The ff info was taken from the 2015 accounting records of HT Company.     HT Warehouse HT goods held by Consignees Beg Inventory USD 120,000 USD 15,000 Purchases USD 570,000 USD 68,000 Freight in USD 8,000 - Transpo to consignees - USD 4, 000 Freight Out USD 29,000 USD 10,000 Ending Inventory USD 150,000 USD 17,000   Compute for the HTBC Company’s cost of sales.

Q: A company shows the following data in their accounting records for 2014. Inventory 12/31/14 =…

A: Cost of goods sold: It is the accumulate amount of all direct cost incurred in manufacturing the…

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: Frick Company began the accounting period with $60,000 of merchandise, and the net cost of purchases…

A: Cost of Goods Sold CalculationTo calculate the cost of goods sold (COGS) for Frick Company, use the…

Q: The financial statements of Wolverines Company showed the following: Cost of Goods Sold: $725, 000…

A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…

Q: Glen Company provided the following for the current year:          Warehouse   Inventory on…

A: COGS = Beginning Inventory + Purchases + Freight In + Transportation to Consignee - Closing…

Q: What is the cost of goods sold for the year?

A: Cost of goods sold Cost of Goods Sold (COGS) represents the direct costs associated with the…

Q: Cost of Goods Sold Calculation The accounts of Berrett Company have the following balances for 2017:…

A: Cost of goods sold is calculated by adding various direct cost associated with the manufacture or…

Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…

A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…

Q: The table below contains selected financial information from recent financial statements of KBI Toys…

A: Formulas: Gross profit ratio = Gross profit / Sales Inventory turnover = Cost of goods sold /…

Q: The following information is available for the Brown Company for 2016: Gross profit  $30,000 Net…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in…

A: Cost of goods sold = Beginning inventory  + Purchases - Purchase returns and allowances  +…

Q: Accounts receivable turnover Average collection period times days

A: The accounts receivable turnover ratio measures the number of times a company collects its average…

Q: The following information is taken from PT Wealthy Day's financial statements for 2015: Sales: Rp…

A: Cash received from customers  = Beginning Account Receivable + Sales during the year - Ending…

Q: What is the estimated inventory at December 31, 2016, valued at lower of average cost of market…

A: Here,to find out the answer cost to retail ratio is calculated :Therefore option 3 is correct.

Q: Marzipan Company reported the following data for 2016: Cost of Beginning Inventory: Invoice Cost of…

A: Cost of goods sold during the year can be calculated by reducing the value of ending inventory from…

Q: Using the information​ provided, what is the inventory turnover for the​ firm?   Allied​ Industries,…

A: To calculate the inventory turnover for the firm, you need to divide the cost of goods sold (COGS)…

Q: The following data were extracted from the accounting records of Harkins Company for the year ended…

A: a.Calculate the cost of goods sold of Company H.

Q: This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: The following information is taken from Allen Corporation's fiscal 2016 annual report. Selected…

A: Cost of goods sold = Opening balance of inventory + Purchases during the period - Closing balance of…

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods sold: It is the total amount a company spends on the sale of a product that can be…

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.