2. Goods costing P2,700 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 5, 2021. The goods were shipped on December 31, 2020, terms FOB shipping point. Which of the following statements is true?

Q: Sayaovang Company discovers in 2020 that its ending inventory at December 31, 2019, was $7,000…

A: Introduction: Income statement: All revenues and expenses are recorded in income statement. It tells…

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,300. During 2021, the company…

A: Cost of Goods Sold: When the inventories are sold for the accounting period, the cost incurred in…

Q: Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the…

A: Conventional retail inventory method is related upon the relationship between cost of product and…

Q: The following accounts are taken from the accounting records of Dory Company at December 31, 2020…

A: An organization can prepare their Income statement either in a single step format or a multi-step…

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

A: Inventory valuation method: First in First out Last in First out Weighted average method In the…

Q: In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: Keillor Company's inventory of $1,100,000 at December 31, 2020, was based on a physical count of…

A: Question requires inventory to be arrived at Under FOB, ownership transfers at the point of shipment…

Q: Gawa Inc. had the following consignment transactions during the month of December 2020: Inventory…

A: Consignment inventory is a business arrangement where the consignor agrees to give their goods to a…

Q: In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method…

A: Change in the method of inventory valuation: Changing the method of inventory valuation is a change…

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

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: P6.23 Calculating the Value of Ending Inventory and Cost of Goods Sold: Periodic Method. Desmond…

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

Q: The beginning inventory of Norcal Wholesalers was $113,000, and the ending inventory is $95,319.What…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: The goods shipped to customer FOB shipping point, should not be included in inventory after the…

Q: The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021…

A: Inventory or stock of the business at the end should be recognised at lower of cost and market…

Q: Davenport Department Store converted from the conventional retail method to the LIFO retail method…

A: Since there are multiple sub questions, first 2 sub-questions are answered, Please re-post this…

Q: net income of

A: To find the net income of 2021 presented as ,

Q: A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost,…

A: Correct answer is (B) $457,000   Particulars  Note Amount($) Inventory at December 31, 2024…

Q: Koopman Company began operations on January 1, 2018, and uses they FIFO inventory method for…

A: Financial statements consists of the following:- Statement of Financial position; Income Statement;…

Q: Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method…

A: Average cost per unit = ((100 x $10) + (200 x $12))/ 300 units = $3,400 / 300 units = $11.3333

Q: products reports Company Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and…

A: As per accounting standard of inventory valuation Inventory should be values at cost of Ner…

Q: Corporation is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory…

A: Inventory is that the term used to refer to the products that are available for sale and therefore…

Q: The Northern Company installed a new inventory management system at the beginning of 2018. Shown…

A: Inventory turnover ratio measures the number of times a company has sold its inventory. The ratio…

Q: On January 1, 2019, the general ledger of Global Corporation included supplies of $1,600. During…

A: Supplies expense can be calculated by adding up the value of inventory purchased during the year and…

Q: Sunland Company uses the FIFO method for internal reporting purposes and LIFO for external reporting…

A: Cost of goods sold in the 2021 income statement = Cost of goods sold account balance from sales…

Q: The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be…

A: The inventory shipped under FOB shipping point is to be included in inventory of the business as…

Q: At December 31, 2019, Stacy McGill Corporation reported current assets of $370,000 and current…

A: a. Compute the current ratio based on McGill's balance sheet.

Q: In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method…

A: The question is based on the concept of Journal Entry.

Q: DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at…

A: Under FOB shipping terms, the buyer becomes the owner as soon as goods are shipped.

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Under FOB shipping point, the ownership of goods transfers from owner to buyer as soon as they are…

Q: Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and an allowance for inventory…

A: Historical cost is the cost or the original cost of the Product which we used to own that.. Net…

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Inventory is the current asset that is reported in the balance sheet of the company.

Q: Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods…

A: The term inventory refers to both the raw materials utilized in production and the finished goods…

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Working note: Computation of cost of goods sold: Cost of goods sold=Beginning…

Q: "On January 1, 2019, the general ledger of Global Corporation included supplies of $1,000. During…

A: SUPPLIES EXPENSE FOR THE YEAR :  = OPENING BALANCE OF SUPPLIES + PURCHASED SUPPLIES DURING THE YEAR…

Q: Presented below is selected information related to Metlock, Inc. for the year ended January 31,…

A: Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: At December 31, 2020, Sandhill’s Mercantile has Cost of Goods Sold of $50800 before adjusting…

A: Adjusted cost of goods sold = Reported cost of goods sold + decreased value of inventory

Q: AA Company reported inventory on December 31, 2018 at P6,000,000 based on a physical count of goods…

A: FOB Destination means that the title to the goods passes from the owner to the buyer when the goods…

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory = P450000 + 2950000 - 925000…

Q: During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020,…

A: Particulars At Cost At Retail Beginning Inventory  $       127,600  $       256,800 Net…

Q: Hero Company reported inventory on December 31, 2019 at 6,000,000 based on physical count of goods…

A: FOB shipping point implies that ownership of goods are transferred from seller to the buyer when…

Q: What adjustment should be made to the net income of 2022? A. 1,200,000 increase B. 3,000,000…

A: Alocasia Company decided that market conditions were such that the provision for inventory…

Q: The Cecil Booker Vending Company changed is method of valuing inventory from the average cost method…

A:

Q: Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Norfarina Company reported P5,000,000 of inventory on December 31, 2021, based on physical count.…

A: Introduction   a. The goods here should be included since it is not yet picked up by the delivery…

Q: On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…

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

Q: The accounts payable balance of Durian Inc. at December 31, 2021 was P 590,000 before the year-end…

A: calculation of accounts payable are as follows:

Q: Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods…

A: Included in the physical count were goods billed to a customer FOB shipping point on December 31,…