Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.  Date Blankets Units Cost May   3 Purchase 5  $14         10 Sale 4         17 Purchase 12    15         20 Sale 5         23 Sale 3         30 Purchase 12    19  Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the lifo  inventory cost method

Q: View Policies Current Attempt in Progress During 2017, Teal Furniture Company purchases a carload of…

A: Gross profit is calculated by deducting the cost of goods sold from sales. It is a profit before…

Q: The Conceptual Framework for Financial Reporting addresses fundamental issues including Group of…

A: Solution Concept Conceptual framework is the accounting framework that provides the basis for the…

Q: The firm with the largest ratio of fixed costs to total costs automatically gets the greatest…

A: Lets understand the basics. Fixed cost is a cost which is fixed over a period of time. It includes…

Q: Explain with examples, the 4 types of expropriatio for minority shareholders, namely:

A: Minority shareholders refer to those shareholders who own less than 50% of the total shares of a…

Q: Matubig Corporation is VAT registered and a holder of franchise from the government engaged in the…

A: ANSWER Here in this question Matubig corporation is a holder of franchise from government in the…

Q: Below are summary numbers for 2020 and 2021 for S-Mart Ltd. (in million dollars). 2020 2021e…

A: Free cash flow- FCF (free cash flow) is a measure of how much cash a company generates after…

Q: Use the following information for the Exercises below. (Algo) [The following information applies to…

A: The financial statements are prepared by the business entity to show the performance of the…

Q: The amortization of prior service costs will affect the pension expense for the period along with…

A: explanation of above statement are as follows

Q: 62.  Statement of Financial Position   2021 2022 2023 Assets    Current Assets   Cash and…

A: The domestic corporation tax in the Philippines is 25%.  Although if the total assets are less than…

Q: . On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…

A: The value of goodwill is calculated by reducing the carrying value of liabilities from the fair…

Q: Cullumber Corporation is about to issue $1.120,000 of 9-year bonds that pay a 5% annual interest…

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

Q: An entity is preparing its financial statements for the first time in accordance with PFRS for SMEs…

A: Financial statements are the reports presenting the financial position and profitability of an…

Q: how much is the non-controlling interest in net assets as of December 31, 2022?

A: P Company is the holding company of S company. P company holds 80% shares in S company. The shares…

Q: an economic life of 5 years. Sales for 2021 amounted to P3 its economic life are expected to be…

A: Solution Calculation of software carrying value on 31st Dec, 2021 Software value on  1st Jan, 2021…

Q: Celgene Corporation purchased all of Receptos, Inc's outstanding stock for $7.6 billion in cash on…

A: Small business units are united to form a new combined unit, which is referred to as a business…

Q: Mark Company quarries limestone, crushes it and sells it to be used in road building. Mark paid…

A: Depletion is a non-cash expense which is recorded in the books to reduce the cost value of assets.

Q: The interest expense of the lessee during the year when payment is made in advanced shall be: Group…

A: Lease liability is shown in the statement as the present value of future lease liabilities that are…

Q: Provide a data analysis of the liability part of the financial statement.

A: Introduction: A financial statement is a compilation of your company's financial information.…

Q: The period of time during which capitalization of interest begins and when capitalization of…

A: As per IFRS, Capitalization begins when the entity first meets all of the following conditions:––…

Q: 2020. 2. Prepare the correcting entry assuming the error was discovered in 2021 before the adjusting…

A: Straight-line depreciation The simplest direct approach for determining an asset's loss of value…

Q: RELEVANT DECISION MAKING Barkworth Ltd produces a single product. The company has 10,000 machine…

A:

Q: 4. When her granddaughter was born, Melay invested P 20 000 at 12% compounded quarterly. How much…

A: In the given question, P 20,000 is invested today at 12% compounded quarterly for 18 years. Since…

Q: A lease agreement whereby the lessee recognized rent expense which is always equals to the rent…

A: The lease is a type of agreement between the lessor who is the asset owner and the lessee who takes…

Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…

A: As per IAS 8, Accounting policies,Changes in accounting estimates and errors A change in legal life…

