Using the retail method and the following data, estimate the cost of ending inventory. (Round intermediate calculations to 2 decimal places and the final answer to the nearest whole number.) Cost Beginning inventory $424.000 Cost of goods purchased $295,000 Net sales Retail $630,000 $435.000 $420,000 a. $435,440 b. $645,000 c. $438,600 d. $299,000

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: 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: Liven the following data, calculate the cost of goods sold using the average-cost method. Round…

A: Inventory is one of the current asset in the business. It can be raw materials inventory, work in…

Q: Presented below are the components in determining cost of goods sold. Determine the missing amounts.…

A: Formula: Cost of goods available for sale = Beginning Inventory + Purchases

Q: Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1      Beginning…

A: Inventory is one of the important current asset of the business, which includes inventory of raw…

Q: Given the following:     Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A:

Q: (a) Sales Revenue $fill in the blank 1 (b) Cost of Goods Sold fill in the blank 2 (c) Gross Margin

A: A perpetual inventory system is the inventory system where the level of inventory is updated…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Given information Date units per unit cost Amount ($) 1-Jan 40 $4 $160 1-Apr 60 $7 $420…

Q: If beginning inventory is $40,000, purchases are $215,000, and ending inventory is $35,000, what is…

A: Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This…

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Formula: Gross margin = sales - cost of goods sold. Deduction of cost of goods sold from sales value…

Q: Explain the step by step instructions given the following data for the questions below.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Given the following data, calculate the cost of goods sold for the 04/15 sale using the…

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

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Under the weighted-average (AVG) cost allocation method, a weighted-average cost per unit is…

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

A: Goods available (cost)=Inventory+Purchases=$22,910+$45,620=$68,530

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: (a) Calculate the sales revenue.

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: Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning…

A: Ratio analysis is a tool used by the financial analyst to measure the financial performance of the…

Q: A. The following data about Grabs' inventory and purchases from May are available: Beginning…

A: Inventory Valuation Method - There are 3 methods of inventory valuation - a. FIFO - In this method…

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

A: Option d : $11,572 is the answer.

Q: Using the gross profit method with the following cost data, estimate the cost of ending inventory.…

A: Ending inventory is the value of inventory remaining unsold at the end of the period. The inventory…

Q: Compute the ending inventory at retail.

A: Conventional retail method is based on the relationship between the cost of merchandise and its…

Q: Using the following information for a periodic inventory system, what is the amount of net income

A: In a periodic inventory system, a company periodically revises its inventory records instead of…

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: calculation of above requirement are as follows

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…

A: The FIFO Method is a way of determining inventory value by using a First-in-First-out approach. This…

Q: 1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending…

A: Inventory valuation is the process of assigning a monetary value to the goods and materials held by…

Q: S ning inventory hases A. $1,750 B. $2,040 C. $1,600 320 units 290 units at $5 per unit 88 units at…

A: Answer : FIFO Method : Date Purchase     Cost of good sold     Inventory       Unit Unit cost…

Q: Given the following data, calculate the cost of ending inventory using the average cost method…

A: Cost of ending inventory using average cost method = Ending inventory units × Weighted average cost…

Q: sing the gross profit method with the following cost data, estimate the cost of ending inventory.…

A: Ending inventory is the value of inventory remaining unsold at the end of the period.  The inventory…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April…

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

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39…

A: Average Rate = Value of goods available for sale / No. units available for sale   1. April 1 =…

Q: Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies…

A: According to the weighted average perpetual inventory system, the purchases and sales are dealt with…

Q: Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $ 7 per…

A: Total units available for sale = 100 + 580 + 475 + 415 + 95…

Q: Explain the step by step instructions given the following data for the items 1, 2, 3, 4 and 5 below.…

A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Given the following, calculate: Cost of goods available for sale, the ending inventory at retail,…

A: The gross profit is calculated as excess of sales revenue over cost of goods sold. The retail price…

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.