The following information is available for Orset, a sole trader who does not keep full accounting records: $ Inventory 1 July 20X4 138,600 30 June 20X5 149,100 Purchases made for year ended 30 June 20X5 716,100 Orset makes a standard gross profit of 30 percent on sales. Based on these figures, what is Orset's sales figure for the year ended 30 June 20X5?

Q: Autumn Company began the month of October with inventory of $15,000. The following inventory…

A: Journal Entry is the primary step to record the transaction in the books of accounts.The increase in…

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A: The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

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A: Formula: Reported sales revenue = Sales value - Discount amount

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A: Lets understand the basics.Average days in inventory shows how many days on and average items are…

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A: Gross profit = Sales -  Cost of goods sold

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A: Average age of the inventory is described as the number of days the company requires to sell the…

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A: Meaning of LIFO  Last in, first out (LIFO) is a method used to account for inventory that records…

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

A: The journal entries are prepared to record the transactions on regular basis. Using net method, the…

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A: The correct option with proper explanation are as follows

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A: Inventory turnover is a ratio that shows how many times a business has sold and replaced inventory…

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A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: i need the answer quickly

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: The following is information for Palmer Company. Year 3 $ 638,825 96,900 Cost of goods sold Ending…

A: Inventory Turnover :— It is calculated by dividing cost of goods sold by average inventory.…

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A: FIFO Method :- FIFO method means first in first outIn this method inventory valuation is based on…

Q: The Zone, Inc. has an ROE of 0.10, no debt, and a Total Asset Turnover of 2.8x. What is the Zone's…

A: Net profit margin is a measure of the profitability of a company. Days' Sales in Inventory is the…

Q: Prepare a tabular summary to record the following transactions on Sheridan Company's books using a…

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A: According to the last in, first out approach, the most current or most recent purchases are sold…

Q: Suppose that the following information is available for Nike Inc. for the current year. Beginning…

A: DAYS SALES IN INVENTORYDays Sales in Inventory is the ratio between 365 Days & Inventory…

Q: During July, the following purchases and sales were made by Martine Company. There was no beginning…

A: The answer is:  (B) $ 1,039 The calculation will be as follows: July 13   Sold 78 units  Out of July…

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A: COGS is known as Cost of Goods Sold. These are  the direct costs which occur in producing the goods…

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A: FIFO stands for First in first out. The older inventory is sold first using FIFO method.

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A: The financial statement includes income statement, statement of stockholder’s equity and balance…

Q: On October 20, Sunland sells merchandise with a cost of $2,820 to Carla Vista for $4,700 cash. On…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Fisher Corporation uses the perpetual FIFO inventory method and has the following information…

A: Under a perpetual inventory system the inventory account is updated after each sale and purchase,…

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.