What is the ending inventory? The following relates to Bayside Inc. in 2022. What is theending inventory?Purchases$620,000Beginning Inventory $150,000Purchase ReturnsSales$12,000$1,000,000Cost of Goods Sold $650,000a) $110,000b) $140,000c) $180,000d) $220,000e) none of the answers are correct

Explanation of Purchases: Purchases represent the total amount of inventory or goods a company buys…

Answered: The following relates to Bayside Inc.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical count. During 2020, the company discovered that the correct inventory value at the end of 2019 should have been 400,000 because it made a counting error. Upon discovery of this error in 2020, what correcting journal entry will Manny make? Ignore income taxes.
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Suppose that the following information was available for Carla Vista Company at December 31, 2025: beginning inventory $ 75000; ending inventory $106000; cost of goods sold $664000; and sales $1000000. Carla Vista's inventory turnover, rounded to one decimal place, in 2025 was 6.3 times. 7.3 times. 11.0 times. 8.9 times. Attempts: 0 of 2 used
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Cullumber Inc. began operations on January 1, 2023, and uses the FIFO method of pricing inventory. Management is contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025: 2023 2024 2025 (a) Net Income Computed Using: FIFO Method Average-Cost Method $109,000 70,000 146,000 $120,000 Account Titles and Explanation 79,000 167,000 LIFO Method $79,000 51,000 130,000 Prepare the journal entry necessary to record a change from the FIFO method to the average cost method in 2026. (Ignore tax considerations.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Debit Credit
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The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases $380,000 Purchase Returns $20,000 Gross Profit $420,000 Beginning Inventory $30,000 Net Sales Revenue $700,000 Sales Returns $50,000 Calculate Kaitlyn Corporation's Inventory Turnover Ratio for 2020? (round to two decimal places) О 35 O 4.0 3.29 O 4.21 O There is not enough information to answer the question.
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,000 $ ? $410,000Sales returns and allowances11,00013,000? Net sales? 347,000? Beginning inventory20,00032,000? Ending inventory? ? ? Purchases? 260,000298,000Purchase returns and allowances5,0008,00010,000Freight-in8,0009,00012,000Cost of goods sold233,000? 293,000Gross profit on sales46,00091,00097,000
Caterpillar Inc (CAT) has the following excerpts from their financial statements December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income(in $ Millions) 6,489 2,998 Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis. If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively. Assume corporate tax rate of 21%. If CAT had used FIFO method instead of LIFO method What inventory (in $ Millions) would CAT report for 2021? What net income (profit) would CAT report in 2021? What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO? What…
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The following relates to Bayside Inc. in 2022. What is the ending inventory? Purchases $620,000 Beginning Inventory $150,000 Purchase Returns Sales $12,000 $1,000,000 Cost of Goods Sold $650,000 a) $110,000 b) $140,000 c) $180,000 d) $220,000 e) none of the answers are correct