An analysis of the components of ending inventory account of Hue Company on December 31, 2020 disclosed the inclusion of the following items: Merchandise in transit purchased on terms: FOB shipping point P165,000 FOB destination 100,000 Merchandise out on consignment at sales price (including markup of 30% on cost) 195,000 Merchandise sent to customer for approval (cost of goods, P30,000) 40,000 Merchandise held on consignment 35,000 The inventory account at December 31, 2020 should be reduced by: a. P355,000 c. P203,500 b. P190,000 d. P222,000

Q: At December 31, 2021, Bosan Corporation has 4,900 units of Model 63 and 3,500 units of Model 64 in…

A: The inventory value is calculated as lower of cost or Net realizable value.

Q: Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the…

A: Conventional retail inventory method is related upon the relationship between cost of product and…

Q: EEE Company used a perpetual inventory system. At the end of 2020, the inventory account was…

A: All costs and expenses directly associated with the production of goods are included in the cost of…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

Q: What is the correct inventory? a. 4,400,000 b. 4,190,000 c. 4,160,000 d. 4,100,000

A: Correct valuation of inventory is very much important in order to find out correct profit / loss of…

Q: Williams Company had the following balances and transactions during 2020: Beginning Inventory 20…

A: Ending inventory refers to the amount of inventory left with the business at the end of accounting…

Q: Moss Company has determined its December 31,2019 inventory on a FIFO basis to be P4,000,000.…

A: LCM or the lower of cost or market method is used to value a company’s inventory. The inventory is…

Q: Maridel Company revealed inventory on December 31, 2019 at P3,250,000 based on a physical count…

A: Following is the answer to the given question

Q: At December 31, 2020, Jefferson, Inc. had inventory on hand amounting to $270,000. The following…

A: Cost of Goods sold on FOB destination = Sales price / (1+ Gross profit rate) = $12,000 / (1 + 0.25)…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: computation of inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO…

Q: The inventory on hand on December 31, 2019 for SM Entertainment is valued at a cost of P3,000,000.…

A: Inventory on hand on 31st December 2019               3,000,000 LESS:   (A)goods purchased in…

Q: At December 31, 2021, the accounting staff of Persimmon Company submitted an inventory list that…

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

Q: Covid Company used a perpetual inventory system.  At the end of 2020, the inventory account was…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

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

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

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: 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: On January 1, 2020, Goodbye Electronics Outlets adopted the conventional retail method of…

A: Net markup=28,500-3,500=25,000

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: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: To compute dollar value LIFO inventory, first we compute  price index for every year by…

Q: On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A:

Q: Kumar Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,000 at both cost and…

A:

Q: Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The dollar value method to valuate the LIFO inventories , is a method which determines the cost by…

Q: Empty Company reported inventory on December 31, 2019 at 2,500,000 based on physical count priced at…

A: The valuation of inventory at the end of the period includes the physical inventory available with…

Q: The Apollo Company conducted a physical count on December 31, 2021 which revealed in inventory with…

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

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Under FOB shipping point, the ownership of goods transfers from owner to buyer as soon as they are…

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Inventory is the current asset that is reported in the balance sheet of the company.

Q: Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods…

A: The term inventory refers to both the raw materials utilized in production and the finished goods…

Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…

A: Inventory means the goods are kept by a business with an intention of further production or sale.…

Q: Retail Inventory Method EKC Company uses the retail inventory method. The following information for…

A: Definition:

Q: 00,000. The perpetual inventory records showed an ending inventory of P840, 000 for 2020. A physical…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: The December 31, 2021, year-end inventory balance of the Raymond Corporation is $234,000. You have…

A: Notes: Consignment merchandise should be added to the inventory balance as it is part of the…

Q: omith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Calculation of Ending Inventory In  cost to retail method there are different method which are…

Q: Inventory, January 1 Inventory on hand, December 31 Inventory out on consignment, December 31…

A: The carrying value of goods sold during a period is called cost of goods sold.

Q: The inventory on hand on December 31, 2019 for SM Entertainment is valued at a cost of P3,000,000.…

A: Inventory refers to the stock that the company held for resale purposes and is expected to be sold…

Q: The Yes Company values its inventory by using the FIFO retail method.. The following information is…

A:

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 Relief Goods Corp. reported profit before taxes of ₱370,000 for 2019 and ₱526,000 for 2020. A…

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

Q: Vogts Company sells TVs. The perpetual inventory was stated as P 28,500 on the books at December 31,…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: The inventory account of Nike Trading at December 31, 2019 included the following items: Goods…

A: Answer Calculation of Inventory account should be reduced by, at December 31, 2019 Particulars…

Q: Study the information provided below and calculate the expected value of closing inventory as at 31…

A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…

Q: The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have…

A: FOB Shipping point:   FOB Shipping point means that the buyer pays all costs incurred for the…

Q: Henderson Co.'s perpetual inventory records indicate that $382,800  of merchandise should be on hand…

A: Physical inventory on hand= $ 371000 Records indicate inventory on hand = $ 382800 Cost of goods…

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: ABC company has the following information is available for June 2019: Cost Retail Inventory, 1 June…

A: Cost to retail ratio  Opening Inventory at Cost + Purchases at Cost  - Purchase return at…

Q: The following items were included in Diego Company’s inventory account on December 31, 2020:…

A: A consignment agreement is one in which items are left in the hands of a third party who is allowed…

Q: At December 31, 2021, the accounting staff of Persimmon Company submitted an inventory list that…

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

Q: Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods…

A: Included in the physical count were goods billed to a customer FOB shipping point on December 31,…