You are given the following information regarding sa Inventory Year Sales 2010 $12,502.00 $6,869.74 2011 $13,456.00 $7,297.13 2012 $17,845.00 $9,263.40 2013 $15,326.00 $8,134.89 2014 $14,464.00 $7,748.71
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- Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 and a retail price of $100,000. The following information is available. Year-EndInventory at Retail Current YearCost—Retail % Year EndPrice Index 2013 $127,200 59% 106 2014 149,850 62% 111 2015 128,800 63% 115 2016 165,000 60% 125 The price index at January 1, 2013, is 100.Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 340 units at $11 Oct. 13 200 units Oct. 22 360 units at $12 Oct. 29 Sale 300 units Sale Purchase a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.Presented below is information related to Blue Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 77,200 100 December 31, 2018 249,951 221 December 31, 2019 248,472 252 December 31, 2020 280,098 273 December 31, 2021 336,630 294 December 31, 2022 401,685 305 Compute the ending inventory for Blue Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020 $enter a dollar amount 2021 $enter a dollar amount 2022 $enter a dollar amount
- SOLVE BOTH QUESTIONSBuffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $121.980 Ending inventory 137,500 116,280 167,500 Current Year Cost-Retail% 2024 60% 61% 62% 59% Year-End Price Index $ 107 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 110 114 125 2025 2026 2027For the wholesale division, Devin uses the dollar value LIFO method of inventory. The base year established for LIFO is 2014. The inventory at the end of 2014 was calculated as $1,040,500. For the next 3 years you have the following information: 2015 2016 2017 Ending inventory counted at cost 1,085,000 1,091,000 1,398,000 Price level increase from 2014 3% 5% 10 % Net Purchases $2,935,000 Net Sales $5,456,000 Required for the retail division: 1. Calculate the ending inventory to be reported on the balance sheet for each of the three years. 2. Calculate the cost of goods sold and the gross margin for 2016.
- The following information is available for Sandhill Co. for three recent fiscal years. 2017 2016 2015 Inventory $562,019 $571,288 $327,592 Net sales 1,955,632 1,697,750 1,304,721 Cost of goods sold 1,522,434 1,280,731 939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking. 2021 Beginning Inventory (purchased in 2020) 100 units @ $28 per unit Purchases: Purchase 1 on 1/20/21 300 units @ $30 per unit Purchase 2 on 6/15/21 1,100 units @ $34 per unit Sales: Sale 1 on 4/8/21 520 units @ $60 per unit Sale 2 on 9/25/21 860 units @ $60 per unit When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase. What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800 What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800 What is Inventory on the 12/31/21 Balance Sheet if Island…Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…
- The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some backgroundCurrent Attempt in Progress The following financial statement items are shown for Cullumber Manufacturing. Inventory Total assets Salaries payable Total liabilities $27060 455% 22.0% 15.2% O 10.0% 123000 15000 55000 Calculate the common-size percentage for inventory.Please help me