Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 12. what is the cost ratio if inventory is estimated using the LIFO retail method?

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Beginning Inventory + Purchases - Purchase discounts + freight in…

Q: Journalize the following transactions of Martinez Company for April in the journal page provided:

A: Under Perpetual Inventory System, Sales and Cost of Goods Sold transactions are recorded as and when…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Question 18 and 19: Presented below is information related to Carnation with, Incorporated:…

A: Retail inventory method:  Under this method, the closing stock of inventory is measured using the…

Q: uses the retail inventory method to approximate the lower of average cost or  market. The following…

A: Reatil inventory method is used to determine the valuation of inventory for a particular period of…

Q: Assume the perpetual inventory system is used. 1) Green Company purchased merchandise inventory that…

A: Given  Perpetual inventory system is used Payment terms = 2/10, n/30 Payment made in 10 days,…

Q: ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases…

A: Cost of sales refers to the total amount incurred by an entity for producing the product and selling…

Q: Information on Loud Co.'s inventory is as follows: Inventory beg.              80 ,000 Purchases…

A: Cost of goods sold(COGS) is the direct cost incurred in production of goods. It is derived by adding…

Q: ulate the average unit cost for the inventory table shown below. Cost per Retail price Total re…

A: Average unit cost: It is calculated by dividing the goods available for sale by the total cost of…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: The retail method technique is the one, which is used to estimate the ending inventory value using…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A:

Q: keygen Inc ending inventory $22,600; beginning inventory $21,400; cost of goods sold $198,000, and…

A: Formula for Inventory turnover ratio Inventory Turnover ratio=Cost of goods soldAverage Inventory…

Q: March 1 Merchandise inventory $310,000   $550,000 March 1–31 Purchases (net)       $307,250…

A: Cost-Retail Ratio:-This is a ratio calculated by dividing the cost of goods available for sales by…

Q: 2. Compute for the Cost of Goods Sold using the following: • Sales – P15,000 • Purchases – P2,000 •…

A: Here in this question we are require to calculate cost of good sold. Cost of goods sold is a cost…

Q: MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical…

A: The loss of inventory may occur due to various reasons as flood, theft, shrinkage, etc.

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio: Under retail inventory method, cost to retail ratio is used to value the…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: >Under the Retail Inventory method, the Inventory at the end is first calculated at Retail value.…

Q: Fainthearted Company provided the following information for the current year : COST RETAIL Beginning…

A: Particular Cost Retail Beginning inventory P750,000 P1,000,000 Add: Purchases P4,150,000…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: MC42 The following data is available for Corona Trading: Cost P 47,075 213,327 3,400 Retail P 70,025…

A: Cost of goods sold: Cost of goods sold refers to the expenses incurred by the company in order to…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Retail Inventory Method: This method is generally used by retailers to value the ending inventory.…

Q: Merchandise Inventory Sales 75,000.00 85,500.00 COGS 53,571.43 3,200.00 Gross Profit 21,428.57…

A: Inventory shrinkage: If the number of products in stock are lesser than those recorded on the…

Q: Ending Inventory at Cost 739,160 3,930,000 Goods Available for Sale at retail Sales Discount Net…

A: Answer) Calculation of Net Sales Net Sales = Gross Sales – Sales Discount Net Sales = 2,843,000 –…

Q: FIFO and LIFO Costs Under Perpetual Inventory System OBJ. 2, 3 The following units of an item were…

A: The following computations are done to evaluate the worth of ending inventory by FIFO and LIFO…

Q: 2. Manual Corp. determined the following information for the purpose of applying the retail method…

A: Inventory costing helps in determining the cost incurred on inventory.

Q: Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase…

A: Gross profit = net sales ×25% = 452000 ×25% = 113000

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for…

A: SOLUTION- INVENTORY COSTINGS HELPS IN DETERMINING THE COST INCURRED ON INVENTORY.

Q: Presented below is information related to Bobby Engram Company.   00Cost00 0 Retail0…

A:

Q: In each of the given separate cases, compute the Cost of Sales in good form: P 15,000 CASE 1:…

A: Case 1: Net purchases = Purchases  - Purchase discount - Purchase return & allowances =…

Q: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…

A: Gross profit is the profit from trading activity before adjusting the operational expenses. It is…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio is the ratio of cost of goods available for sale to retail cost of goods…

Q: Platinum Taco Shell Inc. uses a retail inventory method. Below is last year's data: Cost Retail…

A: Under this retail inventory method, the initial cost to retail ratio is computed first which is…

Q: 3.Lychee Company uses the retail method of inventory valuation. The following information is…

A: The ending inventory is the cost of inventory left in the business at end of period.

Q: how much is the ending inventory if the gross profit rate is 25%

A: Beginning Inventory + Purchases - Purchase Discount + Freight in + Gross profit = Closing inventory…

Q: If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000…

A: Solution:- Calculation of cost of goods sold as follows under:-

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Retail Method of Inventory Valuation is a method in the accounting system used to evaluate the value…

Q: Ace Bonding Company purchased merchandise inventory on account. The inventory costs $4,000 and is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Retail inventory method is the method of accounting, which is used to measure the estimate value of…

Q: Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the &biculations for gross margin…

A: A perpetual inventory system is a method of inventory management that records real-time transactions…

Q: Selected financial statement data from Western Colorādo Stores is shown below. Net sales Cost of…

A: 1. Gross Profit Ratio - The profit Margin ratio shows the profit included in the selling price of…

Q: Pertaining below is information pertaining to Polyphemos Corporation: Cost P 24,000 190,000 26,000…

A: In the Average cost method of inventory valuation, the Cost-to-retail percentage is computed for all…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: Ending inventory is the amount of inventory unsold at the end of the period. It is inventory carried…

Q: Webster Company uses the average retail method of inventory valuation. Following are the information…

A: Cost to retail ratio = P143000/ P300000) * 100 = 47.6667%

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.