Using the gross profit method, the estimated ending inventory destroyed by fire is a. £34,000. b. £154,000. c. £160,000.

Q: Windsor Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $154,200,…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Inventory data for Tamarisk Company are reported as follows: Number of Date Explanation Units Unit…

A: To calculate the cost of ending inventory and cost of goods sold under the weighted average method,…

Q: Provide correct answer for this question

A: Step 1: Definition of Ending inventoryThe ending inventory is the value of goods available in the…

Q: Answer pls

A: Step 1: Determine the ceiling (Net Realizable Value, NRV).Estimated selling price: $508,000Estimated…

Q: At May 31, Concord Company has net sales of $385,000 and cost of goods available for sale of…

A: Estimated cost of ending inventory = Cost of goods available - Estimated cost of goods sold

Q: A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21000.…

A: 1)Closing Inventory= Openingstock + Purchases - Cost of goods sold2)Estimated Ending Inventory…

Q: Gross Profit Method The merchandise inventory was destroyed by fire on December 13. The following…

A: Gross profit method is mainly used in estimating the closing inventory by applying gross profit…

Q: Cost of goods sold Beginning inventory Ending inventory $722,000 53,000 67,000

A: Formula: Inventory turnover ratio = Cost of goods sold / Average Inventory

Q: Landis Company is preparing its financial statements. Gross margin is normally 40% of sales.…

A: Ending inventory can be calculated by deducting the cost of goods sold from the total goods…

Q: Zhangs company reported cost of goods sold of 848,000 begining inventory of 39800 and ending…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Question: 239 BOZ Co. has determined its year-end inventory on a FIFO basis to be $500,000.…

A: To determine the net carrying value of BOZ Co.'s inventory under the lower-of-cost-or-market (LCM)…

Q: provide correct option

A: Step 1: Introduction to Cost of Goods Sold:In the periodic inventory system, the cost of goods sold…

Q: Beginning inventory, 9/1/2021 7,500 units @ $10.00 Purchases: 9/7 9/25 Sales: 4,500 units @ $10.40…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Inventory Turnover and Days' Sales in Inventory The Northern Company installed a new inventory…

A: Inventory turnover ratio of the company measures how many times inventory sold in a particular year.…

Q: Estimating Inventory Using Gross Profit Method Wood's warehouse burned down on April 1 of Year 4.…

A: To estimate the cost of the inventory destroyed in the fire using the average gross profit…

Q: 67% Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete…

A:

Q: Valuation of Inventory Reddall Company has a fiscal year that ends on December 31. The inventory on…

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

Q: The following information is available for July for Aluminum Company. Beginning inventory Net…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold =…

Q: eBcok Slow Ne tow Inventory tumover and number of days' sales in inventory Financial statement data…

A: Average inventory refers to the average value of inventory held by a company during a specific…

Q: QUESTION 14: You are given the following information about LM Company: Beginning inventory $210,000…

A: This question is taken from Final Accounts of Financial Accounting. In this question we are asked to…

Q: On January 1, JKR Shop had $530,000 of beginning inventory at cost. In the first quarter of the…

A: FOB shipping point, otherwise called FOB origin, demonstrates that the title and duty of products…

Q: The following information is available for October for Sheridan Company: Beginning inventory Net…

A: Value of ending inventory is the difference between cost of goods available for sale and cost of…

Q: Butterfly Company began August with inventory of $230,000 The business made net purchases of…

A: Cost of goods available for sale means the cost of opening inventory and cost of goods purchased…

Q: PROBLEM 4 From the following trial balance and information, prepare Trading and Profit and Loss…

A: Trading and profit and loss account shows all expenses related to production and selling of product…

Q: Cost Retail Inventory, 12/31/25 $254,700 $397,600 Purchases 1,002,796 1,454,100 Purchase returns…

A: The conventional retail inventory method is used by companies to determine the value of ending…

Q: Opening Inventory + Purchases – Closing Inventory = Cost of Sales (CoS) Mark up cost structure…

A: The inventory is generally reported at the cost. The inventory is not reported at the selling price.…

Q: 13. The following information is available for November for BFC Company. Beginning inventory Net…

A: The objective of this question is to estimate the cost of the inventory that was destroyed by the…

Q: Inventory records for Marvin Company revealed the following: Date Transaction March 1 Beginning…

A: Introduction: Ending inventory is the cost of items on hand just at end of a reporting period. For a…

Q: Lorna Company has the following data available: Beginning inventory $170,000​ Net purchases…

A: The objective of the question is to calculate the estimated cost of the ending inventory using the…

Q: None

A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…

Q: Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning…

A: Under the perpetual method, the inventory is tracked continuously. Alternatively, a perpetual…

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.