The December 31, 2019 trial balance for ABC Company included the following: purchases, P40,000; purchase returns and allowances, P2,000; transportation in, P3,000; ending inventory, P8,000. What was the cost of goods sold for 2019? a. P39,000 b. P38,000 c. P32,000 d. P33,000

Q: Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end:…

A: The journal entries are prepared to record the transactions on regular basis. The allowance for…

Q: A company's inventory on December 31, 2024, was $247,000 based on a physical count priced at cost,…

A: Effective inventory management involves overseeing the procurement, storage, tracking, and…

Q: What amount should be presented as a deduction from cost of goods sold?

A: The GAAP principles require that the inventory should be valued at the lessor amount of its laid…

Q: How much is the cost of goods sold in 2019?

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: DCI & Co. reported the following 2021 balances: January 1 P2,175,000 P375,000 December 31 P1,950,000…

A: Cost of goods sold is the amount paid as a cost directly related to sale of products. This is being…

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: ABC LLC accounting records shows the following for the year ending on 31 December 2019 : Opening…

A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…

Q: sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net…

A: Inventory is values at cost of realizabe value which ever is lower, but the same is understood by…

Q: ets es ymouth, capital ymouth, withdrawals

A: Multiple classified step Income Statement means a proper Income…

Q: Rela taps and tubes uses periodic method and it has reported the following in the year 2020 Sales…

A: Formula for Cost of Sales: =Opening Inventory + Purchases made - Purchase discount - Purchases…

Q: On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane…

A: The cost of goods sold represents the cost value of the inventory that is sold during the period.…

Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 12/31/19…

A: The cost of goods sold refers to the cost of purchase or manufacturing of the goods which have been…

Q: Required information [The following information applies to the questions displayed below.] Raleigh…

A: Under the conventional retail method of valuing inventory, the relation between a product's cost and…

Q: Delta Corp. conducted a physical count on December 31, 2019 which revealed inventory with a cost of…

A: Here in this question, we are required to calculate the inventory value on December 31,2019. Lets…

Q: BDO co. has a balance of 10,350,000 trade accounts as of the end of 2019. The ff. information shall…

A: Account receivable is a current asset sale where payment is going to receive in some future date. It…

Q: Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1,…

A: Sales less Cost of goods sold is gross profit: Gross profit = Sales - Cost of goods sold. First,…

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Ending inventory is the worth of products still available for sale and held by a corporation at the…

Q: Zebra Company reports the following figures for the years ending December 31, 2019 and 2018:…

A: Given the following information: Net sales:2019: $65,0002018: $40,000 Cost of goods sold2019:…

Q: The trial balance of Blossom Company at the end of its fiscal year, August 31, 2022, includes these…

A: COGS is known as Cost of Goods Sold. These are  the direct costs which occur in producing the goods…

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: 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: 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000…

A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory =…

Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…

A: Purchaes = Ending Account balance + Amount paid - Beginning Account balance = P750,000 + P4,900,000…

Q: ABC Merchandising has the following data for 2019: • Purchases P35,000 • Purchase returns and…

A: Cost of goods sold = opening stock + purchases + Freight- closing stock

Q: 1) During 2021, a company sells 30 units of inventory at $60. The company has the following…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Sunland Company uses the FIFO method for internal reporting purposes and LIFO for external reporting…

A: Cost of goods sold in the 2021 income statement = Cost of goods sold account balance from sales…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A: Dollar Value in LIFO MethodTo calculate the Dollar value in LIFO Method which can be taken first the…

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

A: Beginning inventory = Cost of goods sold + Ending inventory - (Purchases - Purchase returns) Gross…

Q: nuary 1, 2020, Cullumber Corporation had inventory of $50,00O. At December 31, 2020, Cullumber Ces.…

A: Gross profit is the amount of profit which is arrived by deducting cost of goods sold from sales…

Q: Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods…

A: The term inventory refers to both the raw materials utilized in production and the finished goods…

Q: On December 15, 2022, ABC Company purchased merchandise from DEF Company with trade discounts of 10%…

A: Gross method and Net method are two methods used for accounting of purchase of inventories. Under…

Q: Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000;…

A: Cost of goods available for sale means how much cost of goods are being made available for sale to…

Q: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory

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 trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2025, includes these…

A: Cost of goods sold is the difference between cost of goods available for sale and ending balance of…

Q: 825.000 1.050 000 1.400 000

A: In the lower of cost and net realizable value which can be treated in the inventory price…

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.