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: The following information applied to Bramble Corp. for 2017: Merchandise purchased for resale…

A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory.…

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: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Introduction: Ending inventory is the worth of products still offered for purchase and held by a…

Q: XYZ Corporation had reported the following amounts at December 31, 2014: beginning inventory…

A: Following is the answer to given question

Q: a. $22,000 b. $18,000 c. $20,000

A: Solution : Calculation of net income If ending inventory was $10000 instead of $10000 Sales…

Q: Appliance Product A and 1,000 2,500 able value 2,700 Assume that on December 31, 2016, the…

A: Accounting principle of prudence allows an entity to record all anticipated losses and expenses so…

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: keygen Inc ending inventory $22,600; beginning inventory $21,400; cost of goods sold $198,000, and…

A: Formula for Inventory turnover ratio Inventory Turnover ratio=Cost of goods soldAverage Inventory…

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: The Twine Company has the ff information: December 31, 2016 December 31, 2017 Inventory 1,200,000…

A: Cost of Goods purchased = Ending inventory + Cost of goods sold - Beginning inventory Cash paid for…

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: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

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: Credit Account Title Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns…

A: Solution: Net Sales = Sales - Sales returns and allowances - Sales discounts = 875,000 - 12,000 -…

Q: For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and…

A: Decrease in Beginning Inventory = Beginning Inventory as per FIFO  - Beginning Inventory as per…

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 balances were reported by BEE Co. at December 31, 2017 and 2016:   12/31/2016…

A: Purchases = Ending accounts payable balance + Amount paid to suppliers - Beginning accounts payable…

Q: From the following information prepare an income statement for the year ended December 31st, 2013.…

A: The income statement shows the net income that is determined from the item of income and expense.…

Q: The following information is available from Goodyear Company’s 2022 accounting records:…

A: COST OF GOODS SOLD IS THE TOTAL AMOUNT OF COST DIRECTLY RELATED TO PRODUCTION OF GOODS AND SERVICES.

Q: The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to…

A: Cost of goods sold is estimated by subtracting ending inventory from cost of goods available from…

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: Compute the following for Apex Trading Ltd.: (i) Payable period (ii) Inventory period (iii)…

A: 1. Payable period: The payment period is when a company takes time to make a payment to suppliers or…

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.