The ABC Ltd. uses the periodic inventory system. Answer the given questions by having the below information: Beginning Inventory on the 1st July 2018: $55,000 Goods available for sale during the year: $325,000 Purchase returns & allowances during the year: $22,800 Purchase discounts during the year: $ 12,200 Freight Cost: $9,000 Cost of Goods Sold during the year: $275,000 Operating Expenses: $18,500 Sold items during the year: 60,000 units Selling price: $5.50  Answer the following questions: Calculate the Cost of Goods Purchased during the year ended in 2019. Calculate the Total Purchases during the year ended in 2019. Calculate the Net Purchased during the year ended in 2019. Calculate the inventory on hand in the Balance Sheet on the 31st of June 2019. Calculate the Total Income for the year ended in June 2019.

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A:

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

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

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Q: he trial balance of Novak Corp. at the end of its fiscal year, August 31, 2022, includes these…

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Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

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Q: Inventory turnover times

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

Q: Calculate the ending inventory balance for Blossom Ltd.. assuming the company uses a perpetual…

A:

Q: Suppose that on April 13, 2018, both Company A and Company B sold inventory with a cost of $59,500.…

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Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

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Q: Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method…

A: Average cost per unit = ((100 x $10) + (200 x $12))/ 300 units = $3,400 / 300 units = $11.3333

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Q: The ABC Ltd. uses the periodic inventory system. Answer the given questions by having the below…

A: Hello I am only answering first three sub-parts as per the policy and if you want others to be…

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Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000…

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A: Calculation table

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Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

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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.