The ABC Ltd. uses the periodic inventory system. Answer the given questions by having the below information: Beginning Inventory on the 1st July 2018: $62,000 Goods available for sale during the year: $336,000 Purchase returns & allowances during the year: $22,800 Purchase discounts during the year: $16,200 Freight Cost:   $13,000 Cost of Goods Sold during the year: $289,000 Operating Expenses: $7,900 Sold items during the year: 63,000 units Selling price: $5.30  Questions: 1. Calculate the Cost of Goods Purchased during the year ended in 2019. 2. Calculate the Total Purchases during the year ended in 2019. 3. Calculate the Net Purchased during the year ended in 2019. 4. Calculate the inventory on hand in the Balance Sheet on the 31st of June 2019. 5.Calculate the Total Income for the year ended in June 2019.

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Under the weighted average model, the cost of the goods that are available for sale divided by the…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A: Net purchase at retail = Goods available at retail - markups + markdowns  Goods available at retail…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Inventory refers to all the items, goods, merchandise, and materials held by a business for selling…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is the amount which…

Q: You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: The December 31, 2024, year-end inventory balance of the Almond Corporation is $236,000. You have…

A: Inventory balance is the amount of inventory which is kept by the entity for the purpose of selling.…

Q: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: income statements :— Income Statement is Include all Expenses during the Year and Revenue During the…

Q: mpany using the periodic inventory system has the following account balances: Merchandise Inventory…

A: Solution: Cost of merchandise purchased is the cost of purchases which is computed as purchase cost…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2017, inventory was $214,000,000 at both…

A: Net realizable value:   Net realizable value is defined as the amount from the sale of asset after…

Q: National Distributing Company uses a periodic inventory system to track its merchandise inventory…

A: formula to calculate cost percentage = cost of goods sold / net sales    cost of goods sold =…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: LIFO = Last In First Out Under the LIFO method, the latest purchases are sold first and the initial…

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit…

A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…

Q: Inventory turnover times

A: Inventory Turnover - Inventory turnover is the number of times an entity sold its finished goods or…

Q: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: Beginning inventory = Ending inventory of previous year Cost of goods sold = Beginning inventory +…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO,  Average Method.…

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

Q: You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of…

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods:…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: 5) The following data pertain to Stainless Steel Enterprises for the year ended December 31, 2020:…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both…

A: No. Account Titles and Explanations Debit Credit a. Cost of goods sold $21,000,000…

Q: The December 31, 2024, year-end inventory balance of the Almond Corporation is $224,000. You have…

A: Inventory balance is the amount of inventory which is kept by the entity for the purpose of selling.…

Q: Fuque Ltd. uses the retail inventory method to estimate ending inventory for its monthly financial…

A: The retail and cost ratio is taken into consideration while following the conventional retail…

Q: The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales…

A: Perpetual inventory system:   It is the inventory system that record each transaction of purchase…

Q: Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost…

A: LIFO- Last in first out Inventory which is last entered should be first out for sale. Sale for 85000…

Q: The Toso Company uses the retail inventory method. The following information is available for the…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported on the…

Q: The following is the information for ABC Corporation for the inventory transactions The company sold…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing…

A: a) Computation Of Cost of goods sold under FIFO, LIFO and weighted average: COGS Units    FIFO…

Q: During 2021, a company sells 260 units of inventory for $90 each. The company has the following…

A: FIFO method of inventory computation makes the management assume that the goods which have been sold…

Q: Arppel Company uses a periodic inventory system and closes its accounts annually on 31 December.…

A: Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory Gross Profit = Net Sales -…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

A: Inventory valuation methods include: First in first out Last in first out Weighted average method…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic inventory system is the one under which the sales and purchases are recorded after a span…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory refers to the stock that is left with the company at the end of the year or the stock that…

Q: The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Easton Co inventory Date 5/1 5/5 5/15 5/25 Sales wer dollar valı

A: Under the Weighted Average method,  Total cost of goods is divided by the total number of units to…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: Retail inventory method :It is a method for estimating ending inventory based on the ratio of amount…

Q: Altira Corporation uses a perpetual inventory system. The following transactions affected its…

A: Under FIFO, the oldest cost of an item in an inventory will be removed first when one of those items…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have…

A: FOB Shipping point:   FOB Shipping point means that the buyer pays all costs incurred for the…

Q: Accounting Abacus Ltd undertook the following transactions during May 2022. May. 1…

A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…

Q: The following units of an item were available for sale during the year: Beginning inventory 8,400…

A: Perpetual Inventory System :- Perpetual Inventory System system is an inventory management system it…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: For calculating the ending inventory cost and cost of goods sold different methods are used they are…

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.