GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the records for the quarter ended March 31, 2020: Inventor -January 1 P650,000 PurchasesP3,200,000 Net sales P4,500,000 Purchase return P75,000 Freight in P50,000. What is the estimated cost of inventory on March 31, 2020?       A. P1,120,000       B. P1,125,000       C. P2,025,000       D. P2,700,000       E. answer not given

Q: Charlene Company uses the average cost retail method to estimate its inventory. Data relating to the…

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

Q: ABC Company's accounting records indicated the following information for 2020: Inventory, January 1…

A: Inventory is the stock of raw materials or finished goods held by a firm at a point of time.…

Q: Based on our understanding of inventcory cost fowis,and given the information listed below for the…

A: Cost of goods sold is calculated by subtracting gross profit from net sales. Note :- Net Sales is…

Q: Selected information from the accounting records of Dalton manufacturing company is as follows: Net…

A: "Since you have asked multiple questions, we will solve first question for you. To get any specific…

Q: Peter Company reported the following amounts for the year ended 31 December 2020: Inventory at 1…

A: 1) Depreciable base = $200,000 (Cost) - $10,000 (Residual Value) = $190,000 Life: 5 years…

Q: Moss Co. has determined its year-end inventory on a FIFO basis to be $400,000. Information…

A: Given:Estimated selling price = $408,000Estimated costs to sell = $20,000

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: The Numerical has covered the concept of the Moving Average method For Estimating Ending Inventory…

Q: 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1…

A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Ending inventory = Goods available for sale - Cost of goods sold

Q: The ABC Boutique had the following information at June 30, 20X1: Inventory increased by…

A: Gross Purchases - Gross Purchase is the purchases before deducting returns and allowances. This is…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: Presented below is information related to Aaron Rodgers Corporation for the current year.…

A: a. Cost of Goods sold = Sales revenue - Sales revenue x gross profit ratio…

Q: The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases…

A: Solution..   Gross purchase = $380,000  Purchase return = $20,000  Gross profit = $420,000…

Q: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…

A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…

Q: What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

Q: The following information is available for Splish Brothers Inc. for three recent fiscal years.…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:…

A:

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Net Sales = Sales revenue - Sales returns = $1,000,000 - $70,000 = $930,000 a. Cost of goods sold =…

Q: During 2021, a company sells 500 units of inventory for $88 each. The company has the following…

A: The inventory valuation is based on the flow of inventory. The firm can adopt the LIFO method, FIFO…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: The following information relates to Musk Corporation: Inventory conversion period 15 days Average…

A: The inventory turnover ratio is used to compare the efficiency of inventories which are used for the…

Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows:…

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for first in first…

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: Moving Average Method is one the Inventory Valuation Method. Unit cost keep change as new Inventory…

Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Definition:   Inventory turnover ratio: Inventory turnover ratio is used to determine the number of…

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

Q: The following information pertains to ABC Company for 2021: Inventory at December 31, 2021 P16,000…

A: Inventory (beginning) = Cost of goods sold - Purchases + Inventory Dec 31=80,000-72,000+16000=24,000

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Net sales = Sales - Sales return - Sales allowance - Sales discount  =…

Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit…

A: Cost of goods sold = Sales - Gross profit=155,000-40,000=115,000

Q: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

Q: Terry Company had January 1 inventory of $100,000 when it adopted dollarvalue LIFO. During the year,…

A: Given informationOpening stock (inventory) = $100000purchase = 600000Closing stock = 143360Base…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: The gross purchases are calculated by adding the ending inventory in the cost of sales and deducting…

Q: The following infomation is available for November 2018, for Golden Company. Beginning inventory S…

A: Estimated ending inventory using the gross profit method is determined by calculating the balancing…

Q: Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods…

A: formula used: Inventory turnover = Cost of goods sold / Average inventory

Q: In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the…

A: Equation for inventory at the end (Ending or Closing Inventory): Ending Inventory = Opening…

Q: If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of…

A: Inventory turnover is calculated as ratio of cost of goods sold and ending inventory balance. The…

Q: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…

A: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…

Q: Diaz Fresh discloses the following annual data. For Year Ended December 31 2020 2021 Sales…

A: As per the Accounting Standards the Inventories are valued at the lower of cost or market value i.e.…

Q: Grotesque Company which employed the FIFO retail method provided the following inventory data: 2020…

A: The retail inventory method calculates the ending inventory by multiplying the retail closing stock…

Q: The following information is available for Cullumber Company for three recent fiscal years.…

A: Inventory Turnover Ratio: Inventory Turnover Ratio shows how effectively inventory is managed by…

Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…

A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold

Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Epsilon Corp. reported the following information for the current year: Beginning inventory..…

A: Working note: Computation of cost of inventory out on consignment: Inventory out on…

Q: The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory…

A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory:…

Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…

A: Gross sales are the sales which are computed by adding gross profit to the cost of goods sold. When…

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Given,   Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales…