Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1.500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Iaventory, January 1, 2020 Interest Expense Gain from Sale of Building Freight-out 460,000 55,000 23,000 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * $340,000 $370,000 $354,000 None of the above

Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1.500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Iaventory, January 1, 2020 Interest Expense Gain from Sale of Building Freight-out 460,000 55,000 23,000 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * $340,000 $370,000 $354,000 None of the above

Name: 46 llE9 b M59% O 2:238 docs.google.com/forms/c42The following account
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Description: 46 llE9 b M59% O 2:238 docs.google.com/forms/c42The following accounts are extractedfrom the worksheet of X Company onDecember 31, 2020Sales Retums and Allowances$410,000Sales Discount140,000Sales1,500.000Salaries Expenses - Sales52,000Rent Revenue2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

46 llE9 b M
59% O 2:23
8 docs.google.com/forms/c
42
The following accounts are extracted
from the worksheet of X Company on
December 31, 2020
Sales Retums and Allowances
$410,000
Sales Discount
140,000
Sales
1,500.000
Salaries Expenses - Sales
52,000
Rent Revenue
22,000
Purchases Retums and Allowances
120,000
Purchases
600,000
Loss from write down of Inventory
17,000
Inventory, January 1, 2020
460,000
Interest Expense
55,000
Gain from Sale of Building
23,000
Freight-out
14,000
Freight-in
30,000
Depreciation Expense - Sales
22,000
Cost of Goods Sold
600,000
Based on the data above, the
inventory account showed a balance
of $------ on December 31, 2020:
$340,000
$370,000
$354,000
None of the above

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