Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions duringOctober of the current year:Oct. 1 Purchases 100 Hummels at $50 each.Oct. 5 Sells 50 of the Hummels at $80 each.Compute Alberto & Sons’s gross profit for October.

Q: Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had…

A: Cost of goods sold:  Beginning Inventory $200     Add: Purchases $144     Less: Ending…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: Compute ending inventory units as shown below:

Q: The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Matthews Distributors is an award winning beverage distributor in the state of lowa. For the current…

A: Net sales = Total sales - Sales discount - Sales return - Sales allowance

Q: Langston’s purchased $3,100 of merchandise during the month, and its monthly income statement shows…

A: We know that cost of goods sold is  Opening stock + Purchases - Closing stock = Cost of goods sold…

Q: Le Kai Arts sells quality art work, with prices for individual pieces ranging from $1,000 to…

A: Inventory is the goods and material a business holds to sale. For recording inventory, there are two…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: 4. Alberto & Sons, Inc., a retailer of furniture, engages in the following transactions during…

A:

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: Companies often use one of three ways to calculate the cost of inventory. These are the following:…

Q: Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: Journalize the transactions for the month of October, assuming the company uses a: - Periodic…

A: A periodic Inventory System is a method of ascertaining the inventory by talking an actual physical…

Q: Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min’s…

A: Cost of goods sold is the total cost incurred on manufacturing the product during the year by the…

Q: A company starts operations on October 1, Year One, holding 400 units of inventory which fills its…

A: Given: Inventory cost per unit = $ 10

Q: Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month…

A: Formula: Net Sales = Total sales - sales returns. Deduction of sales returns from total sales…

Q: The earbuds are sold in cases, with each case containing a pair of earbuds.   The last quarter…

A: SOLUTION  A JOURNALIS A COMPANYS OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Q: . Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions…

A: Gross profit = net sales - cost of goods sold

Q: Catt sells goods at a margin of 50%. During the year to 31 March 20X3 the business made purchases…

A: We have the following information:  Goods are sold at a margin of 50% Purchases: $134,025 Sales:…

Q: Tamara Company began the year with three items in beginning inventory, each costing $4. During the…

A: Total sales = no. of units sold x sales price per unit = 7 units x $9 per unit = $63

Q: The consignee's book with the assumption that the profit from the consignment is not recorded…

A: Consignment way of selling goods is one of the methods to sell more and more goods in which the…

Q: In its first year of operation, Flip Co, which uses the perpetual method and records purchases at…

A: Income statement refers to the financial statement prepared to determine the profit or loss earned…

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment.…

A:

Q: Bramble Corp. began the year with 10 units of marine floats at a cost of $12 each. During the year,…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: Silver​ Crafts, Inc. purchases and sells bracelets. The following information summarizes the​…

A: Formula: Cost of goods manufactured = Opening inventory + Purchases during the period - Closing…

Q: SumOne Limited is a retail store with a 30 June year-end. The company recorded the following: 2021…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: SOLUTION- WORKING NOTE-1 SALES DURING THE QUARTERS- DATE PARTICULARS AMOUNT WORKING APRIL-30…

Q: On March 1, a company purchased 10 footballs for $5 each.  On March 11, the company purchased an…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: April 30 The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of…

A: (E) (i)   Total administrative cost of current inventory policy = $ 57,150 Working Notes : Given…

Q: Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The companyhad…

A: Periodic inventory system: In the periodic inventory system, the purchase and sale of inventory is…

Q: In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for…

A: Record the journal entries for the monthly sales, cost of sales:

Q: SumOne Limited is a retail store with a 30 June year-end. The company recorded the following: 2021…

A: The short-term provisions are referred to as the current liability which is expected to be settled…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: Working Notes: 1. Sales during the Quarters: Date   Working    April 30 Sales (75 units @…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: What is meant by FIFO inventory valuation method? Under FIFO method, the first purchased or…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: The perpetual inventory system is a system where the balances of inventory are updated continuously,…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: SOLUTION- JOURNAL ENTRY  IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF THE…

Q: 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of…

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is…

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

A: Calculation of total purchase: Particulars Amount Purchase on February 17 $210,000 Purchase…

Q: Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at…

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business…

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: Following is a perpetual inventory record, using the FIFO inventory costing method and company’s…

Q: During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid…

A: The cost of goods sold is the cost that can be assigned to the goods that are sold during the year.…

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: Journal entry is the primary entry that records the transactions initially.

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: Working: 1.  Purchases  = 90 bulbs * $6,850 each Bulb = $616,500 2. Freight-In = $800 each Bulb * 90…

Q: During its first month of business, Dig the Dogs, Inc. purchased $900 of hotdogs of which it paid…

A: Cost of goods sold:   It is the cost of a product to a distributor, manufacturer or retailer. The…

Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded…

A: Sales returns are return of goods from the customers to whom business has made sales.

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.