e following applied to Kate Company for the current year: Merchandise purchased for resale P5,000,000 Freight in 300,000 Freight out 100,000 Purchase return 50,000 Kate’s inventoriable cost was? Choices: P5,250,000 P5,000,000

Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…

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

Q: The following is data relative to 12/31/21 inventory Item Original Cost Replacement End Inv Per unit…

A: Market value is the middle of the following: Ceiling= NRV Floor= NRV - profit margin Replacement…

Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…

A: Under the FIFO method, the Retail ratio cost is calculated by taking the values of purchases.…

Q: 20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000…

A: Total cost of goods available for sale = Beginning inventory + net purchase + freight in Where,  Net…

Q: ABC sells one product which it purchases from various suppliers. ABC trial balance at December 20X1…

A: ABC sells one product which is purchased from various suppliers. At December 20X1, trial balance…

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

A: Coat of goods available for sale is calculated as sum of beginning inventory and purchase.

Q: Costs of $5,000 were incurred to acquire goods and make them ready for sale.  The goods were shipped…

A: Merchandise Inventory Merchandise inventory are refer as the goods which are acquired by any…

Q: Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases…

A: Cost of sales: Cost of sales is the manufacturing costs associated with the sold units. The cost of…

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

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

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: Answer the following questions. Show your solutions in good form. 1. Fenn Company provided the…

A: Cost of inventory includes -  cost of purchases  all direct expenses freight in and any returns will…

Q: ne following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…

A: COGS stands for Cost of goods sold states the direct costs for producing the goods sold through…

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: If the beginning finished goods -9 inventory 90 00O ID, ending finished goods inventory 65 000 ID,…

A: Cost of goods sold:-It is the cost of producing goods which involve all direct cost whether fixed or…

Q: ls inventory Details, beginning P80,000.00, Purchases P55,000.00, Freight In P5,000.00, Freight out…

A: Direct materials are materials that are consumed during the manufacturing process and directly…

Q: For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory…

A: The conventional retail inventories technique is focused on the cost-retail price connection of a…

Q: 19. Temple Co.'s records show the following information: Beginning inventory 60,000 500,000…

A: The cost of goods sold includes the cost of the goods that are sold during the period.

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: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: >Gross Profit is the excess of Net Sales over Cost of Goods Sold. >Also, if we deduct the…

Q: 16. Given the following information, calculate the gross margin %: Retail Cost $144,900.00…

A: Retail Inventory Method In the Retail Inventory method which given the details of the cost and…

Q: tarted the year with... fmerchandise inventory on hand. During the year, $440,000 in merchandise was…

A: The question is based on the concept of Cost Accounting.

Q: Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped…

A: Buyer’s total cost of merchandise inventory = Cost of goods purchased + Freight in + Additional…

Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…

A:

Q: Winner Company has two products with cost and selling price as follows:…

A: Solution Concept Under lower of cost or NRV method , The inventory is valued at lower of the cost or…

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: IS OHly p Cost $9 each. The CO petual inventory system and the FIFO cost method The following…

A: The answer is stated below:

Q: had cost of goods sold of $6,000 million, ending inventory of $2,500 million, and average inventory…

A: The ratio analysis helps to analyse the financial statements of the business on regular basis on the…

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: 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: 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: 6כ Bader Company has a beginning merchandise inventory of $15,000. During the period, purchases were…

A: The total cost of opening inventory and the manufacturing costs incurred during the year is the cost…

Q: 9. The following data is for the J.M Paculan Corporation: P600,000 42,000 77,000 Sales revenue…

A: *The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…

Q: Sales Sales returns Sales discount P739,000 P45,000 16,000 65,000 180,000 10,000 Inventory, beg.…

A: The income statement is prepared to find net income or losses incurred during the period.

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: he following information was derived from the 20x1 accounting record of Clem Co   Good in warehouse…

A: Total beginning inventory=Warehouse+Consignee=110,000+12,000=122,000

Q: Buzz Ltd has Sales figure of £8,200, opening Inventory of £1,300, closing inventory £900, purchases…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

Q: Presented below is information related to XYZ, Inc. Cost Retail Beginning inventory Purchases $…

A: The retail inventory method is used by the retailers in case of resale of inventory.

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

A: Cost of goods available for sale is sum total of Beginning inventory and Cost of goods sold.  Cost…

Q: Selling price 2,000,000 3,000,000 Materials and conversion costs 1,500,000 1,800,000 General…

A: If the individual approach is taken the NRV of both the products will be calculated separately and…

Q: The partial income statements of five different companies are as follows: 1 2 3 4 5 Net Sales A D…

A: Gross profit = sales - COGS  Goods available for sale = Beginning inventory + Purchase  COGS = goods…

Q: A company uses the Economic Order Quantity (EOQ) model to establish reorder quantities. The…

A: We have the following information: Order costs = $25 per order Holding costs = 10% of purchase…

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: Assume Bela Donna's General Store bought, on credit, a truckload of merchandise from American…

A: Journal Entry for recording transactions: Date  Account title and explanation Debit Credit a.…

Q: Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000;…

A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…

Q: Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year,…

A: Given:  Beginning inventory -  $94,000 Purchase of merchandise - $435,000 Discount rate - 1% Freight…

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.