What was the amount of the ending inventory?

Q: In which financial statement is the inventory account balance presented?

A: In general there are Four Major components of financial statements a) Balance Sheet  b) Profit and…

Q: Can you explain in detail how you got the Inventory Remaining(units) and the total Inventory…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: how much is the inventory write down for the finished goods?

A: The ending inventory is measured at cost or net realizable value whichever is lower. The comparison…

Q: Warnerwoods Company uses a periodic inventory for March.

A: Solution : STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD   RECEIPTS COST OF…

Q: Calculate ending inventory under FIFO and LIFO both with workings

A: Formula: Ending inventory = Beginning inventory + Purchases - sales units

Q: Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared…

A: It is given in the question that ending inventory is 15 % of the following months of cost of goods…

Q: Average age of inventory of JFC * STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3…

A: Average age of inventory is the time taken for inventory to sell of as finished goods. Average age…

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: Describe the alternative approaches for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies are…

Q: What is an ABC analysis with regard to inventory?

A: ABC analysis: ABC analysis is an inventory classification technique used as a basic arrangement…

Q: How do we record and report inventory shrinkage? Which accounts are affected?

A: Inventory Shrinkage:-When inventory has become less than the actual inventory recorded is known as…

Q: I received a lump sum from disability last year, I filed my taxes and I'm getting hammered on taxes,…

A: The objective of the question is to understand how to assign a lump sum disability payment to…

Q: Under what circumstances would the gross profit method of estimating inventory be used?

A: The gross profit method of estimating inventory is typically used in situations where a company…

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: Note: Under the Lower of Cost or Market method, inventory is valued at the lower the cost of the…

Q: Should inventory be measured initially at its market value or at cost?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: compute the number of units in ending inventory

A: Ending inventory represents the units of inventory that is remaining unsold as at a given date.…

Q: What are the two main types of inventory and which is considered a physical count?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Define beginning inventory and ending inventory

A: The beginning inventory and ending inventory are explained as below,   The Inventory can be defined…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The cost per unit is calculated as total cost divided by number of equivalent units.

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The total cost is calculated as equivalent units multiplied by cost per equivalent unit.

Q: What is inventory shrinkage? What are some of the reasons for inventory shrinkage?

A: Inventory Shrinkage :  As the name suggests, it is considered as shrinking or shortening of…

Q: How is the desired closing inventory calculated

A: A production budget is a kind of budget that shows the total number of products that must be…

Q: What are the four methods used to account for inventory?

A:

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: What is the amount of Oriole company's inventory?

A: Valuation of Inventory: When a company is compiling its financial accounts, one of the accounting…

Q: Physical counts of inventory: O a. Must be taken at least once a month. O b. Are not necessary under…

A: A physical count of inventory means having an actual count of inventory despite maintaining…

Q: Compute inventory turnover and days' sales in inventory for the three months ended March 31, 2022.…

A: Average inventory =( Opening inventory + Closing inventory )/2                              =…

Q: What are the purposes of the period-end adjustment under the periodic inventory system?

A: Periodic inventory system:   The method or system of recording the transactions related to…

Q: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are…

A: Under process costing, the cost of inventory, cost of completed units, etc. are calculated by taking…

Q: Are there different methods used to account for perpetual inventory?

A: Perpetual inventory is a continous estimation of the inventory balances based on our books of…

Q: How do I go about finding the ending inventory using the lifo method?

A: In LIFO method, the inventory received last is despatched first and the ending inventory comprises…

Q: Gon Incorporated reported its inventory balance on December 31, 2016 at P5,000,000. During the…

A: 1) Purchase and sold in the same year as per the periodic system . No effect should be given 2)…

Q: 4. An examination of the company's December 31, 2020, inventory revealed errors in its inventory…

A: The question is related to error in Stock valuation. If there is understating of closing stock it…

Q: how much should the ending cost of the silver inventory be

A:

Q: How does each transaction effect on inventory inventory balance?

A: Whenever any sales, purchase, sale return and purchase returns transactions are there, then it will…

Q: What are some inventory ordering costs? As defined here, are thesecosts fixed or variable?

A: Inventory ordering cost can be define as the cost that is incurred by the firm during order…

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.