cesSupply the missing dollar amounts for each of the following independent cases:CasesABCDSales BeginningRevenue InventoryPurchases$ 5,000 $ 1,500 $ 3501,7501,0501,4008001,8001,400TotalAvailableCost ofEndingInventory Goods Sold$1509001,000900GrossProfit1,250Selling andGeneralExpenses550500850600IncomefromOperations350450

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Description: cesSupply the missing dollar amounts for each of the following independent cases:CasesABCDSales BeginningRevenue InventoryPurchases$ 5,000 $ 1,500 $ 3501,7501,0501,4008001,8001,400TotalAvailableCost ofEndingInventory Goods Sold$1509001,000900GrossPr

Inventory includes all the items, merchandise, and raw materials that are used by the business…

Business

Accounting

Supply the missing dollar amounts for each of the following independent cases: Cases A B C D Sales Beginning Revenue Inventory Purchases $ 5,000 $ 1,500 $ 1,750 1,050 800 1,800 350 1,400 1,400 Total Available Ending Inventory $ 150 900 1,000 Cost of Goods Sold 900 Gross Profit 1,250 Selling and General Expenses $ 550 500 850 600 Income from Operations 350 450

Supply the missing dollar amounts for each of the following independent cases: Cases A B C D Sales Beginning Revenue Inventory Purchases $ 5,000 $ 1,500 $ 1,750 1,050 800 1,800 350 1,400 1,400 Total Available Ending Inventory $ 150 900 1,000 Cost of Goods Sold 900 Gross Profit 1,250 Selling and General Expenses $ 550 500 850 600 Income from Operations 350 450

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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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.

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Question

ces
Supply the missing dollar amounts for each of the following independent cases:
Cases
A
B
C
D
Sales Beginning
Revenue Inventory
Purchases
$ 5,000 $ 1,500 $ 350
1,750
1,050
1,400
800
1,800
1,400
Total
Available
Cost of
Ending
Inventory Goods Sold
$
150
900
1,000
900
Gross
Profit
1,250
Selling and
General
Expenses
550
500
850
600
Income
from
Operations
350
450

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Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.
Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows: Inventory Write-Down Use the information in E8-1. Assume that Stiles uses the LIFO cost flow assumption and is applying the LCM rule. Required: 1. What is the correct inventory value for each product? 2. Next Level With regard to requirement 1, what effect does the imposition of the constraints on market value have on the inventory valuations?
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: DATA Beginning inventory Sale First purchase Sale Second purchase Sale Ending inventory Quantity 8,100 5,000 15,400 12,600 15,900 13,100 8,700 REQUIRED: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? a. FIFO method b. LIFO method Price Inventory Cost Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells orange cells. Transfer amounts to CNOWv2 for grading. $160 $300 $167 Formulas $300 $172 $300
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
P palace provided the following Information:Ending inventory, previous period$95,500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the Inventory turnover for current period, assuming that gross profit for $195,405.3.43 times2.99 times3.27 times3.61 times
Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory: Category Item Quantity Unit Cost Unit Market Price A 101 84 $26.00 $25.00 A 102 40 $45.00 $40.00 A 103 125 $35.00 $32.00 B 104 55 $40.00 $42.00 B 105 55 $68.00 $70.00 C 106 70 $66.00 $77.00 C 107 20 $255.00 $245.00 Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory:
Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases Sales Revenue Beginning Inventory Purchases Total Available Ending Inventory Cost of Goods Sold Gross Profit Expenses Pretax Income (Loss) AB $ 1,060 $ 300 $ 1,000 $ 1,300 $ 640 $ 660 $ 400 $ 190 $ 210 1,400 200 1,060 1,260 30 170 270 CD с 170 270 440 240 140 880 630 230 180 150 E 1,120 920 1,120 420 (140) +