A retail company had a balance in Inventory of $500,000 on 12/31/2012. During 2012, the company purchased $2,000,000 of new inventory. According to the point-of-sale scanners, the company sold goods costing $2,200,000 during 2012. What was the balance in Inventory on 12/31/2011?

A retail company had a balance in Inventory of $500,000 on 12/31/2012. During 2012, the company purchased $2,000,000 of new inventory. According to the point-of-sale scanners, the company sold goods costing $2,200,000 during 2012. What was the balance in Inventory on 12/31/2011?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.6P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

See similar textbooks

Related questions

Q: Gage’s accounting records included the following information: Inventory, 01-01-15…

A: Freight Out is a transportation expense incurred to move the good out of the manufacturers factory…

Q: The following consignment transactions were recorded by Rizal Corporation during January,…

A: Consigned inventory includes the inventory sent but not yet sold.

Q: HAKDOG Company suspects that there is missing inventory in its warehouse at December 31, 2021. All…

A: Net purchases are determined by deducting the purchase allowances, discount and returns from gross…

Q: During January 2016, UPM Company completed the following transactions. Beginning inventory as of…

A: The FIFO method of the inventory valuation states that the inventory that was purchased first will…

Q: 74. During 2016, Jose Corporation transferred inventory from its home office to its Laguna Branch at…

A: Combined Statement:-When Parent Company combined the assets and liabilities of the subsidiary…

Q: The 2009 records of Coleman Company showed beginning inventory,$100,000; cost of goods sold,…

A: Given: Beginning inventory $100,000 Cost of goods sold $450,000 Ending inventory $80,000

Q: [The following information applies to the questions displayed below.] The Shirt Shop had the…

A: Under FIFO cost flow assumption, the inventory received first is charged to Cost of Goods sold and…

Q: Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its…

A: Adjustment needs to be made in the cost of goods sold for changes in inventory valuation of both…

Q: Butter Company took a physical inventory at the end of the year and determined that $190,000 of…

A: Freight on Board Destination means that the goods will be transferred and the legal title of the…

Q: Revolution Hardware reported $475,000 of inventory on December 31, 2016, based on a physical count.…

A: Ending Inventory refers to the amount or a desired quantity of inventory a company has remained in…

Q: Milton Company reported inventory of $60,000 at the beginning of 2014. During the year, it purchased…

A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses that are…

Q: The following data relates to the business of Box for the year ended 31 December 2009. Inventory at…

A: Cost of sales refers to the cost required to manufacture or purchase a product that is then sold…

Q: Walgreen Co. , the largest drug store chain in the United States, reported inventories of $7,213…

A: Cost of goods sold: Cost of goods sold are the decreased from inventory balance. It is the cost of…

Q: Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, the…

A: Types of Inventory includes: Raw materials Work-in-progress Finished goods

Q: Revolution Hardware reported $475,000 of inventory on December 31, 2020, based on a physical count.…

A: Goods out of consignment=Sale price×100100+Markup+Shipping cost=$26,500×100100+15+$590=$23,633

Q: Viper Company began year 2011 with 27,000 units of product in its January 1 inventory costing $16.40…

A: The total cost is calculated by multiplying the number of units with the per-unit cost. The cost of…

Q: During January 2016, UPM Company completed the following transactions. Beginning inventory as of…

A: 1. UPM Company's During January 2016, Beginning inventory(150 units @ $40) = $6000 Jan 2 : Purchased…

Q: Determine ending inventory and cost of goods sold for 2016. 2. Assuming that operating expenses…

A: Compute the cost of ending inventory.

Q: During 2013, Rand Co. purchased P960,000 of inventory. The cost of goods sold for 2013 was P900,000,…

A: Inventory turnover ratio is one of the efficiency ratio which shows how many times inventory is…

Q: During 2000, Rand Co. purchased $960,000 of inventory. The cost of goods sold for 2000 was $900,000,…

A: The formula concept is:

Q: Suppose at December 31 of a recent year, the following information (in thousands) was available for…

A: First calculate average inventory.

Q: On March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in…

A: Loss by Fire - Loss by fire or any other natural calamities is an extraordinary loss for the…

Q: The following information applies to the fiscal year ended June 30, 2011: 1. Supplies were purchased…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200…

A: Sales are made for $2,500 (50 x $50) on account.

