3. The following information is available for the Bronson Company for the three months ended September 30 of this year: Inventory, July 1 of this year P1.2M; Purchases P4.5M Freight-in P300,000; Sales P6.4M. The gross margin was 25 percent of sales. What is the estimated inventory balance at September 30?   choices: P1,200,000 P933,000 P1,500,000 P880,000

Q: ast year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Gecelle Company reported during the current year beginning inventory P500,000, net…

A: Cost of goods sold = Sales - Gross profit =P3,200,000 - P3,200,000 x 25% = P2,400,000

Q: Siete Company provided the following data for the current year: Inventory, January 1: At cost P…

A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…

Q: 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1…

A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…

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 the inventory is described as the number of days the company requires to sell the…

Q: . What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2…

A: Inventory Turnover: Inventory turnover refers to the number of times a firm is able to replace its…

Q: The ABC Boutique had the following information at June 30, 20X1: Inventory increased by…

A: Gross Purchases - Gross Purchase is the purchases before deducting returns and allowances. This is…

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: The following information is available for the Krypton Company for the three months ended June 31 of…

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

Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: Use the follwing information for questions 14 and 15 The following information was available for…

A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…

A: solution given Inventory, January 1 - P2,300,000  Purchases - 27,105,000 Purchase returns and…

Q: A company begins the year with inventory of $50,000 and ends the year with inventory of $40,000.…

A: Formula: Cost of Goods sold = Beginning inventory + purchases - Ending inventory. Ending inventory…

Q: The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4 20X2 gave…

A: We have the following information: Total Inventory as on January 4 20X2: $527,300 Purchase of…

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.       Lewis…

A: Average Days Inventory = Average InventoryCost of Goods soldx365

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: SCC Co. reported the following for the current year: net sales of $48,000; cost of goods sold of…

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

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

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: If the gross profit is 20% of net sales. How much is the gross purchases for June?     202,000…

A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…

Q: Net sales $ 245,000   Cost of goods sold   176,000   Beginning inventory   54,000   Ending inventory…

A: Given information: Net sales is $245,000 Cost of goods sold is $176,000 Beginning inventory is…

Q: The following information relates to Musk Corporation: Inventory conversion period 15 days Average…

A: The inventory turnover ratio is used to compare the efficiency of inventories which are used for the…

Q: $12,500 Purchases 25,000 Sales during January 20,800 The estimated inventory at January 31, 2004, is…

A: The right option is c . $21,500

Q: Oriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the…

A: Gross Profit = Sales - Cost of goods sold   Cost of goods sold = Beginning inventory + Purchases -…

Q: Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of…

A: The average inventory is calculated as total of opening inventory and closing inventory divided by…

Q: Russell Retail Group begins the year with inventory of $51,000 and ends the year with inventory of…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: 1. For the year ended December 31, 2020, PAMA Company reported the following amounts: Inventory,…

A: Net sales = Operating expenses / 10% = 150000 / 10% = P1500000

Q: PRETTY Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Gross profit=Net sale×Rate=P 4,500,000×40%=P 1,800,000

Q: At December 31, 2022, the following information (in thousands) was available for Swifty Inc.: ending…

A: Formula: Inventory turnover = ( Cost of goods sold / Average inventory )

Q: A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500…

A: Introduction: Inventory turnover is a financial ratio that indicates how frequently a firm's…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1…

A: Solution..   Beginning inventory = P2,300,000  Purchase = P7,105,000  Purchase return and allowances…

Q: PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1…

A: The cost of goods sold can be calculated by adding up net purchases and deducting ending inventory…

Q: The King Corporation has ending inventory of $386,735, and cost of goods sold for the year just…

A: Calculate the inventory turnover as follows:

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: Wade Company estimates the cost of its physical inventory on March 31 for use in an interim…

A: The inventory is estimated as sum of purchases and beginning inventory and deduction of cost of…

Q: 8.Microsoft Corporation had inventory of $300,000 on 12-31-2009.  Other information is as follows:…

A: SOLUTION-   COST OF GOOD SOLD = OPENING STOCK + PURCHASE + DIRECT EXPENSE - CLOSING STOCK.

Q: Ajay’s annual inventory count took place on 7 July 20X6. The inventory value on this date was…

A: We have the following information: Inventory value on 7th July 20X6: $38,950 Sales: $6,500…

Q: The following data are extracted from the records of an entity relating to an inventory item:…

A: Beginning balance                                 5,000     *          200        = 1,000,000…

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was…

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of…

Q: Russell Retail Group begins the year with inventory of $52,000 and ends the year with inventory of…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Portage Retail Group begins the year with inventory of $48,000 and ends the year with inventory of…

A: The cost of goods sold is the entire amount your employer pays as a cost directly tied to the…

Q: The company has beginning inventory for the year of $50,000, during the year cost of goods sold was…

A: Solution..     Cost of goods sold = $725,000  Beginning inventory = $50,000  Ending inventory =…

Q: Epsilon Corp. reported the following information for the current year: Beginning inventory..…

A: Working note: Computation of cost of inventory out on consignment: Inventory out on…

Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: Selected financial information for Stuart Company for Year 4 follows: Sales $2,050,000 1,435,000…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Ajay's annual inventory count took place on 7 July 20X6. The inventory value on this date was…

A: Given Inventory ending balance, purchases and sales. We need to Find Inventory balance in beginning.

Q: arr Corporation has provided the following information for its most recent month of operation: sales…

A: Sales - Gross profit = Cost of goods sold Sales - Gross profit = Opening stock + Purchases - Closing…

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Given,   Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales…

Q: A company has beginning inventory for the year of $13,500. During the year, the company purchases…

A: Costs incurred directly by a corporation for producing goods and services are known as cost of goods…

Q: The company has beginning inventory for the year of $50,000, during the year cost of goods sold was…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Purchases = Cost of goods…

Q: The following data were taken from the financial records of Sunland Company. 2022 2021 Net Sales…

A: Average inventory = ( Opening inventory + Closing inventory ) ÷ 2                       Year 2021 =…

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.