Computers's Merchandise Inventory account at​ year-end is showing a balance of $43,000. The physical count of inventory came up with $42,500. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system.​

Q: Use the information in the table below to answer the questions that follow. April 1 Inventory 100…

A: Ending Inventory=Units available-Units Sold×Cost per unit

Q: Layla Company uses the periodic inventory system. Layla started the period with $22,000 in…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

Q: Assuming that net purchases cost R250 000 during the year. The closing inventory was of R4 000, and…

A: Answer purchases cost =  R250 000 closing inventory = R4 000 Opening  inventory = R30,000

Q: COVID Co's fiscal year ends on December 31. COVID determines inventory quantity by a physical count…

A: Explanation 1) Included: Gooods are purchased terms fob shipping point on Dec 24 no mattter that…

Q: COVID Co's fiscal year ends on December 31 COVID determines inventory quantity by a physical count…

A:

Q: A company reports the following:   Cost of goods sold $4,788,800   Average inventory 292,000 Round…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: A merchandising company’s ledger on May 31, its fiscal year-end, includes the following accounts…

A: Journalize the entries in the following way:

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

A: 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: 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: 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: Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts…

A: Inventory shrinkage indicates loss of inventory by normal wear and tear e.g. due to evaporation in…

Q: . A record of transactions for the month of September was as follows:   Purchases   Sales May 1…

A: FIFO is first in first out inventory method in which inventory which is purchased first will be sold…

Q: Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost…

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

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: A company just starting a business purchased three inventory items at the following prices: March 2,…

A: Under average cost method, cost per unit of inventory is calculated by adding all the inventory cost…

Q: JELLY'S BEAN uses the perpetual inventory method. On May 1, it purchased ₱20,000 of inventory, terms…

A: Credit term 2/10, n/30 means if payment is done within 10 days from the date of invoice a discount…

Q: The company has the ff account balances at the end of the year: COGS: 60,000; Sales Revenue:…

A: ADJUSTING ENTRIES IS AN ENTRY MADE IN COMPANY'S LEDGER TO CORRECT A MISTAKE MADE PREVIOUSLY IN THE…

Q: 5) The trial balance for a merchandiser, before the journal entries below, is as follows. A physical…

A:

Q: 3. Gingerbread, Corp. presents the following information for inventory purchases and sales…

A: Under FIFO method the goods which bought first will be sold first, irrespective of subsequent…

Q: Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a begin-ning…

A: Cost of goods sold (COGS) = Net sales - Gross profit = $26,000,000 - $15,000,000 = $11,000,000

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns…

A: Setting up of T accounts : Merchandise inventory (amount in $) Particulars Debit amount…

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

A: 1.

Q: Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its…

A: The cost of goods sold(COGS) comprises all the direct expenses such as direct material, direct…

Q: Suppose at December 31 of a recent year, the following information (in thousands) was available for…

A: Inventory turnover ratio indicates in how many times a company sold its inventory during a…

Q: A company reports the following:   Cost of goods sold $3,960,250   Average inventory 255,500 Round…

A: Inventory Turnover = Cost of goods sold/ Average Inventory Number of days sales in Inventory =…

Q: Inventory at the beginning of the year cost $13,400. During the year, the company purchased(on…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: Study the following data. Transactions for the month of June were: Purchases Sales June 1 (balance)…

A: The inventory valuation is based on different methods such as FIFO, LIFO, Weighted average, or…

Q: Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts…

A: Inventory shrinkage = Inventory as per books - Inventory as per count = $44800-42950 = $1,850

Q: Required: a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for…

A: Under the perpetual FIFO method, entry is recorded after every transaction of purchase and sale…

Q: Fearless Company began operations at the beginning of current year. The following information is…

A: The accounts receivables are the accounts made by credit sales to customers.

Q: Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that…

A: Perpetual inventory system is an inventory system in which all transactions related to inventory…

Q: Use the information in the table below to answer the questions that follow. April 1 Inventory 100…

A: A perpetual inventory system is a method of inventory management that keeps track of inventory on a…

Q: Cost of Goods Sold and the Periodic System Kanzu Company uses the periodic inventory system. Kanzu…

A: Periodic inventory system does not continually modify inventory amounts, but instead periodically…

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Ibby Smith owns…

A: Journal entry become a base for the preparations of Ledgers accounts. After the preparations of…

Q: Old Mills's income statement appears as follows (amounts in thousands): E (Click the icon to view…

A: Cost of goods sold are the total cost incurred while manufacturing the goods that are sold during…

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Under perpetual…

Q: At year-end, the perpetual inventory records of Blue Company showed merchandise inventory of…

A: Perpetual inventory system is the system in which transaction to purchase and sale of goods are…

Q: Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts…

A: Closing entries are reported in the books to close the temporary accounts such as expenses and…

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

A:

Q: What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the…

A: The Numerical has covred the concept of Inventory Valuation Under FIFO, LIFO, Average Methode In the…

Q: Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of mer-chandise…

A: Journal entry is a record of financial transaction in the books of accounts maintained by the…

Q: 2. Gingerbread, Corp. presents the following information for inventory purchases and sales…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

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.