6. What would the amount of cost of sales be in the following scenario? Purchases returns, R8 000; Freight costs, R4 800; Sales, R320 000; Closing inventory, R25 000; Purchases, R40 000 and Opening inventory, R25 000.    A. R32 000  B. R36 800  C. R40 000  D. R283 200

Q: What is the “days of inventory” in 20x2? (Use 365 days) 30.49 What is the return on assets in 20x2?…

A: Days of Inventory = 365 x Average Inventory / Cost of Sales Return on Assets = Net Profit / Total…

Q: The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV Minus…

A: ASU 2015-11 (topic 330) was issued by FASB to simplify the current application of ASC 330 (US GAAP)…

Q: alculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR 2000,…

A: Given Opening stock OMR 20000, Carriage outwards OMR 2000, Purchases OMR 40000, Sales OMR 80000,…

Q: The following information is for Lawrence Company, who uses the LIFO method: ​ ​ NRV Minus Net…

A: S.no               Cost     Market value  (cost or market value ) which is lower  a $3.40…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 5000, Carriage outwards OMR 2000,…

A: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: Calculate Cost of goods sold from the following? Opening stock OMR 10000, Carriage outwards OMR…

A: Cost of goods sold = Opening stock + Purchases - Carriage outwards - Closing stock

Q: Q7: If the inventory of raw materials at( 1/1) is 75,000, and the inventory of raw materials at…

A: Every organization has to maintain its books of accounts and records relating to the purchase and…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: The cost of goods sold is calculated as cost of goods that are sold during the period.

Q: - If the sales of a business are 2.400.000 TL and the cost of goods sold is 400.000 TL, what is the…

A: Gross Profit: Difference between the sales and the cost of goods sold is called gross Profit. Gross…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Formula: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: How much will be the freight in share of C if base on invoice price and in weight   P190, P156.25…

A:

Q: 33. What is the estimated fire loss if O0O Company applies the conservative retail approach? 34.…

A: Inventory is the working asset held by the business for too less time. It is the asset which…

Q: What does the debit remainder of the Trade Goods Account show in the perpetual inventory method ?…

A: All the options are explained as under: 1) Cost of available goods:      Cost of available goods…

Q: 4. Given the following information for the Network Company: Date December 31, 2018 December 31, 2019…

A: Method to be recorded = Allowance method of recording lower of cost or market in use

Q: Which of the following is the correct computation for the cost of goods available for sale? a.Net…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: 1. Jammy Company developed the following information about its inventories in applying lower of cost…

A: The lower cost or market method is related to inventory valuation. The inventory is recognized in…

Q: Applying the lower of cost or market to each item of inventory, what should the total inventory…

A: As per the lower cost and market value method, the inventory is valued with the lowest value whether…

Q: What is the cost of goods sold? O A. $751,700 OB. $364,500 O C. $455,400 O D. $520,600

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

Q: EE19.8 (LO 2) Vertical analysis (common-sizc) pereentages for Palau Company's salcs revenuc, cost of…

A: Vertical analysis means the analysis done with the common size income statement in which the data…

Q: 33. What is the estimated fire loss if 000 Company appies the conservative retail approach? 34. What…

A:

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: Note: Carriage outwards and salaries and wages are indirect expenses.

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Formula: Deduction of closing stock from Opening stock and purchases derives the cost of goods sold.…

Q: Project the average inventory balance in Year X and use it to compute the implied ending inventory…

A: The term sales revenue represents gross earnings generated by selling goods and services in the…

Q: s the cost of goods sold? 5,387,500

A: Cost of goods sold refers to the expenses involved while the goods or services provided by the…

Q: 8- Which of the following is the formula to compute inventory turnover? 50% a) The formula is cost…

A: Inventory turnover ratio is a efficiency ratio which measures how efficiently inventory is managed.…

Q: Answer the Question based the data given below ; OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET…

A: Given: OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET PURCHASES OMR 130000 MANUFACTURING…

Q: what were purchase returns and allowances? Cost of goods sold is P7,400. Beginning inventory is…

A: The net purchases are calculated after adjusting freight charges, discounts and returns and…

Q: which made a gross profit of OR 65000. Opening inventory was OR 24000 and the value of closing…

A: Sales =165000 Gross profit =65000 Opening inventory =24000 Closing inventory =21000 Decrease in…

Q: 44- Calculate net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 40000,…

A: In the given question we need to calculate the net profit from the details given in the question.

Q: The following items are related to the inventory (OMR). 1- Purchase price 18000 2- Abnormal waste…

A: In order to write down inventory, a component of the inventory asset must be charged to expenditure…

Q: Question 3 of 10 Consider the following income statement data for Oriole Inc.: Sales revenue Less:…

A: Common size analysis is one of the financial statement analysis in which each item is shown as…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Introduction: Cost of goods sold: Deduction of Ending inventory from beginning inventory and…

Q: Tollowing rmation records of companies ame dustry: A B D Sales $300 $150 $ ? $ 90 Opening Inventory…

A: Gross profit is computed by the following formula : Gross profit = net sales - cost of goods sold…

Q: If the amount of net sales is RM23,000, net purchase is RM10,000 and t cost of sales is RM2,450,…

A: Gross profit is calculated as excess of sales revenue over cost of sales.

Q: 24 -   Which of the following is the approximate amount of Cost of Goods Sold according to the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Given the following percentage costs of carrying inventory, calculate the annual carrying cost if…

A: annual carrying cost =average inventory×percentage cost

Q: Given the following information: $8 million Average Inventory: $6 million Average A/R: Average Fixed…

A: The ratios are calculated as below-

Q: 16. Assume a beginning inventory of $28,000, ending inventory of $47,000, purchases of $110,000, and…

A: Gross Profit: Gross Profit is the profit that the company earns after deducting the cost of goods…

Q: If the purchases total P240,000 and the ending inventory is bigger than the beginning inventory by…

A: Cost of goods sold  = opening stock  + purchases  - closing stock

Q: Which of the following is the approximate amount of the Cost of Trade Goods Sold according to the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Exercise No. 1- Missing Elements – Reconstruction Net Sales Gross Sales Less: Sales Returns and…

A: Statement of Comprehensive Income is the statement which contains the details of the revenue,…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: Opening stock = OMR 30000 Purchases = OMR 40000 Closing stock = OMR 14000

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.