The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases 2,530,000 Purchase return 15,000 Purchase allowance 5,000 Purchase discount 10,000 Freight-in 50,000 Sales 3,100,000 Sales return 100,000 Sales allowance 50,000Sales discount 150,000 1. If the gross profit rate is 25% on sales, what is the ending Inventory? 2. In the same question, assuming that gross profit rate is 25% on cost what should be the ending inventory? a. P750,000 b. P600,000 c. P750,000 d. P900,000

Q: During 2021, a company sells 374 units of inventory for $94 each. The company has the following…

A: Under LIFO Method, cost of goods sold and value of ending inventory is calculated on the assumption…

Q: The following information for 2019 is available for Marino Company: 1. The beginning inventory is…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Inventory refers to all the items, goods, merchandise, and materials held by a business for selling…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

Q: he Rebecca Company provided the following data for its December 31, 2020, inventory maintained on…

A: ANSWER:- c. $67,374 $67,374 is the estimated inventory at December 31, 2020, valued at lower of…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

A: Retail inventory method refers to an accounting method which is used by the companies to compute the…

Q: Blossom Stores uses a periodic inventory system and reports the following information for 2024:…

A: The income statement is prepared to record the cost of goods available for sale. The gross margin is…

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: Income Statement Calculations Taylor Company uses a periodic inventory system. The following is…

A: Since, Cost of goods sold = opening stock + Net purchases - closing stock

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: below is information for the month of May Inventory, May 1 Purchases (gross) Freight-in Sales…

A: The cost of goods sold is calculated as difference between sales and gross profit. The net income is…

Q: Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the…

A: LIFO stands for Last In First Out and refers to the method which is used for managing the inventory…

Q: Inventory turnover times

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

Q: During 2021, a company sells 365 units of inventory for $93 each. The company has the following…

A: LIFO method: The LIFO strategy works under the presumption that the last item of stock acquired, is…

Q: 6. The Denver Company uses the gross profit method to estimate its inventory in interim financial…

A: Ending inventory remains unsold at the end of accounting period of the organisation.

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: During 2021, a company sells 500 units of inventory for $88 each. The company has the following…

A: The inventory valuation is based on the flow of inventory. The firm can adopt the LIFO method, FIFO…

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

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: During 2021, a company sells 379 units of inventory for $92 each. The company has the following…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Do…

A: LIFO :The Last-In, First-Out (LIFO) method is an inventory valuation technique used in accounting to…

Q: Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Please find the calculation of the estimated ending inventory & cost of goods sold for 2024 in…

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: Given the information listed below for the fiscal year 2022, determine beginning inventory. A…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

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: Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your…

A: The solution are as follows

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: Hayes Company had the following account balances at the end of the year: Beginning Inventory O…

A: The gross profit margin is the excess of revenue over the cost of goods sold. The income statement…

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: Hogan Industries had the following inventory transactions occur during 2022:…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

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

A: The dollar-value LIFO approach is a variation on the last in, first out cost stacking principle. In…

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

Q: On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method.…

A: Introduction:The Dollar Value LIFO (Last-In, First-Out) retail inventory method is an accounting…

Q: 1: ce .1 Beginning inven 5 Purchase Transac .3 Purchase culate ending inventor

A: The LIFO ( Last in first out ) method assumes that the most recent products added to a company’s…

Q: Sunland Company's inventory on January 1, 2025, at cost and retail are $97,500 and $141,000,…

A: LIFO stands for Life In First Out refers to the method of inventory that is used for the purpose…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: There are three methods used to value Inventory, they are FIFO LIFO Weighted Average

Q: A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total…

A: Gross profit method: It refers to a method that allows the business in estimating the value of the…

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

A: Inventors include all the items, materials, and merchandise that are kept by the business in their…

Q: This information is available for Monty Inc. for 2021 and 2022. (in millions) Beginning inventory…

A: Financial ratios refer to the metric that summarizes all the financial information into a few…

Q: Sunland Company's inventory on January 1, 2025, cost and retail are $97,500 and $141,000,…

A: Inventory - The products and materials that a company keeps on hand with the intention of reselling,…

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

A: Cost to retail methods  is  simple method . This help them to find relationship between cost of…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: nning inventory purchases ght-in markups markdowns sales to customers es to employees (net of 20%…

A: The LIFO method of valuation is mostly used by the companies that have a relatively large level of…

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

A: *Since you have posted multiple questions at a time. As per the guidelines I can solve only first…

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.