1. How much is the profit for year 2015 had the weighted average method been used? 2. How much is the profit for year 2016 had the weighted average method been used?

Q: Gage’s accounting records included the following information: Inventory, 01-01-15…

A: Freight Out is a transportation expense incurred to move the good out of the manufacturers factory…

Q: Shirley, Inc. had the following information regarding 2016 inventories:     Units Price Amount…

A: Ending inventory with LIFO method is determined by the ending inventory units valued at the oldest…

Q: Based on our understanding of inventcory cost fowis,and given the information listed below for the…

A: Cost of goods sold is calculated by subtracting gross profit from net sales. Note :- Net Sales is…

Q: A company shows the following data in their accounting records for 2014. Inventory 12/31/14 =…

A: Cost of goods sold: It is the accumulate amount of all direct cost incurred in manufacturing the…

Q: Aldor Corporation opened a new store on January 1, 2014. During 2014, the first year of operations,…

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

Q: During 2017, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax…

A:

Q: Goldfire Ltd. provided the following information in 2013-2014: 31.3.2012 Particulars Inventory Cost…

A: Inventory Turnover Ratio It is a ratio which measures the number of times the inventory is sold in a…

Q: Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted the…

A:

Q: Suppose Holt Renfrew, the specialty retailer, had these records for ladies' evening gowns during…

A: Average method of inventory is one of method used to determine the inventory value under this method…

Q: he Dormer Company uses the gross profit

A: 1. Calculation of cost of goods sold Sales = Cost of goods sold + Mark up(%) Mark up (%) = 50% of…

Q: Computing Cost of Goods Sold and Ending Inventory: Bartov Corporation reports the following…

A: First -in, first- out (FIFO), Last- in, first- out (LIFO) and average cost method are some of the…

Q: The 2009 records of Coleman Company showed beginning inventory,$100,000; cost of goods sold,…

A: Given: Beginning inventory $100,000 Cost of goods sold $450,000 Ending inventory $80,000

Q: Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2014. Farr's entire…

A: Base inventory = Year end price / Index Base inventory = $660,000/110% Base inventory = $600,000

Q: Stellar Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was…

A: Prepare a schedule to determine the total units available for sale and cost of goods available for…

Q: Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its…

A: Adjustment needs to be made in the cost of goods sold for changes in inventory valuation of both…

Q: Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its…

A: Adjustment needs to be made in the cost of goods sold for changes in inventory valuation of both…

Q: Compute for the Average Sales Period/Average Age of Inventory, use 360 days

A: Average Sales Period/Average Age of Inventory:- This ratio is prepared to know the average number of…

Q: Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2018…

A:

Q: Milton Company reported inventory of $60,000 at the beginning of 2014. During the year, it purchased…

A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses that are…

Q: Goldfire Ltd. provided the following information in 2013-2014: Particulars 31.3.2012 31.3.2013…

A: Inventory turnover ratio is a financial measure to determine the efficiency of the business. If the…

Q: The following information was disclosed in the 2015 annual report of The Arcadia Company. Fill in…

A: Inventory available for sale is the total inventory held for sale which is the combination of…

Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows:…

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for first in first…

Q: Dover Company began operations in 2015 and determined its ending inventory at cost and at a LCNRV at…

A: c) Under both the methods, the same amount has been adjusted against either cost of goods sold /loss…

Q: Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception…

A: 1.

Q: Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting…

A: Conventional Retail Method: Conventional retail method refers to the estimation of the lower of…

Q: Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was…

A: How the average cost will be calculated? Average cost= Total Cost of Goods soldNo of units available…

Q: Koopman Company began operations on January 1, 2015, and uses the FIFO inventory method for…

A: FIFO (First In First Out)method is an important accounting method.It states that assets purchased…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the cost of initial purchased items are…

Q: Charlotte Company started operations in 2016. The entity used FIFO cost flow to determine cost of…

A: Solution: cost of goods sold in 2017 = 60000 from ending units of 2016  + (155000-35000) units from…

Q: Harlequin Co. has used the LIFO retail method since it began operations in early 2015 (its base…

A: Dollar value LIFO method is a process to calculate the cost of the inventory according to last in…

Q: Hartley’s accounting records included the following information: Inventory, 01-01-13…

A: Calculate the amount of difference loss by theft.

Q: Aldor Corporation opened a new store on January 1, 2014. During 2014, the first year of operations,…

A: Inventory is the raw materials used in production and available for sale. The inventory includes raw…

Q: What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income

A: Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price…

Q: During 2017, Teal Mountain Inc. changed from LIFO to FIFO inventory pricing. Teal Mountain began…

A: Preparing the new income statement with a comparative figure is quite straightforward. Just replace…

Q: On January 1, 2018, Devoe Company changed from the FIFO method to the average cost method to account…

A: Net Income: Net income (also consolidated income, net earnings, net profit, bottom line, sales…

Q: A lquist Company uses the retail method to estimate its ending inventory. Selected information about…

A: 1. Compute estimated ending inventory and cost of goods sold using the conventional retail method as…

Q: The Reuschel Company began 2016 with inventory of 10,000 units at a cost of $7 per unit. During…

A: 1.The cost of goods sold under LIFO.

Q: As a result of taking a physical inventory count on December 31, 2016, the Mona Lisa Company…

A: Closing stock: It is the value of unsold goods at the end of an accounting period is termed as…

Q: For the period from 2016 through 2016, the Charlie Company had net sales of $500,000 and a gross…

A: THE GROSS PROFIT METHOD IS A WAY OF CALCULATING THE AMOUNT OF ENDING INVENTORY IN A REPORTING PERIOD…

Q: Gage’s accounting records included the following information: Inventory, 01-01-15…

A: Estimated loss from any shoplifted items:

Q: Causwell Company began 2016 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: 1.

Q: In 2016, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2015…

A: Describe the steps that Company H should take to report this changeThe steps that Company H should…

Q: Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2016…

A:

Q: Sheila’s company uses retail inventory method to estimate their ending inventory. For year 2015,…

A: Cost Retail Beginning Inventory USD 76, 000 USD 138, 000 Purchases USD 290, 000…

Q: Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS  Average Cost pas unit = Total Cost / total unit…

Q: Diane Company showed the following information on December 31,2014:     Cost   Retail Inventory,…

A: Cost to retail ratio = Totals for Cost / Totals for Retail price = 567000/1260000 = 45%

Q: Computing cost of goods sold and ending inventory under FIFI, LIFO and average cost. Assume that…

A: Hence, COGS and ending inventory for 2017 under FIFO are $175,000 and $225,000 respectively.

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.