Q: Benoit Company produces three products—A, B, and C. Data concerning the three products follow (per…

A: The contribution margin is calculated by deducting the variable cost from the sales revenues of the…

Q: 9- The direct costs are: a. apportioned to products/centres b. absorbed by products c. traced to…

A: Cost is normally categorised as a direct cost and indirect cost. Direct costs are those cost that is…

Q: How would the declaration and subsequent issuance of a small stock dividend affect share capital and…

A: Small stock dividend means the issue of shares less than 25% of the total outstanding shares in the…

Q: When it is probably that future economic benefits associated with an asset will flow to the entity,…

A: As per IAS 8, Accounting policies, changes in accounting estimates and Errors A change in accounting…

Q: a) Prepare Machi

A: Depreciation of assets has to be calculated and it will reduce the cost of the asset. Assets will be…

Q: Which is TRUE in 8% preferential tax? S1: Nicanor, a VAT-registered taxpayer with gross sales of…

A: Here discuss about the details of the option to get the 8% preferential taxes which are applicable…

Q: Juan Company purchased four convenience store buildings on January 1, 2015 for a total of…

A: Impairment is done when book value of an asset is more than it's recoverable value. In that case the…

Q: The objective of preparing Income Statement of partnership is: a. To show the interest on capital of…

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

Q: Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following…

A: Answer:- Meaning of liquidation of partnership:- Liquidation of the partnership generally occurs…

Q: On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…

A: Goodwill: When one firm is acquired by another, there is often a transfer of goodwill, which is an…

Q: Which of the following is true? Non-deductible expense is deducted to financial income in computing…

A: Solution Concept Deferred tax asset or deferred tax liabilities shall be recognized when there is…

Q: A company has the following data at the end of the current year: 200,000 207,000 $15,000 Number of…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: 17. Most lease agreements between landlords and tenants are classified as an estate for years. True…

A: Lease is a contract made between party who transfer land, property, and services to the another…

Q: A taxable income always results when a. none of the choices. b. revenues exceed the cost of goods…

A: Taxable income is the value at which the tax is calculated by the company.It is calculated by…

Q: Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021.…

A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…

Q: On January 1, 2019, Chiz Company acquired equipment to be used in its manufacturing operations. The…

A: Depreciation is charged on asset due to wear and tear, obsolescence, new technology, etc.…

Q: Statement 1: The lessor will recognized the same gross profit whether the residual value is…

A: Lease Accounting In the lease account which are involved both the parties like lessor and the lessee…

Q: Coke Company had 2 million shares of common stock outstanding all through 2020. On April 1, 2021, an…

A: Formula: Earnings per share = (Net income - Preferred dividend) / Weighted average outstanding…

Q: 00,000 d revenue from subscri

A: The deferred revenues from subscriptions account accounts for subscription fees which was received…

Q: What is preferred stock and common stock?

A: The term "stock" refers to a company's ownership or equity. Common stock and preferred stock are the…

Q: Cost of Goods Sold $164,000 Income Tax Expense 17,470 Merchandise Sales (gross revenue) for Cash…

A: Formula for Calculating Gross profit: Gross Profit = Net sales revenue - Cost of goods sold

Q: At the beginning of the current period, Ayayai Corp. had balances in Accounts Receivable of $300,000…

A: For credit sales we should debit Account receivable account and credit sales revenue account.

Q: An engineering study performed in 2021 indicated that on January 1, 2021, 7,500,000 tons of…

A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…

Q: In a sale-leaseback transaction, the lease liability is equals to: A. PV of lease payments accruing…

A: Sale and leaseback transaction refers to the transaction where the asset is first sold by the seller…

Q: Documentation expenses related to the copy acquisition, 1.5M • Operational loss (studio time lost…

A: Copyright is a such type of asset which falls under the category of the assets under the intangible…

Q: Sequoia Furniture Company's sales over the past three months, half of which are for cash, were as…

A: A. Collection period is 60 days. Half of the sales of each month are credit Thus credit sales of…

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.