Which of the following statement about the closing inventory for last month is correct

Q: On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial…

A: Lets understand the basics. Cost of goods sold is a cost incurred for producing goods in the entity…

Q: The inventory records of Yellow Corporation show the following purchases during its first quarter of…

A: First in First out method of inventory is a method where first purchases will be sold first ,…

Q: At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

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: Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the…

A: The perpetual inventory system records the purchase of goods by debit inventory account. Under…

Q: Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory…

A: Perpetual Inventory System is maintained on a continual basis or perpetual record is maintained for…

Q: 7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just…

A: Solution:- Inventory Turnover ratio computes the pace at which the inventory is being used.

Q: Sheffield Home Electronics Corp. completed the following merchandising transactions in the month of…

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

Q: Company's inventory records for the most recent year contain the following​ data: Stewart Company…

A: Answer 1 Computation of COGS and ending inventory under average costs method is as follows:

Q: On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial…

A: Gross profit is the difference between the revenue generated from the sales of goods or services and…

Q: Tops N Bottoms Corporation reported sales for 2018 of $50 million. Tops N Bottoms listed $4 million…

A: INVENTORY TURNOVER RATIO Inventory Turnover Ratio is the Ratio between Cost of Goods Sold &…

Q: Firth Company's annual report shows an average inventory balance of $45,000 and cost of goods of…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: Sunny side Company records inventory using a periodic inventory system and valuates their stock…

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

Q: Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year,…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: On May 1, Blossom Company had beginning inventory consisting of 372 units with a unit cost of $8.…

A: The average cost method calculates inventory value by averaging the costs of all items in stock,…

Q: The following information relates to Blue Back Falls Ltd.'s inventory transactions during the month…

A: The objective of the question is to calculate the cost of goods sold, gross margin and ending…

Q: At the beginning of the year, Albertson Incorporated reports inventory of $7,700. During the year,…

A: Cost of goods sold means the amount of cost incurred on the making of the goods sold in the market.…

Q: Metlock Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

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

Q: Bill's Fine Wines began the fiscal year with inventory value of $85,000 and estimated retail price…

A: (a)    Explanation of gross profit percentage method: The gross profit percentage method applies…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of inventory = 25 days  Inventory level = P8,500

Q: A Concect Coorporation had a Cost of goods Sold of 1,350,000 for the third Quarter. The beginning…

A: The inventory turnover ratio refers how many times the merchandise inventory was sold by the…

Q: At the end of last year, Helen's, Inc. (uses a periodic inventory system with a physical inventory…

A: Periodic Inventory SystemA periodic inventory system is an approach to inventory management in a…

Q: Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Ending inventory is the amount of inventory that an entity has in hand at the end of the period. It…

Q: At the beginning of the year, Snaplt had $11,800 of inventory. During the year, Snaplt purchased…

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

Q: The following information relates to Pronghorn Back Falls Ltd. 's inventory transactions during the…

A: Ending inventory is $ 93,704/. Cost of goods sold is $ 387,006/. Gross Profit is = $…

Q: Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Step 1:Answer a.Estimated inventory at May 31, if the gross profit is 25% of sales:Computation of…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $440000 and at the end of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: Haresh

A: Step 1: Cost of goods available for sale Beginning inventory$162,100Add: Purchases 691,300Add:…

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Given that selling, distribution and administrative costs for the quarter were $22,960 and $74,240…

A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…

Q: ports Haven had net sales of $176,040 for the month of July.  The retail price of inventory at the…

A: Inventory Turnover Ratio makes a comparison between the inventory that is sold during a particular…

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: Jesus saves stock records show the following transactions for a specific item during last month: The…

A: Inventory accounting refers to the process of recording, tracking and valuing a company's inventory…

Q: The company uses the periodic inventory system.  A physical count of inventory on December 31…

A: Single-step income statement: This statement displays the total revenues as one line item from which…

Q: The company's inventory turnover ratio is _______.

A: Inventory turnover ratio is a financial ratio that measures the efficiency and effectiveness of a…

Q: Crane Corporation uses the perpetual inventory system and began business on April 1. During the…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: NewCorp reported $367,000 of inventory on January 1 when the company decided to adopt Dollar-Value…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Krater and maper Corp. reported sales for 2018 of $45 million. Tater and Pepper listed $7.4 million…

A: Formula used: Inventory turnover ratio = Sales Inventory

Q: The Blue Moon Corporation has ending inventory of $400,000, account receivable of $330,000, and cost…

A: Inventory = $400,000Cost of Good Sold = $2,700,000

Q: Suppose at December 31 of a recent year, the following information (in thousands) was available for…

A: First calculate average inventory.

Q: Consider the following details about a firm from the past year. Assume that this sample time period…

A: The days in inventory represent the number of days taken by the entity to sell the inventory. The…

Q: Cedus bags had the following data in respect of material X for the year ended 31st March 2021…

A: Inventory turnover ratio: =Raw material consumed / Average raw materials in stock Average…