For the Quick Response Company, the inventory turnover is 20 and the average inventory is   BD 1,132,500 while the annual demand for their basic material is 650,500 units. Find the annual cost of goods sold.

Q: C&A has on average $6000 in inventory and its daily sales are $200. What are C&A's weekly inventory…

A: C&A's weekly inventory turns = (No. of days x daily sales ) / Average inventory

Q: 9. The balance of work in process inventory account as of December 31, of the current year of…

A: Balance of WIP = P480,000 Selling price = P450,000 Cost of completion = P10,000 Cost to sell =…

Q: The accounting records of Amp Electronics show the following data.     Beginning inventory 4,000…

A: Total units available for sale = Beginning inventory + Purchases = 4,000 units + 7,000 units =…

Q: A company’s sales are $550,000 and cost of goods sold is $350,000. Beginning andending inventories…

A: Average inventory = ($27,000 + $38,000) / 2  = $32,500

Q: The following data are available from the records of ABC Corporation.…

A: Cost of goods sold = Annual sales × Cost percentage= Ᵽ 396,000 × 70%= Ᵽ 277,200   Inventory…

Q: Determine the cost of the December 31 finished-goods inventory. 2. Compute Mason’s net income for…

A: The total production cost divided by number of units is called as average unit product cost.

Q: 9. Muscat company, reported the following results for January: Number of units 10,000 Selling price…

A: Merchandise used = Beginning Merchandise  + Merchandise  purchased - Ending Merchandise  = $5000 +…

Q: Use the following information for Problems 32 and 33.Tristan, Inc., uses the LIFO cost-flow…

A: Cost of goods sold (LIFO) = 8000 units purchased for $40 per unit + 1500 units from beginning…

Q: 39. The gross profit of Reade Company for each of the years ended December 31, 20OPY. and 20CY, are…

A: We have to find the change in gross profit due to a change in selling price. The Cost of goods sold…

Q: A company has an average inventory on hand of P100,000 and the days in inventory are 73 days. What…

A: Days in inventory=Average inventoryCost of goods sold×365 days

Q: Altis Company reported the following information for the currentyear: Sales (100,000 units atP150).…

A: The cost of goods sold means the cost of producing the goods which are being sold by the…

Q: Allison Co. has a beginning inventory costing $90,000 and an ending inventory costing $120,000.…

A: Inventory Turnover Ratio = (Cost of merchandise Sold / Average Inventory)

Q: 25. W Company carried four items in inventory. The following per-unit data relate to these items at…

A: LCNRV stands for Lower of cost or Net Realizable value is defined as the method of inventory which…

Q: 10. Altis Company reported the following information for the current year: Sales (100,000 units at…

A: The direct costs of manufacturing the products produced by a corporation are referred to as the cost…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Last in first out (LIFO) method of inventory valuation gives preference to value of inventory…

Q: In the fourth quarter of Year 1, Beech Corporation produced three products (related to different…

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

Q: If the gross profit is 20% of net sales. How much is the gross purchases for June?     202,000…

A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…

Q: 7) Given the following data, what is the weighted-average cost of ending inventory for a periodic 7)…

A: A weighted average method is one of the methods used for the valuation of inventory. These are based…

Q: Sugar, Incorporated sells $938,600 of goods during the year that have a cost of $797,200. Inventory…

A: Inventory turnover ratio is an efficiency ratio that measure how fast an entity is able to sell its…

Q: Oman ceramics LLC has average inventory conversion period of 72 days, average payment period of 62.5…

A: The average collection period is the time taken by the business to receive the payments from its…

Q: Use the following information for Problems 32 and 33.Tristan, Inc., uses the LIFO cost-flow…

A: Total goods available for sale = Beginning inventory + Purchases = 2,000 units + 8,000 units =…

Q: . Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail…

A: inventory turnover ratio tell us how many times inventory has been utilized to convert into sales.

Q: 8. Celine Company provided the following data relating to an inventory item. Unit cost Total cost…

A: Perpetual inventory system is system of checking the inventory constantly throughout the year like…

Q: 3. Tree and Shrub Nursery has a store inventory that is one half the recommended inventory turnover…

A: Inventory Turnover - The Inventory Turnover ratio indicates how many times an organization's…

Q: The following information is about a company's inventory costs. Total cost to place one order Total…

A: Economic Order Quantity   This is the quantity of purchasing stock where the cost to placing order…

Q: 5. If a firm's cost of goods sold is $5 million and its inventory turnover is ten times, what is the…

A: Inventory turnover Ratio: It is a measure of the number of times inventory is sold in a year and is…

Q: Your company sells $469,300 of goods during the year that have a cost of $398.600. Inventory was…

A: Inventory turnover ratio is a form of efficiency ratio, which shows how many times inventory is…

Q: INVENTORY MANAGEMENT 1) Lakeside Market sells 848 units of an item priced at $49 each year. The…

A: Since more than one question is posted answer for only first question is provided here. If you need…

Q: 6-9 P company has developed the following data to assist in controlling one of its material…

A: *As per the guidelines, in case of interlinked answer first 3 only   1. Reorder point= (Average…

Q: 21. A company has two pieces of Inventory, A and B. Inventory A cost the company P40 per unit and…

A: The inventory should be reported at the lower of cost or market, subject to a ceiling and floor.…

Q: A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual…

A: Answer -    Calculation of number of reorders to be made each year: EOQ=√2DO / C =√2(1,000)(30) /…

Q: he annual production capacity of Enterprise A is 20,000 units. For the year 2020 of the enterprise;…

A: Fixed cost are of two types (1) Individual fixed cost or specific fixed cost (2) common fixed cost…

Q: On December 31st, Datton, Inc. has cost of goods sold of $540,000. ending inventory is $100,000,…

A: Accounts payable turnover is the ratio which is used to measure the rate at which the entity is…

Q: 9.Your review of ABC Company's inventory and related records for the year revealed the following…

A: Cost of goods sold - Cost of Goods Sold is the cost incurred to sell the goods to the customer. The…

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

A: Inventory: The inventory is an asset to the business. The asset is a benefit or resource that has a…

Q: The order cost per order of an inventory is OMR. 60 with an annual carrying cost of OMR. 4 per unit.…

A: The quantity of order to be made is determined by calculating the EOQ, where the costs borne will be…

Q: An organization has an inventory order quantity of 20,000 units and a safety stock of 4,000 units.…

A: Solution: Annual inventory carrying cost = Average inventory level * Carrying cost per unit per year…

Q: The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at…

A: Inventory turnover: It is the rate at which the company sells its inventory. Calculating inventory…

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.