The inventory account of Nike Trading at December 31, 2018 included the following items: Goods purchased in transit, FOB Shipping Point P 130,000 Merchandise out on consignment at sales price (including markup of 30% on cost) 104,000 Goods held on consignment 56,000 Goods out on approval, at sales price (cost, P25,000) 32,500 Based on the above information, the inventory account at December 31, 2018 should be reduced by: a. 81,500 b. 84,500 c. 87.500 d. 91,600

Q: Complete the inventory schedule assuming the Weighted Average (WAVG)                   inventory…

A: It has been mentioned in the question that the average weighted inventory valuation has been used by…

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: 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: Marigold Corp. has the following inventory data: July 1 Beginning inventory 18 units at $19 $342 7…

A: Lets understand the basics.COGS and ending inventory can be calculated by,(1)FIFO(2)LIFO(3) Average…

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: ompany. Merchandise inventory beginning Merchandise inventory, ending Purchases Purchase discounts

A: Cost of Goods Sold = Net Purchases + Merchandise Inventory Beginning - Merchandise inventory Ending

Q: The June 30, 2024, year-end trial balance for Askew Company contained the following information:…

A: Cost of goods sold (COGS) is the direct costs incurred in the production of goods that a company…

Q: Alfa INC began January 2021 with 20 units of iron inventory that cost 15 euro each. During January,…

A: In FIFO method , The inventory bought first are sold first. In LIFO method , the inventory bought…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st…

A: Inventory methods refer to the method used for the computation of cost of goods sold, ending…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 810…

A: Weighted AverageCalculate the weighted average cost per unit:Total cost of goods available for sale:…

Q: Blue Company uses a periodic inventory system. For April, when the company sold 500 units, the…

A: Under periodic inventory system, the goods are not recorded with every sale or purchase. Under LIFO…

Q: Beginning inventory, purchases, and sales for 30xT are as follows:   May 1 Inventory 300 units…

A: Working:

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Prepare a formal labeled schedule computing the cost of inventory at 31 December

A: Meaning of Year- end Inventory Year-end inventory is also called as closing inventory. Closing…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: >Under perpetual system of inventory, the records for Cost of Goods Sold are updated after each…

Q: What is the ending inventory at cost at December 31, using the FIFO retail inventory method?

A: Under, the FIFO retail inventory method, the inventory is value based on retail inventory price used…

Q: Calculate the ending inventory balance for Blossom Ltd.. assuming the company uses a perpetual…

A:

Q: Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory…

A: First in First out, this method assumes that the inventory purchased first is sold first and…

Q: Vaughns has the following inventory data: Nov. 1   Inventory   31 units @ $6.10 each 8   Purchase…

A: In Last-in-first-out (LIFO) it is assumed that the last purchased item will be sold first. So, the…

Q: What amount should be reported as inventory on December 31, 2021? Fundador Company reported that…

A:

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

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

A: The quantity of products still in stock and held by a corporation at the end of an accounting period…

Q: Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Ending inventory is the amount of inventory that an entity has in hand at the end of the period. It…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000…

A: Given: Inventory, February 28, 2018= $453,000 Inventory, March 31, 2018= 332,000 Purchase Discounts…

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: Company X began August with 70 units of iron inventory that cost $25 each. During August, the…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Atra Corporation provides the following Information related to its merchandise Inventory during the…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Altira Corporation provides the following Information related to its merchandise Inventory during…

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods:…

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: The Toso Company uses the retail inventory method. The following information is available for the…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported on the…

Q: The following is the information for ABC Corporation for the inventory transactions The company sold…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods…

A: The term inventory refers to both the raw materials utilized in production and the finished goods…

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

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000…

A: Cost of Goods sold is the amount incurred to produce the products sold by the business during the…

Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912…

A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the…

Q: The following information was available from the inventory records of Apollo Company for January:…

A: Cost of inventory after 1st sale (January 9) = (P29,310 + P20,600) x (2,500 / 5,000) = P24,955

Q: Motors has the following inventory information. Nov. 1 Inventory 30 units e s8.00 Purchase 120 units…

A: Under periodic system , the inventory are not valued at regularly basis, the valuation is done…

Q: Redmoon Traders provided the following inventory information for the month of March 2018. Units Cost…

A: Given that: Sale of 350 units that are purchased on Mar 18.

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

Q: Based on our understanding of inventory cost flows, and given the information listed below for the…

A: The correct answer is option (e).

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.