A company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52 and 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO?

Q: During the year, TRC Corporation has the following inventory transactions. Number of Unit Date…

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A: Average age of the inventory is described as the number of days the company requires to sell the…

Q: Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of…

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

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A: Ending inventory = beginning inventory - decrease in inventory = P250000 - P20000 = P230,000

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A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: Under the FIFO using perpetual inventory system, what is the amount of cost of goods sold

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

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A: Purchases = Cost of goods sold + Ending inventory - Beginning inventory = 360,000 + 17,000 - 20,000…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit:Gross profit can be defined as the profit generated from deducting the cost of goods…

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

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A: Average Cost Method: This approach allocates a cost to inventory items based on the overall cost of…

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A: Weighted Average Cost = Cost of Goods available for sale/ Units available for sale Under periodic…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: At the end of the year, Nancy Company had $55,000 of inventory on hand. While the perpetual records…

A: At the end of each accounting period, inventory accounts are reconciled with physical inventory in…

Q: Elephant, Inc.'s cost of goods sold for the year is $1,900,000, and the average merchandise…

A: The question is related to Ratio Analysis. The details are  Average Inventory = $ 132000 Cost of…

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A: Inventory means goods held by a business which ultimate goal is to resale them.

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Q: Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note:…

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

Q: Russell Retail Group begins the year with inventory of $55000 and ends the year with inventory of…

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

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

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Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: Dear student, Since you have asked multiple subparts we will answer only first 3 subparts as per…

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: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and…

A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts

Q: At August 1 of the current year, there are 4,000 units at P15.10 each of merchandise inventory.…

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

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: Himantayon Company provided the following information for the current year: Beginning inventory…

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Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory  = Average inventory/Cost of Goods sold * 365

Q: What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail…

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Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…

A:

Q: August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of…

A:

Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If…

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A: Solution; Computation of COGS and ending inventory - Periodic Weighted Average cost method…

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

Q: At August 1 of the current year, there are 4,000 units at $15.10 each of merchandise inventory.…

A: Solution: Computation of ending inventory COGS under Moving Average Cost Date Beginning…

Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…

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A: FIFO stands for first in first out inventory method. Under the perpetual inventory method the…

Q: Based on the following data for the current year, what is the number of days' sales in inventory…

A: Answer) Calculation of Days’ Sales in Inventory Days’ Sales in Inventory = (Average Inventory/ Cost…

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A: Under periodic weighted average inventory system we need to calculate weighed average cost per unit…

Q: At August 1 of the current year, there are 4,000 units at P15 each of merchandise inventory. During…

A: Moving average method is used in inventory valuation, under this inventory is valued at each…

Q: find the inventory turnover at cost.

A: Inventory turnover calculates the number of times inventory can be converted into sales by company.…

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.

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A: Here in this question, we are required to calculate the cost of goods sold. Cost of goods sold is a…

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…