A government unit has opening balance of office supplies amounting to RO200. The purchases made during the year is RO 170. The closing balance of inventory is RO 75. Under consumption method, the inventory expenditure amounts to:

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

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

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory refers to the stock that is left with the company at the end of the year or the stock that…

Q: The company had beginning inventory of $1,500 and net purchases of $4,800. At the end of the year,…

A: The question is related to determination of goods available for sale for the year. It will be…

Q: The following units of an inventory item were available for sale during the year: Unit Unit Cost…

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units are 68  Out of which units sold are 50 given  Hence 18 are closing inventory  LIFO…

Q: A company using the periodic inventory system has inventory costing $183 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + merchandise  purchased - Ending inventory

Q: A home office bills its branch at 120% of cost.  During 2022, inventory costing the home office…

A: The beginning inventory of branch includes the goods available for sale at billed price from home as…

Q: [The following information applies to the questions displayed below.] A company reports the…

A: The question is based on the concept of Cost Accounting.

Q: A company using the periodic inventory system has inventory costing $188 on hand at the beginning of…

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

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: The closing inventory represents the value of inventory that remains at the end of accounting…

Q: When the physical count of Swifty Company inventory had a cost of $4390 at year end and the…

A: When ending inventory is overstated, this reduces the amount of inventory that would otherwise have…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last In, First Out (LIFO): Inventory is counted using the last in, first out (LIFO) approach. The…

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

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

Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: A government would account for inventory the same as would a business, with one additional feature.…

A: Purchase and Consumption these are two methods used in USA.  In…

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

A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method.

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Kante Company uses periodic FIFO for its internal report and periodic LIFO for its external reports.…

A: Calculate pretax income (LIFO) would Kante reports in external reports as show:

Q: Assume that the total inventory on hand at the end of the year as determined by taking a physical…

A: Goods with the terms of FOB shipping point should not be included in the inventory till the goods…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: Formula: Net Income = Revenues - expenses Deduction of expenses from revenues derives the net…

Q: For each of the following, calculate the cost of inventory reported on the balance sheet. (a) The…

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

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: A company reports the following beginning inventory and two purchases for the month of January. On…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Sampson Company's accounting records show the following at the year ending on December 31, 2010,…

A: Cost of goods purchased will be the final net cost for the acquired merchandise. It will be…

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: On January 1, 2029, the general ledger of PRO Corporation included supplies of $15,000. During 2029,…

A: Supplies available during the period=Supplies expense+Closing supplies=$35,000+$20,000=$55,000

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of goods sold shows the cost pertaining to the goods that are being sold by the business.

Q: Jungkook Corp. has reported an inventory balance of P2,500,000 (based on physical count on January…

A:

Q: A business using the retail method of inventory costing determines that merchandise inventory at…

A: Retail method: This method of estimating cost of inventory requires cost and retail prices to be…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic inventory system is the one under which the sales and purchases are recorded after a span…

Q: The home office bills its branch for shipment of goods at 25% above cost. During the year, goods…

A: Branch ending inventory at cost = allowance for overvaluation  / % above cost

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Under the LIFO method, goods purchased last are sold off at first. Hence, the goods left in stock…

Q: A government would account for inventory the same as would a business, with one additional feature.…

A: Solution:- Preparation of the journal entries assuming that the district uses the consumption method…

Q: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income…

A: Cost of goods sold: The cost of goods sold is the cost value of the goods sold during the accounting…

Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…

A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…

Q: A company began its fiscal year with inventory of $189,000. Purchases and cost of goods sold for the…

A: Given that: Beginning Inventory = $189000 Purchases = $949000 Cost of goods sold = $983200

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last in last out shows the inventory purchased last would be sold first.

Q: Sampson Company's accounting records show the following at the year ending on December 31, 2010,…

A: Given: Purchase discount = 5,600 Freight = 7,800 Purchase = 200,010 Beginning inventory = 23,500…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: Income statement: The income statement shows the company's revenues and expenses earned during the…

Q: What amount should be reported as inventory at a year-end

A: P3,100,000 amount should be reported as inventory at a year-end.

Q: Selected information from the statement of financial position of FAIRVIEW Company at November 30 and…

A: Wages expense for the month of December = Ending wages payable + cash paid for wages - beginning…

Q: [The following information applies to the questions displayed below.] Daniel Company uses a periodic…

A: Cost of goods sold is the direct cost assigned of the produced goods sold by the company. It is also…