Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,220 Cost per Total Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased 43 20 17 29 109 83 26 Retail price Total retail cost per unit $965 $35,690 $1.760 $35,200 $2,105 $975 $16,575 $2,006 $490 $14,210 $600 unit $830 The estimated cost of goods sold is $ CREED value $41,495 $42.100 $34,102 $17,400 $135,097

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Answer to Question:- d. $10,411…

Q: The following are the transactions for the month of July. Unit Unit Units Cost Selling Price July 1…

A: The gross profit is calculated as the difference between the sales and cost of goods sold. The net…

Q: Sheffield has the following inventory data: July 1 Beginning inventory 32 units at $6.40 Purchases…

A: There are various methods of Inventory valuation one of them is LIFO. Last In First Out method…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

A: Weighted Average Method :— It is one of the methods of inventory valuation in which it is assumed…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

A: The weighted average is a statistical measure that considers the varying significance of numbers…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Cost to retail ratio=Cost priceRetail price×100

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Given, Gross profit rate = 30% Gross profit = Sales*Gross profit rate Cost of goods sold = Sales -…

Q: Use the inventory table and the gross profit inventory method to estimate the ending inventory and…

A: Gross Profit The amount of profit earned by a company after selling off the manufactured goods is…

Q: The inventory records for Cookie Co. reflected the following: Beginning Inventory @ 200 units @ July…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: Use the inventory table and the gross profit inventory method to estimate the ending inventory and…

A: The gross profit is calculated as difference between sales and cost of goods sold. The ending…

Q: Use the weighted-average inventory method to calculate the cost of the ending inventory for the ind…

A: Weighted average method means where the cost of inventory is valued at average price using quantity…

Q: Wilkenson Inc. has the following information available for November: Date   Units Cost per Unit…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted Average method FIFO Method-…

Q: Use the following information for Shafer Company to compute inventory turnover for year 2. Year 2…

A: Inventory Turnover- It refers to the ratio which shows how many times the inventory has been brought…

Q: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the…

A: $6,975 Last in First Out method, in Lifo cost of Goods Sold is valued at latest price and closing…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise…

A: Gross Profit is the difference between the sales and the cost of goods sold. The gross profit ratio…

Q: Beginning inventory, purchases, and sales for Item FK7 are as follows: Sep 1     inventory     115…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Calculate the average unit cost for the inventory table shown below. Units Cost per Total Retail…

A: Average unit cost of inventory is the average cost incurred by a company to produce or purchase a…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: The weighted average perpetual inventory system employs a running average of expenses to track…

Q: Use the weighted-average inventory method to calculate the cost of the ending inventory for the…

A: Ending inventory is the amount of inventory that an entity have, at the end of the period. It is…

Q: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Weighted Average…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated using,(1)…

Q: Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and…

A: The total value of goods or  particulars that a business has on hand at the conclusion of an account…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: Cost of goods sold implies to the total direct expense incurred by the business in manufacturing and…

Q: Find the cost of goods sold if sales total $78,526 for the inventory table shown below. Units Cost…

A: In order to determine Cost of goods sold, we have to multiply units sold by cost per unit.As…

Q: Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of…

A: Inventory valuation is used to determine the value of the total inventory hold by the business at…

Q: A company's inventory records show the following data for Date July 1 July 5 July 10 July 20 July 25…

A: Under weighted average cost method using perpetual inventory system, value of ending inventory is…

Q: Assume ShoeFanatic.com began May with 10 units of inventory that cost a total of $200. During May,…

A: Perpetual Inventory System:- It is a system where the record of inventory buying and selling is a…

Q: Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis…

A: The following inventory methods used for inventory valuation as follows under:--Specific…

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Lets understand the basics. In average perpetual inventory system basis, average cost is calculated…

Q: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: LIFO During the year, TRC Corporation has the following inventory transactions. Date Transaction…

A: LIFO method stands for "Last in first out" . It is an method inventory to calculate cost of goods…

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.