djusto Corporation (which is on a December 31 fiscal year-end) engaged in the following transactions during 2019 and 2020: 2019     Nov. 1 Issued a 120-day, 12% note, face value of $20,000, to Johnson Company to settle an open account of that amount. Dec. 1 Issued a 90-day, 12% note, face value of $32,000, to Winslow Corporation for the purchase of merchandise (the perpetual inve

Q: Korah Corporation signed a three-month, zero-interest-bearing $152,205 note on November 1, 2021 for…

A: Difference between purchase price and non interest bearing note is interest expense over 3 months…

Q: eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2)…

A: Weighted Average Unit Cost = Total Cost of Inventory / Total Units in Inventory   Units Unit Cost…

Q: During 2021, Claneverium Corporation transferred inventory from its home office to its Laguna branch…

A: Working:

Q: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system.The account…

A: Journal entries refer to the process of systematically recording the financial transactions of a…

Q: Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2022,…

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

Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…

A: Journal entries- Journal entries refer to the authorised book of a corporation which is used to…

Q: An entity sells inventory with a list price of P10,000 under credit terms of 20%, 10%, 2/15, n/30.…

A: Accounts receivable is the amount receivable from the customers upon credit sales. Companies will…

Q: Cullumber Company’s balance sheet at December 31, 2021, is presented below. Cullumber Company…

A: Trial balance is the list of accounts having balances at the end of a…

Q: On January 1, 2020, Cookie Company prepares financial statements annually. During the year the…

A: Accrued interest expense is one of the liability for the business. It means interest expense…

Q: Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2019,…

A: Income per year = (Value under FIFO Method - Value Under Cost Method) / No.of year

Q: On September 14, 2022, Blossom Company sells merchandise valued at $20000 on account to Pacifica…

A: Blossom’s entry on that date is: Account titles and explanation Debit Credit Cash $19400…

Q: The following independent situations relate to inventory accounting. 1.    Kim Co. purchased goods…

A: As you posted multiple questions we are answering only one question that is first question kindly…

Q: The ace company completed the following transactions during 2020. Jan 10 sold inventory to Natty…

A: Bad debts is an estimated amount of uncollectable accounts receivable that is written off in the…

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

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

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: The goods shipped to customer FOB shipping point, should not be included in inventory after the…

Q: How much is the adjusted balance of inventory?

A: Inventory is that portion of current asset which is held for the purpose of sale and generating…

Q: Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which…

A: comparative income statements of Kenseth Company for the years 2020 and 2019 :

Q: The following inventory transactions took place near December 31, 2021, the end of the Rasul…

A: A transaction is a formalized agreement between a buyer and a seller to transfer things, services,…

Q: The following are selected 2020 transactions of Blue Corporation. Sept. 1   Purchased inventory…

A: Date General journal Debit Credit Sept. 1 Purchases $46400…

Q: On July 1, 2018, the Foster Company sold inventory to the Slate Corporation for $300,000. Terms of…

A: 1.

Q: To purchase inventory on January 1. 2021, Safeway signed a $600,000, three-year, noninterest-bearing…

A: Inventory is classified as current asset in the balance sheet of the company. Inventory can be…

Q: The following are selected 2020 transactions of Astin Corporation.   Sept. 1 Purchased inventory…

A: a. Required journal entries:

Q: Korah Corporation signed a three-month, zero-interest-bearing $152,205 note on November 1, 2021 for…

A: The journal entries are prepared to keep the record of day to day transactions of the.

Q: On the December 31, 2020 statement of financial position of Babe Co., the current receivables…

A: Account receivable refers to those which involve the items that are expected to be collected within…

Q: Shahi Foods & Spices Company purchased goods for OMR 25,000 and sold 70% of such goods during the…

A: Prudence concept says that if there is any anticipated profit , then it should be ignored but if…

Q: 2 Notes Payable On December 1, 2019, Insto Photo Company purchased merchandise, invoice price…

A: Journal entry: A journal entry is a record of the business transactions within the accounting books…

Q: The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul,…

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

Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…

A: The answer is as fallows

Q: The following are selected 2020 transactions of Teal Corporation. Purchased inventory from Ripken…

A: Balance Sheet is the part of financial statement which shows the financial position of the Company…

Q: "On January 1, 2019, the general ledger of Global Corporation included supplies of $1,000. During…

A: SUPPLIES EXPENSE FOR THE YEAR :  = OPENING BALANCE OF SUPPLIES + PURCHASED SUPPLIES DURING THE YEAR…

Q: On January 1, 2019, A Company purchased inventory with a list price of P4,400,000 and a cash price…

A: The carrying amount of the note on initial recognition is equivalent to the cash price of inventory.…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Liquidated units = 85,000 - 80,000 = 5,000 units

Q: Royal traders LLC accounting records shows the following for the year ending on 31 December 2019,…

A: Net cost of purchases means net amount payable to supplier after all returns and discounts and…

Q: n November 1, 2019, Sherman Company sold $20,000 of merchandise inventory to a customer that…

A: When the goods are sold on credit, interest is charged from the customer for the delay made by him…

Q: You took a physical inventory for your sole proprietorship at the close of business on July 31,…

A: As on 31.07.2019, Closing inventory = P205000 Opening inventory = ? During July month, Sales =…

Q: Blossom Company’s balance sheet at December 31, 2021, is presented below. Blossom Company Balance…

A: In case of multiple sub-parts, only first 3 sub-parts need to be answered.

Q: he company completed the following transactions during 2020. Jan 10 sold inventory to Natty…

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

Q: The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul,…

A: As per the guidelines, only one question is allowed to be sold. Please upload different questions…

Q: During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020,…

A: Particulars At Cost At Retail Beginning Inventory  $       127,600  $       256,800 Net…

Q: The following are selected 2020 transactions of Wildhorse Corporation. Sept. Purchased inventory…

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

Q: The Mylene, Inc. began operating at the beginning of the calendar year 2020 and, using the…

A: The installment method of accounting is a method used to recognize revenue to evaluate deferred…

Q: Lumen INC. is preparing its 2021 year-end financial statements. Prior to any adjustments, inventory…

A: Closing value of inventory is very much necessary for the company to compute as it helps the company…

Q: On january 1, 2020, scatter co. acquired inventory with a list price of p1,300,000 and a cash price…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry…

Q: Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

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

Q: Shahi Foods & Spices Company purchased goods for OMR 25,000 and sold 70% of such goods during the…

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

Q: On August 31, 2018, the Silva Company sold merchandise to the Bendix Corporation for $500,000. Terms…

A:

Q: Morton Company uses a perpetual inventory system. On December 1, 2019, the company purchased…

A: The term discount indicates that the buyer can take the discount of a certain percent if he paid all…

Q: Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory…

A: Note acts as a promissory note through which issuers promise to receiver that he or she will repay…

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.