Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Adjusting for inventory shrinkage Jeana’s Furniture’s unadjusted Merchandise inventory account at year-end is $69,000. The physical count of inventory came up with a total of $67,600. Journalize the adjusting entry needed to account for inventory shrinkage.

Q: Record the adjustment into T accounts and then journalize the adjusting entry.

A: Whenever there is decrease /increase of the physical inventory in comparison to the book value then…

Q: Best Hardware uses a periodic inventory system. Its inven-tory was $38,000 at the beginning of the…

A: Step 1  Perpetual Inventory management system, It is a system to manage the inventory and reconcile…

Q: Patricia Flynn owns a business called Patty's Place. The company uses a periodic inventory system.…

A: Journal entry is a type of book keeping, which record and report the financial transaction that…

Q: If a group of inventory items costing $15,000 had been omitted from the year-end inventory count,…

A: Goods Available for Sale=Beginning Inventory+PurchasesCost of Goods Sold=Beginning…

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Inventory turnover ratio is a ratio which determines how efficiently and effectively the inventory…

Q: periodic inventory control system

A: Under periodic inventory system, a single journal entry is required for recording sales. Under…

Q: Frisbee Hardware uses a perpetual inventory system. At year-end, the Inventory account has a balance…

A: Answer 1) It is given in the question that the inventory account shows the balance of $250000 but on…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

Q: For all exercises, assume the perpetual inventory system is used unless stated otherwise. Correcting…

A: Overstatement of ending inventory: If the ending inventory is overstated by accounting error, it…

Q: the following units of an item were available for sale during the year: Beginning inventory 25…

A: Solution-1                                               Fifo Mehod   Sno Receipt Issue Balance…

Q: d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of…

A: Part I d. Prepare the journal entry for inventory shrinkage for R Company.

Q: The Sherri’s Retail Shop uses the FIFO retail inventory method to determine its ending inventory.…

A: In this numerical has covered the concept of Retail Method of Inventory Valuation

Q: Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah…

A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…

Q: Assume the perpetual inventory system is used unless stated otherwise. Accounting principles for…

A: Given information is: Some of M and C Electronics’s merchandise is gathering dust. It is now…

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Frisbee Hardware uses a perpetual inventory system. At year-end, the Inventory account has abalance…

A: a.

Q: Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Cost $72 Nov 1 65 Nov 3 120 $60 65…

A: Cost of goods sold refers to the direct expenses involved in the production of the goods sold by a…

Q: Basga Company uses the periodic inventory system. Beginning inventory amounted to $135,961. A…

A: In Periodic inventory , the beginning inventory balance is written off by  debiting it  to income…

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: Easy Software uses a periodic inventory system. Its inventory was $36,000 at the beginning of the…

A: Cost of Good Sold - It is refer to the direct cost associated with production of goods or services.…

Q: Cost Retail Beginning inventory $ 47,000   $ 62,000   Net purchases   10,480     32,800   Net…

A: Under retail inventory method to estimate average cost  of ending inventory and cost of goods sold…

Q: Ramir Alindogan Catering 's Inventory showed a balance of P100,000 before the year-end adjustments.…

A: Hence the The physical count of goods on hand totaled P97,000 that is different than actual by P3000…

Q: u are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You have…

A: Periodic Inventory System - It updates ending inventory balance in the ledger when a physical…

Q: he units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @…

A: solution ending inventory             =7 units a inventory cost by FIFO =under FIFO the goods…

Q: Based on the following data for the current year, what is the inventory turnover? Sales on account…

A: Given: Inventory, beginning of year 39,811 Inventory, end of year 39,291 Cost of goods…

Q: Question: Considering the year-ending adjusting journal entries for the periodic inventory system.…

A: Formula: Cost of goods sold= opening inventory+purchases - closing inventory. Gross profit = sales -…

Q: The Wacky Widget Company uses a periodic inventory approach. The units of items avalible for sale…

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

Q: If 921 jackets were on hand on December 31, find the value (in $) of the ending inventory using the…

A: FIFO is one of the types of inventory valuation. FIFO means first in first out. Here, the goods raw…

Q: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

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

Q: The following units of an item were available for sale during the year: Beginning inventory 22 units…

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

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Periodic Inventory System: Periodic inventory system is an arrangement of stock wherein refreshes…

Q: You are the senior accountant for a shoe wholesaler that uses the periodic inventory method. You…

A: Periodic Inventory System - It updates ending inventory balance in the ledger when a physical…

Q: Frisbee Hardware uses a perpetual inventory system. At year-end, the Inventory account has a balance…

A: The following computations are done for the records of the inventory count of the Company.

Q: Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of…

A: Ans. As per FIFO method, the unit of goods which is purchased first is sold first. Hence, the name…

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

A: FIFO method of costing inventory states that the items purchased first will be sold out first, and…

Q: Click Computers's Merchandise Inventory account at year-end is showing a balance of $43,000. The…

A: The inventory shrinkage occurs when the physical count of inventory is less than the recorded value…

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A:

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A: Prepare adjusting entry:

Q: Hadison Company's perpetual inventory records indicate that $531,630 of merchandise should be on…

A: Solution:- Preparation of Adjusting journal entry for the inventory shrinkage for Madison company…

Q: Assume the perpetual inventory system is used unless stated otherwise.Accounting principles for…

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

Q: Jeana's Furniture's unadjusted Merchandise Inventory account at year-end is $69,000. The physical…

A: The shrinkage in inventory is treated as a normal expense and debited to the cost of goods sold.

Q: What is the cost-to-retail percentage to be used for ending inventory calculations

A:

Q: Suppose Dave’s Discount’s Merchandise Inventory account showed a balance of $8,000 before the year-…

A:

Q: On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: Uptown Department Store uses the perpetual inventory system and has ending inventory with a…

A: As per the LIFO method, the ending inventory is measured at cost or replacement cost whichever is…

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.