The ABC sole proprietorship deals with the trade of IT items and the provision of related services.…

A: Adjusting Journal Entry The purpose preparing the adjusting journal entry to include all the…

Q: Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the…

A: Adjustment in Inventory: These are changes to inventory or stock records that align them with the…

Q: Jillet Corporation began the year with inventory of 19,000 units of its only product. The units cost…

A: The last in-first out is an inventory valuation method, as per this method the cost of goods sold…

Q: Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright…

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

Q: Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15,…

A: A journal entry is a record of the business transactions in the accounting books of a business. A…

Q: On September 1, the beginning of its fiscal year, Crane Ltd. had an inventory of 104 calculators at…

A: It is an account which is used to post the transactions which were previously recorded using the…

Q: What amount should Stallman report as its December 31, intentory?

A:

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.