At December 31, 2019, the following information was available from Crisford Company's books:     Cost Retail Inventory, 1/1/2019 $14,700 $20,300 Purchases 83,300 115,500 Net Additional markups — 4,200 Available for sale $98,000 $140,000 Sales for the year totaled $110,600; markdowns amounted to $1,400. Under the approximate lower of average cost or market retail method, Crisford's inventory at December 31, 2019, was:   a.$28,000 b.$21,560 c.$19,600 d.$30,800

Q: During 2021, a company sells 374 units of inventory for $94 each. The company has the following…

A: Under LIFO Method, cost of goods sold and value of ending inventory is calculated on the assumption…

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

A: Using LIFO method, the inventory at last would be sold first and old inventory would be in ending…

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: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A: In LIFO retail method, the ending inventory includes the beginning inventory plus the current year's…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…

A: The retail inventory method treats the finances of a small business as inventory rather than…

Q: Andover Stores uses the average cost retail method to estimate its ending inventory. Information as…

A: Estimated ending inventory is the amount of inventory that an entity might have at the end of the…

Q: MC41 Syvels Trading uses the retail inventory method to estimate inventory. accounting records for…

A: The retail inventory is a method of accounting which is used to estimate the value of merchandise…

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

A: Base year cost to retail percentage = ( Beginning inventory at cost * 100 / Beginning inventory at…

Q: Yaya Melody Company uses the retail inventory method to estimate its inventory for interim…

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

Q: Income Statement Calculations Taylor Company uses a periodic inventory system. The following is…

A: Since, Cost of goods sold = opening stock + Net purchases - closing stock

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: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: given that, Camp bell corporation uses the retail method to value its inventory.   ** cost of goods…

Q: Nuker Co. uses LIFO for its inventory. Under LIFO, Nuker's: • 2019 Cost of Goods Sold is $42,000 •…

A: LIFO is last in first out inventory method under which inventory which is purchased in last will be…

Q: At December 31, 2020, the following information was available from Sunland Co.'s accounting records:…

A: Ending inventory at cost = Inventory value * Cost to retail ratio

Q: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…

A: Cost of Goods Sold  It is the  direct cost  incurred in the production of any goods or services and…

Q: An analysis of the components of ending inventory account of Hue Company on December 31, 2020…

A: Solution: Profit portion on Merchandise out on consignment at sales price = 195000/ 130%*30% =…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Solution: Cost of goods available for sale = (110*$21) + (310*$25 + 310*$26 + 210*$29 + 110*$32) =…

Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from…

A: GIVEN   Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed…

Q: Sultan Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is the current asset of the company that includes the raw materials which are required to…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: Date No. of units Cost per unit Total cost Beginning inventory 165 units $23 $3795 March 15…

Q: . The inventory at January 1, 2019, had a retail value of $39,000 and a cost of $31,130 based on the…

A: Solution: Raleigh Department Store LIFO Retail Method   Cost   Retail Cost to Retail ratio…

Q: Wildhorse Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: LIFO means last in first out. Under this method of inventory valuation any the purchases which are…

Q: The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales…

A: Perpetual inventory system:   It is the inventory system that record each transaction of purchase…

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: a. The inventory at January 1, 2019, had a retail value of $51,000 and a cost of $38,060 based on…

A: The cost-to-retail ratio, also known as the cost-to-retail percentage, reveals what proportion of…

Q: Estimating Inventory Using Retail Inventory Method—Conventional Retail-Mart values its inventory…

A: conventional retail inventory method is a Inventory Valuation method used by Small businesses. This…

Q: Valuation of Inventory The inventory on hand at the end of 2019 forReddall Company is valued at a…

A: Under the FOB shipping point, goods sold by the seller become the property of the buyer once shipped…

Q: Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your…

A: The solution are as follows

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: Beginning inventory = Cost of goods sold + Ending inventory - (Purchases - Purchase returns) Gross…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A: Inventory valuation method includes: First In, First Out (FIFO) Method Last In, First Out (LIFO)…

Q: 1.. On January 2020, Roel Corp. Has the following inventory…

A: Hi student Since there are multiple questions, we will answer only first question.

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

A:

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: Price Index = Current priceBase year price×Base year price index = 3523×100 = 152.1739

Q: ABC Company uses the retail inventory method to estimate its inventory for interim financial…

A: Ending inventory refers to the stock value which remains at the end of the fiscal year or the year…

Q: Syvels Trading uses the retail inventory method to estimate inventory. accounting records for the…

A: Particulars Cost Retail Opening Stock 617,000 1,057,000 Purchases 1,281,000 2,158,000 Purchase…

Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base year…

Q: Stitch Ships Inc. has the following inventory purchases during the fiscal year ended December 31,…

A: Perpetual inventory system is that system, under which all purchases and sales related to inventory…

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

A:

Q: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019.…

A:

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: On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750…

A: Weighted average cost method- Under the weighted average cost method, cost per unit is calculated as…

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: Lol Company’s inventory account balance on December 31, 2019 was 360,000 and 30,000 of those goods…

A: Ending inventory for 2019 = inventory account balance + goods purchased on FOB shipping point =…

Q: Belrose Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Compute the Belrose’s estimated inventory at July 31, 2018, under the lower-of-cost-or-net…

Q: On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method.…

A: Ending inventory: Ending inventory is the value of the inventory remaining with the business at the…

Q: The records of Earthly Goods provided the following information for the year ended December 31,…

A: we know that,  cost to retail ratio = Cost of goods available for sale/goods available for sale at…

Q: Estimating Inventory Using Retail Inventory Method—Conventional Retail-Mart values its inventory…

A: Inventory balance at selling price at June 30, 2020 is as follows: Resultant table:

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: .Average cost : Cost of Goods available for sale Number of units Purchased

Q: Emily Corporation reports the following beginning inventory and purchases for 2019 Beginning…

A: FIFO and LIFO are the cost methods used to manage inventories, where FIFO stands for…

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.