What amount should be reported as inventory at a year-end

Q: Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods…

A: In case of F.O.B shipping, the ownership relating to goods is transferred to the purchaser (buyer)…

Q: Blue Spruce Ltd took a physical inventory count on December 31 and determined that goods costing…

A: The initial inventory value is the cost of goods on hand, which is given as $3,900. This is the…

Q: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Vibrant Company had $980,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: calculation of gross profit and showing of error are as follows

Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory…

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

Q: ulbright Corporation uses the periodic inventory system. During its first year of operations,…

A: The question is based on the concept of cost accounting.Ending inventory is the amount of inventory…

Q: TS Quilts Inc. took a physical inventory at the end of the year and determined that $414,000 of…

A: The objective of the question is to calculate the amount that TS Quilts Inc. should report in their…

Q: Fulbright Corporation uses the periodic inventory system. During its first year of operations,…

A: The objective of the question is to calculate the ending inventory of Fulbright Corporation using…

Q: Required information [The following information applies to the questions displayed below.] Autumn…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: Kante Company uses periodic FIFO for its internal report and periodic LIFO for its external reports.…

A: Calculate pretax income (LIFO) would Kante reports in external reports as show:

Q: 4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on…

A: Inventory is bought by the company which is further sold to customers to generate revenue. The cost…

Q: Vibrant Company had $1,000,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: GROSS PROFIT   Gross Profit Is Computed by deducting Total Direct expenses from Total Sales. Or By…

Q: Bonita Industries took a physical inventory on December 31 and determined that goods costing…

A: The ending inventory reported by Bonita industries is calculated as follows:

Q: Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods…

A: Lets understand the basics. At the end of the predetermine period, management calculates inventory…

Q: Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A:

Q: What amount should Stallman report as its December 31, intentory?

A:

Q: Based on its physical count of inventory in its warehouse at year-end, December 31 of the current…

A: Inventory refers to the goods and materials that a company holds for sale or production. These can…

Q: Falkenberg Company uses the periodic method. They had the following inventory transactions…

A: Net sales refers to the aggregate amount of sales or revenues which is earned through the business…

Q: e Westmoreland Corporation uses a periodic system for its inventory. The company starts the current…

A: Cost is the expenses which have been incurred for production, marketing and selling a product, from…

Q: Vibrant Company had $1,000,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: Determination of gross profit and preparation of comparative income statement are as follows

Q: At December 31, the Selig Company has ending inventory with a historical cost of $633,000. Assume…

A: The objective of the question is to determine the correct journal entry to adjust the ending balance…

Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

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

Q: Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods…

A: FOB (Free on board) destination means the ownership of the goods will be transferred to buyer only…

Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods…

A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on…

Q: Dineshbhai

A: Explanation why the following are included in the physical inventory count:  a. The shipping term…

Q: Whispering Winds Corporation uses a perpetual inventory system and had inventory worth $88,500 at…

A: Th balance in the inventory account or the ending inventory is the cost of goods which are not sold…

Q: Bonita Inc. took a physical inventory at the end of the year and determined that $845000 of goods…

A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Q: Based on the preceding information, determine:  Net purchases , Cost of goods sold  and  Estimated…

A: Inventory: Inventory is a current asset account of the company that records the goods held by the…

Q: TS Quilts Inc. took a physical inventory at the end of the year and determined that $414,000 of…

A: Inventory refers to the goods, raw materials, work-in-progress, or finished products that a company…

Q: Vibrant Company had $970,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: A gross profit of the firm is the financial gain after deducting the expenses related to producing…

Q: Vibrant Company had $1,050,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: The income statement is prepared using different methods as variable and absorption costing. The…

Q: Wildhorse Company took a physical inventory on December 31 and determined that goods costing…

A: In case of sale of 37000 control will transfer when goods reach to destination ,but they are in…