The correct balance of the inventory after any allowance for write down is a. P427,000 b. P486,500 c. P480,000 d. P477,000

Q: Charlene Company uses the average cost retail method to estimate its inventory. Data relating to the…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

Q: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

Q: eta Merchandising Company purchases mobiles directly from manufacturers and sells it to small…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Alfa INC began January 2021 with 20 units of iron inventory that cost 15 euro each. During January,…

A: In FIFO method , The inventory bought first are sold first. In LIFO method , the inventory bought…

Q: Paco Ltd had the following for the year ended 2020: Ending inventory =$400,00 Opening inventory =$…

A: Cost of sales can be computed by adding the opening Inventory with the purchases made and the total…

Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…

A: When home office ships inventory to Branch at above cost. Then investment in Branch will debited…

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: During 2021, a company sells 260 units of inventory for $91 each. The company has the following…

A: FIFO (FIRST IN FIRST OUT METHOD) GOODS WHICH ARE PURCHASED FIRST ARE SOLD FIRST .

Q: Waterway Company's inventory records show the following data: Units Unit Cost 10200 Inventory,…

A: The direct cost associated with the production of a product constitutes the cost of goods sold in…

Q: Almaden Hardware Store sells two product categories, tools and paint products. Information…

A: Inventory is a ledger that represents the value of inventory purchased by the entity. It is reported…

Q: Crane Corporation sells item A as part of its product line. Information as to balances on hand,…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Almaden Hardware Store sells two product categories, tools and paint products. Information…

A: A journal entry is a type of accounting entry that is used to record a business transaction in a…

Q: On December 31, 2024, the inventory of Bramble Company amounts to $880,000. During 2025, the company…

A: LIFO is the method of determining the ending balance of inventory where the cost of inventory is…

Q: Vangie Company, a merchandising concern entity, has the following transactions during 2020:…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given, then first question is to be…

Q: Sawyer Company was formed on December 1, 2020. The following information is available from Sawyer's…

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

Q: Wusang Company installs replacement siding, windows, and louvered glass doors for  family homes. At…

A: Under GAAP, inventory is valued at lower of the Cost or Market Value. Replacement cost can be…

Q: Home Stop sells two product categories, furniture and accessories. Information pertaining to its…

A: Solution: Under lower of cost or market (LCM) rule, cost of inventory and market value of inventory…

Q: During 2020, Reliable Hardware Store had the following selected accounts and balances: Net…

A: The inventory shrinkage would be recorded as a loss. The cost of goods sold would be computed by…

Q: Condy Co. paid suppliers of merchandise inventory $700,000 during 2020. During 2020, inventory…

A: Purchases = Ending accounts payable + Amount paid - Beginning accounts payable = $38,000 + $700,000…

Q: The Blueberry Company values its inventory by using the FIFO retail method.. The following…

A:

Q: 1. The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000…

A: Branch and Head office concept comes in to existence  where company is running from more than one…

Q: Bramble Corp. has $24000 of ending finished goods inventory as of December 31, 2019. If beginning…

A: Cost of goods manufactured indicates the cost incurred to produce the finished goods that are ready…

Q: count 1,750,000 Accounts payable at December 31 1.200,000 Net sales 8,500,000 Additional information…

A: A) goods billed to a customer on FOB shipping point on Dec 31, 2020means ownership is transferred to…

Q: Atlis Company sells on product which it purchases from various suppliers. The trial balance on…

A: Inventory on Jan 1                       20,000 Inventory on March 31                 30,000…

Q: Yahoo Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were…

A: Cost of goods available for sale means that cost of goods which include the opening stock and…

Q: December 28, 2019, Carr Company purchased goods costing P500,000. The term is FOB Destination. Some…

A: Solution: cost for goods included in inventory = purchased cost of goods  = 500,000

Q: How much is the cost of goods available for sale of the branch?Required to answer. Single line text.

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Q: HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?

A: Under FIFO Method, units which comes in first will be sold first and the ending inventory will be…

Q: CDE Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were…

A: Cost of goods sold means that value of opening stock plus purchases minus closing stock but cost of…

Q: Vangie Company, a merchandising concern entity, has the following transactions during 2020: a.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a…

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.