Unimart Precision Manufacturing Beginning inventory                 Merchandise   $ 275,000           Finished goods           $ 450,000   Cost of purchases     500,000           Cost of goods manufactured             900,000   Ending inventory                 Merchandise     115,000           Finished goods             375,000     Compute cost of goods sold for each of these two companies for the year.     UNIMART Computation of Cost of Goods Sold Cost of goods sold           Goods available for sale       Cost of goods sold $0

Q: low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income…

A: Note:  “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Sales $ 435,000 Beginning merchandise inventory $ 29,000 Purchases $ 290,000 Ending merchandise…

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

Q: Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80…

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

Q: Sales Revenue Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods…

A: To calculate the gross profit, we first need to calculate the cost of goods sold (COGS), then…

Q: Account Cost of goods sold Inventory Multiple Choice What is the average number of days to sell…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Q: Cost Retail Beginning inventory Purchases Freight in Purchase return Purchase allowance 340,000…

A: Working:

Q: Mark up cost structure example with example of Margin cost structure Sales       125%…

A: Mark-up cost structure - Markup is the value that is added to the cost of the product to ascertain…

Q: Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for…

A: Formula: Cost of finished goods available for sale = Beginning Finished goods + Cost of goods…

Q: Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods…

A: Cost of Goods Sold (COGS) represents the direct costs associated with the production of goods or…

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Prime cost comprises of direct materials, direct wages, and direct expenses.

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Formula: Conversion costs=Direct labor+Manufacturing overhead costs

Q: Sales Revenue Inventory Cost of Gonds Costf Goods Sold Beginning Cot of Ending wwwg 450S Cases…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: The income statement includes all the revenue and expenses. The resulting amount after deducting…

Q: If the beginning finished goods -9 inventory 90 000 ID, ending finished goods inventory 65 000 ID ,…

A: The Numerical has covered the Concept of Cost of Goods Sold. The Cost of Goods sold refers the…

Q: Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for…

A: Celebrity Tan       Cost of Merchandise Inventory         Cost Retail   Beginning Inventory…

Q: Beginning inventory     Merchandise $ 321,000   Finished goods   $ 642,000 Cost of merchandise…

A: SCHEDULE OF COST OF GOODS MANUFACTURED Schedule Of Cost Of Goods Manufactured are those Cost Which…

Q: Net sales revenue $280,000 Cost of goods sold 120,000 Beginning inventory 5,000 Ending…

A: Gross Profit is computed by subtracting the cost of goods sold from the sales revenue. Gross Profit…

Q: DATE UNITS UNIT COST TOTAL COST 560,000 211,500 70 January 1 January 6 February 5 March 5 Beg…

A: Total units available for sale = Beginning inventory  + purchases - purchase return =…

Q: Number of units sold Selling price per unit Variable selling expense per unit Variable…

A: The income statement, which summarizes the business entity's performance for the fiscal year, is a…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Cost of goods sold and inventory balance, under weighted average cost method is calculated as…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: The income statement is prepared by the management to identify the performance of the business. It…

Q: Cost of Goods Sold       Beginning Inventory       Add:                 Purchases…

A: Gross Profit is computed by subtracting the cost of sales from total sales revenue. Cost of goods…

Q: Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: Provide Answer with calculation and explanation of the provide full answer

A: Question 1:Step 1: Identify the beginning inventory amount.Step 2: Identify the net purchases…

Q: Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $…

A: Gross profit is calculated by deducting the cost of goods sold from the sales amount and net profit…

Q: Palangga Company provided the following information for the current year: Beginning inventory 400…

A: Introduction: Gross purchase is the total amount of purchase made during the period before any…

Q: You own a store. Beginning inventory on January I was $4,000. Ending inventory on December 31 was…

A: a. Cost of goods sold (COGS) for the year = Beginning inventory + Purchases - Ending Inventory =…

Q: Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods…

A: The cost of goods sold can be calculated by adding up the cost of merchandise purchased and…

Q: Bare Unimart Manufacturing Beginning inventory Merchandise Finished goods Cost of merchandise…

A: Cost of goods sold for trader = Beginning merchandise inventory + Cost of goods purchased - Ending…

Q: What is the correct amount of nventory?

A: Goods in transit, shipped at FOB shipping point are to be removed from inventory because they left…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: Cost of goods sold (COGS) is the cost of acquiring or manufacturing the products that a company…

Q: Elm Corporation is a merchandising company. The year began with inventory of $19.000, Purchases for…

A: Cost of Goods Sold is the value of direct cost incurred in the production of goods or services that…

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.