The following data relates to the business of Box for the year ended 31 December 2009. Inventory at 31 December 2009 Inventory at 1 January 2009 28,700 35,400 Purchases 225,500 Inventory taken by owner for personal use, at cost This inventory taken by the owner had a sales value of $15,000. 8,000 What was the cost of sales for the year to 31 December 2009?

Q: A business had the following information in its acounts for the year:…

A: The objective of the question is to calculate the average number of days it takes for a business to…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000…

A: Formula: Net purchases = Gross purchases - Purchase discounts - Purchase returns and allowances.…

Q: Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling…

A: Gross profit = Sales -  Cost of goods sold

Q: Use the following financial information to find the entry you would make on an income statement for…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Q: 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1…

A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…

Q: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: What entry would you make on an income statement for NET SALES for the year ended December 31, 2011?…

A: Net sales is the amount of sales after deducting sales return and sales discount. Net sales is…

Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…

A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…

Q: The inventory records for Cookie Co. reflected the following: Beginning Inventory @ 200 units @ July…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: Using the following information, what is the cost of goods sold? Purchases $32,019   Selling…

A: The cost of goods sold includes the direct material labor cost and material cost incurred on the…

Q: The following information relates to Blue Back Falls Ltd.'s inventory transactions during the month…

A: The objective of the question is to calculate the cost of goods sold, gross margin and 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: Net realizable val = purchases entory - Decembe

A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: Using the accounts and amounts below, calculate Cost of Goods Sold: Account Amount Beginning…

A: Cost of goods sold = Beginning inventory + cost of goods purchased - ending inventory

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory It is  an estimation of the typical number of days or time expected for a…

Q: The accounting records of Kingbird Electronics show the following data. Beginning inventory…

A: Cost of goods sold using FIFO Method is $71190Cost of goods sold using LIFO Method is $74410Cost of…

Q: The following data relates to the business of Hunter for the year ended 31 December 2009. Inventory…

A: Cost of sales or cost of goods sold means the cost of goods which has been sold out including direct…

Q: A retailer uses the periodic inventory system. At year end, the following information was available:…

A: The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

Q: SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning…

A: a. Numerator/Denominator=Inventory turnoverCost of goods sold/Average inventory=Inventory…

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of goods sold means the total cost of our service which we are providing or  the product cost…

Q: PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1…

A: The cost of goods sold can be calculated by adding up net purchases and deducting ending inventory…

Q: Compute the ending inventory at retail.

A: Conventional retail method is based on the relationship between the cost of merchandise and its…

Q: Using the following information for a periodic inventory system, what is the amount of net income

A: In a periodic inventory system, a company periodically revises its inventory records instead of…

Q: SCC Company reported the following for the current year: Net sales $ 52,000 45,900 Cost of goods…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: The accounting records of Kingbird Electronics show the following data. Beginning inventory   2,400…

A: Number of units sold during the period is 7,500 units.

Q: SCC Company reported the following for the current year. Net sales $ 52,000 Cost of goods sold…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: Under LIFO purchases made at last are sold first.    In this question, 3900 units are sold. So first…

Q: Using the following information, what is the amount of gross profit? Purchases $ 30,526   Selling…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Presented below is information related to Kingbird Company. Cost Beginning inventory $53,940…

A: Ending inventory means value of inventory which is left in the organisation after all the sales are…

Q: Data on the physical inventory of Katus Products Co. as of December 31 follow: Market Value per Unit…

A: Determine the value of inventory using first in first out method under lower-of-cost or market…

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.