Q: The Twin Sizz Company had the ff info with relates to its operations for the month of May 2015. Cost…

A: Net sales = Sales revenue - Sales returns and allowances - Sales discounts = 750,000 - 25,000 -…

Q: Capwell Corporation uses a periodic inventory system. The company’s ending inventory on December 31,…

A: 1.Determine the correct amounts for 2016 purchases, accounts payable, sales revenue, and accounts…

Q: What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income

A: Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price…

Q: The December 31, 2016, inventory of Tog Company, based on a physical count, was determined to be…

Q: Gordon Company’s inventory at June 30, 2002, was $75,000 based on a physical count of goods priced…

A: Solution:- Calculation of Gordon report as inventory on its June 30, 2002, balance sheet as follows…

Q: The following inventory transactions took place near December 31, 2016, the end of the Rasul…

A: 1.

Q: On January 1, 2017, Manuel Company's merchandise inventory was $300,000. During 2017, Manuel…

A: Merchandise inventory is a current asset for the company. It is the total cost of inventory in hand…

Q: On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011. The…

A: Cost of Sales = Beginning Inventory + Net Purchases + Freight Inwards - Ending Inventory

Q: Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200…

A: Perpetual inventory system is that inventory system in which all transactions related to purchase…

Q: The Reuschel Company began 2016 with inventory of 10,000 units at a cost of $7 per unit. During…

A: 1.The cost of goods sold under LIFO.

Q: compute the correct amount of inventory to be reported in the statement of financial position on…

Q: As a result of taking a physical inventory count on December 31, 2016, the Mona Lisa Company…

A: Closing stock: It is the value of unsold goods at the end of an accounting period is termed as…

Q: Your review of Mine Company's inventory and related records for the year revealed the following…

A: Opening inventory (O) = 450000 Purchases (P) = 3150000 Sales = 4200000 Gross profit ratio = 30%…

Q: Gage’s accounting records included the following information: Inventory, 01-01-15…

A: Estimated loss from any shoplifted items:

Q: Below is a partial listing of the adjusted account balances of Atlantic Department Store at year end…

A: Multi-step Income Statement: It shows a detailed bifurcation of the revenues and expenses and shows…

Q: On December 31, 2010, what is the estimated cost of missing inventory?

A: Net sales = Sales - sales discount - sales return = $3,400,000 - 20,000 - 30,000 = $3,350,000 Cost…

Q: At December 31, 2016, McGlaggen Corporation reported current assets of $638,000 and current…

A: SOLUTION-A COMPUTATION THE CURRENT RATIO BASED ON MCGLAGGENS BALANCE SHEET CURRENT RATIO =…

Q: Stone Company had the following consignment transactions during December 2011:Inventory shipped on…

A: Note: Under Sales under consignment method, Goods sent on consignment is also included in the…

Q: Brooke Company used a perpetual inventory system. At the end of 2012, the inventory account was…

A: Introduction: The total amount your organisation paid as a cost directly tied to the selling of…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Explanation

VIEW

Anwer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).
LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnover
Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.
6.The following data were available for ABC Corp at Dec 31, 20X2:Net purchases P345,000Inventory, Dec 31 P50,000There was an decrease of the inventory by 6,000 at year endHow much was the inventory at Jan 1, 20X2? 6,000 44,000 50,000 56,000
3. Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso? a. 201b. 210c. 230d. 204
Ma3. Hall Inc. has beginning inventory of 100,000 units (cost of $15 per unit) accounted for using the LIFO inventory method. During the year, the company sold more items than purchased, causing the ending inventory balance to drop to 65,000 units. Assuming a tax rate of 25%, and a current replacement cost of inventory of $28 per unit, what is the LIFO liquidation effect on after-tax income? Select one: a. $341,250 b. $455,000 c. $633,750 d. $113,750
Ma3 The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 16,000 units at a cost of $7.00 per unit = 112,000 During 2018, inventory quantity declined by 18,000 units. All units purchased during 2018 cost $8.00 per unit. -Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material.
37. Current statements for Millie Company reveal the following: beginning and ending inventory balance of P730,000 and P770,000, respectively, sales of P15 million, and, a gross profit ratio of 66 2/3%. What is Millie Company's days' sales in inventory ratio?
E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)