The following information applied to Marigold Corp. for 2020: Merchandise purchased for resale $411000 Freight-in 8100 Freight-out 4700 Purchase returns 1900 Marigold's 2020 inventoriable cost was O $413800. O $417200. O $411000. O $421900.

The following information applied to Marigold Corp. for 2020: Merchandise purchased for resale $411000 Freight-in 8100 Freight-out 4700 Purchase returns 1900 Marigold's 2020 inventoriable cost was O $413800. O $417200. O $411000. O $421900.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Required: a. b. Determine the value of the inventory for each year using the lower of cost or market…

A: LCM ( Lower of Cost or Market) rule is a method of valuing inventory in the books of accounts. Under…

Q: A

Q: The Cadet Company shows the following information for 2020: conl th Cost Retail Beginning inventory…

A: The retail inventory method is used to estimate the value of ending inventory at cost with regards…

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: Based on the above information, what are the number of units available for sale? and how much is the…

A: Please see Step 2 for the required information.

Q: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the…

A: The LIFO method is an inventory management technique that sells the most recently produced items…

Q: Sheridan Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Lets understand the basics. As per IAS 2 "Inventories", inventory should be recorded at lower of…

Q: The following relate to God's blessings enterprise for the year ended 31 December 2019. Production…

A: Workings: Given values: Finished goods opening inventory cost = 255000

Q: i need solution :

A: The objective of the question is to calculate the cost of goods sold (COGS) for the year 2021. COGS…

Q: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

A: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

Q: Inventory, 1/1/20 P210,000 Inventory, 12/31/20 312,000 Purchases of goods for sale 5,000,000…

A: Cost of goods sold for 2020 = Beginning inventory + Purchases of goods for sale + Freight in -…

Q: The following information applied to Fenn, Inc. for the current year: Merchandise purchased for…

A: Cost of inventory includes cost of purchases, all direct expenses, freight in and any returns &…

Q: BOC Company has the following information available for 2024, its first period of operations:…

A: The objective of the question is to calculate the cost of goods available for sale for BOC Company…

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

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: following transactions for Product B during the fiscal year ended on December 31, 2020. Date…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: The inventory of Oheto Company on December 31, 2020, consists of the following items. Part…

A: Solution: Part No. Quantity Per Unit Cost Market Total Cost Total Market Lower of Cost or Market…

Q: lower-of-LIFO-cost-or-market.

A: Inventory valuation is very important for the business to calculate the correct amount of profits…

Q: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory…

A: The following are the answers: 1. The price index for 2021 is \$4.25. 2. The ending inventory for…

Q: Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: Showtime Company's ending inventory at

A: The inventory should be recorded in the books at the lower of its cost or net realizable value.…

Q: INCompanx, had the following selected transactions: 2020 Ran. 9 Sold good worth P 300.000 to FOG…

A: Under Gross Method, Sales discount is recorded separately. Under Net Method, Forfeiture of sales…

Q: Shannon, Inc. values its inventory at the lower-of-cost-or-NRV. The following information is…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: A) LC Company is deciding whether to use the LIFO or FIFO method. Based on the following data,…

A: The FIFO method of inventory valuation is a method where the stock that comes first is sold out…

Q: Cost of goods manufactured equals $90000 for 2019. Finished goods inventory is $2000 at the…

Q: A rain coat manufacturing company uses the periodic method and reported the following amounts for…

A: Cost of sales means for how much cost or value of goods has been sold by the business. It includes…

Q: iegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Solution: The net Realizable value of each item should be calculated as follows: Product…

Q: The following information is from Durden Company currently using FIFO: Year ended Ending inventory…

A: The objective of the question is to calculate the dollar value of the inventory at the end of 2021…

Q: Cake Corporation's inventory at the end of 2022 is P5,600,000 Included in the amount are the…

A: Inventory refers to the goods, materials, or products that a business holds for sale, production, or…

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: ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales…

A: The cost of sales can be estimated as a % of sales. In 2019 cost of sale was 75000-18750 = 57250…

Q: Sheffield Hardware Limited reported the following amounts for its cost of goods sold and Inventory:…

A: The question is based on the concept of Cost Accounting. Cost of goods sold is calculated by adding…

Q: During January 2020, ABC Company which maintains a perpetual inventory system, recorded the…

A: Introduction: Under the moving average method of inventory valuation, cost of sale as well as cost…

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

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

Q: a. Assuming a perpetual inventory system, prepare journal entries for 2020, 2021, 2022 to record the…

A: a. Journal entries for reduction of inventory to market value using loss-allowance method :

Q: XYZ Company Began the year 2020 with 600 units of products in its January 1 Inventory costing BD35…

A: Date Description units cost per unit Total Cost 1Jan Opening Inventory 600 35 600*35=2100 4Jan…

Q: Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. Weighted Average -…

Q: a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. (a) Determine the…

A: Net realizable value means the amount that could be received after deducted all incidental expenses…

Question

100%

View Policies
Current Attempt in Progress
The following information applied to Marigold Corp. for 2020:
Merchandise purchased for resale
$411000
Freight-in
8100
Freight-out
4700
Purchase returns
1900
Marigold's 2020 inventoriable cost was
O $413800.
O $417200.
O $411000.
O $421900.
Save for Later
Attempts: 0 of 2 used
Submit Ar

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Stigma industries has the following beginning inventory and purchases for 2020: 12each 4,800 14each 8,40d 13,200 Beginning inventory 400 Inventory purchased 600 Cost of goods availablel,000units It sells 600 of these units in 2020. compute its cost of goods sold for 2020 and the ending inventory reported on its 2020 balance sheet under each of the following inventory costing methods: FIFO LIFO Cost of goods soldAnswerAnswer Ending inventory AnswerAnswer
ail, and cost indexes for 2024 and 2025 are as follows: 2024 2025 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January 1, 2024 1.00 December 31, 2024 1.06 December 31, 2025 1.10 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
Sheridan Combines, Inc. has $12000 of ending finished goods inventory as of December 31, 2022. If beginning finished goods inventory was $7000 and cost of goods sold was $42000, how much would Sheridan Combines, Inc. report for cost of goods manufactured? O $54000 O $7000 O $47000 O $37000 Save for Later Attempts: 0 of 1 used Submit Answer
The following information applied to Fenn, Inc. for 2022: Merchandise purchased for resale 400,000.00 Freight-in 15,000.00 Freight-out 10,000.00 Purchase returns 2,000.00 Fenn's 2022 inventoriable cost was Php 400,000 Php 408,000 Php 403,000 Php 413,000
Panther, Inc. wishes to estimate its ending inventory using a retail method. Information for the year ended December 31, 2020 is as follows: Beginning Inventory (at cost) Beginning inventory (at retail) Purchases (at cost) Purchase Returns (at cost) Purchase Returns (at retail) REQUIRED: $ 20,000 $ 30,000 $110,000 $ 10,000 $ 15,000 Sales (net) Net Mark-Downs Freight-In Purchases (at retail) Net Mark-Ups $240,000 $ 15,000 $ 15,000 $ 230,000 $ 25,000 Assuming Panther wishes to use the LIFO retail method, calculate the estimated ending inventory at December 31, 2020.
K1.
The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer
A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases were made at the following costs January 1,2020 (Carried over from 2019) 20 unit at $10 January 25,2020 purchase 40 unit at $11 June 20, 2020 purchase 40 unit at $12 October 10, 2020 purchase 50 unit at $13 Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2020? Select one:A. $1,460B. $1,386C. $1,416D. $1,410