1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales v a-290000 b-190000 C-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? v a. Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.

Q: At December 31, 2021, Bosan Corporation has 4,900 units of Model 63 and 3,500 units of Model 64 in…

A: The inventory value is calculated as lower of cost or Net realizable value.

Q: Lamas has the following products in inventory at the year end: Selling Price P 65 P 23 P 25 Selling…

A: As per accounting standard 2, all inventories in the business should be valued at lower of cost or…

Q: A. Based on the fundamental principle of IAS2, identify two (2) circumstances where the NRV of…

A: Net realisable value is the price at which we can sell our goods. NRV can be decrease in following…

Q: 19. On January 2020, Roel Corp. Has the following inventory purchases. Units January 5,750 5,100…

A: Weighted average method is a method of inventory valuation in which weighted average cost of…

Q: Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value…

A:

Q: The following information was available for Oriole Company at December 31, 2022: beginning inventory…

A: Inventory Turnover Ratio means the number of times the company has been providing a given product at…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019;…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from Prior…

Q: The following inventory details of LBC company Date Description Units Cost January 1,2020 Purchases…

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

Q: Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: As per LCNRV rule, inventory has to be valued at Lower of Cost or Net Realisable Value Net…

Q: 2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1,…

A: Solution: Computation of inventory at base year prices and change from prior year - Golden…

Q: John had 150 units in inventory costing $5,700 on December 1st, 2020. During the month of December,…

A: Weighted average unit price on Dec. 18, 2020 = (Cost of beginning inventory + Cost of Purchase) /…

Q: Sultan Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is the current asset of the company that includes the raw materials which are required to…

Q: 3. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021…

A:

Q: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory…

A: The following are the answers:   1. The price index for 2021 is \$4.25. 2. The ending inventory for…

Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

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

Q: Sheffield inventory turnover ratio in 2022 was

A: Inventory Turnover ratio =Cost of Goods Sold/Average Inventory

Q: Kumar Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,000 at both cost and…

A:

Q: 18. On January 2020, Roel Corp. Has th following inventory purchases. January Units Amount P7,500…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: 10. On December 31, 2020, ABC Company provided the following information: Cost Retail Inventory,…

A: Under retail method of inventory, we need to calculate cost-to-retail ratio in order to compute the…

Q: The inventory records of Machiatto Company in January 2020 show the following informations Balance…

A: FIFO is a method of valuing the inventories in which the goods purchased first are sold on a…

Q: Presented below is information related to Dino Radja Company.    Date       Ending…

A: Last in First Out (LIFO): Under this inventory method, the units that are purchased last, are sold…

Q: LaGreca Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Accounting Error An accounting error is an error in an accounting entry that was not intentional.…

Q: The following information relates to a company's year-end inventory: Cost of inventory OMR 1880;…

A: Cost of Inventory = OMR1,880 Selling Price = OMR 2,000  Normal Profit margin = 10% of selling price…

Q: 1.. On January 2020, Roel Corp. Has the following inventory…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021                       #…

A: There are several methods that are used for the purpose of inventory costing and management in the…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Carrying Value of Inventory: Carrying value of inventory is the absolute of all costs connected with…

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: There are different method which are applicable to Calculation of Ending inventory cost by using…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: 17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750…

A: Date Units Amount January     2 5750 P7500 7 5100 5850 15 7600 6300 25 6600 4950 Total…

Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base year…

Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price…

A: Perpetual Inventory System is a system of recording stores balances after every receipt and issue…

Q: 6. Anderson Company's year-end inventory balance on December 31, 2023 is P1,650,000 based on…

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

Q: dollar-value LIFO method

A: Year Inventory  (end Year) (Actual Cost) Price Index nventory  (end Year) (base year Cost)…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

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

Q: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019.…

A:

Q: A company has the following information available that was used to report inventory using the…

A: The cost index represents the cost fluctuations incurred by businesses as a result of the…

Q: UMET's Stores had the following inventory transactions in 2020:                       Transaction…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Grotesque Company which employed the FIFO retail method provided the following inventory data: 2020…

A: The retail inventory method calculates the ending inventory by multiplying the retail closing stock…

Q: The following figures are for the year 2020: Inventory 1.1.2020​​​  $4000 Inventory 31.12.2020​​​…

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

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Aa per accounting standard, inventory should be valued at lower of cost or market value.

Q: During 2020, Liberty Company has the following inventory transactions.   Date Transaction Units…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: The following information relates to a company’s year-end inventory: Cost of inventory OMR 1880;…

A: As per IAS 2, Inventory should be valued at the lower of the followings. Cost NRV [Net realizable…

Q: Cinco Company determined the following information for an inventory at year-end: P2,000,000…

A: Inventory is reported at lower of historical cost and net realizable value. Net realizable value is…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory…

A: Inventory of the business will always be reported according to rule of lower of cost or net…

Q: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A company purchased items for inventory during 2020 at continuously higher costs. Its last two…

A: Under the perpetual inventory method, the sale or purchase of inventory is recorded at the time it…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Rate after profit=100%-Normal profit rate=100%-20%=80%

Q: Presented below is information related to Langston Hughes Corporation.   Price 0Index0 LIFO…

A: LIFO Method:   It is an inventory valuation method where the inventory purchased last will be sold…

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.