Gato Inc. had the following inventory situations to consider at January 31, its year-end. Identify which of the preceding items should be included in inventory. (a)   Goods held on consignment for Steele Corp. since December 12.   Select an option                                                                      (b)   Goods shipped on consignment to Logan Holdings Inc. on January 5.   Select an option                                                                      (c)   Goods shipped to a customer, FOB destination, on January 29 that are still in transit.   Select an option                                                                      (d)   Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit.   Select an option                                                                      (e)   Goods purchased FOB destination from a supplier on January 25 that are still in transit.   Select an option                                                                      (f)   Goods purchased FOB shipping point from a supplier on January 25 that are still in transit.   Select an option                                                                      (g)   Office supplies on hand at January 31.

Q: For each of the following, indicate whether the item should be included in the inventory of Blade…

A: Inventory of the business means how much amount of goods lying in the business at the end like raw…

Q: Sheffield Company took a physical inventory on December 31 and determined that goods costing S…

A:

Q: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: During your review of the Hearbeat Corporation for the year ended December 31, 2020, you found the…

A: SOLUTION INVENTORY IS A CURRENT ASSETS AND REFERS TO THE ALL STOCK IN VARIOUS PRODUCTION STAGES

Q: In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: Gato Inc. had the following inventory situations to consider at January 31, its year-end. (a1)…

A: (a) Goods held on consignment for steel Corp. Since December 12: Answer: Goods held on consignment…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory is the current assets of the company that is used in the production process.

Q: Keillor Company's inventory of $1,100,000 at December 31, 2020, was based on a physical count of…

A: Question requires inventory to be arrived at Under FOB, ownership transfers at the point of shipment…

Q: Gato Inc. had the following inventory situations to consider at January 31, its…

A: a.) Goods held on consignment for Steele Corp. since December 12- Gato co. has held goods on…

Q: What is the correct amount of inventory on December 31, 2021? Emperador Company counted and reported…

A: Inventory is one of the important current asset being held by the business. It includes raw…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: FIFO is a method in which the inventory which is acquired first by the business organization is sold…

Q: Scotch company took a physical inventory at the end of the year and determined that P1,900,000 of…

A: ANSWER   Scotch company took a physical inventory at the end of the year and determined that…

Q: On January 2020, Roel Corp. Has the following inventory purchases…

A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method.

Q: 3. An invoice for goods costing P 3,500 was received and recorded as a purchase on December 31 ,…

A: FOB Destination -In this terms the Buyer will get the title and risk on the records and will…

Q: Nash Company began operations in 2019 and determined its ending inventory at cost and at…

A: Journal entries are the foremost reporting of the transactions in the account books of an entity.

Q: King Supply maintains its internal inventory records using perpetual FIFO, but for financial…

A: Date Account Titles and Explanation Debit Credit   Cost of Goods sold  $      15,000…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: Answer: Journal Entries:

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: Nash Company began operations in 2019 and determined its ending inventory at cost and at…

A: Req-a       Date  Account Titles and Explanation   Debit   Credit  12/31/19  Cost of goods sold…

Q: On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A:

Q: Bramble Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under FIFO method of inventory valuation , units which were purchased firsts are sold first ,…

Q: John Olerud Ltd., a local retailing concern in the Bronx, New York, has decided to change from the…

A:

Q: If 921 jackets were on hand on December 31, find the value (in $) of the ending inventory using the…

A: FIFO is one of the types of inventory valuation. FIFO means first in first out. Here, the goods raw…

Q: Jungkook Corp. has reported an inventory balance of P2,500,000 (based on physical count on January…

A:

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Inventory is the current asset that is reported in the balance sheet of the company.

Q: 00,000. The perpetual inventory records showed an ending inventory of P840, 000 for 2020. A physical…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: Perpetual inventory system is a system that allows immediate tracking by recording the sale or…

Q: Presented below is selected information related to Metlock, Inc. for the year ended January 31,…

A: Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480

Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods…

A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on…

Q: As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost…

A: Inventory can be referred to as the assets which are held by an entity for the purpose of re sale or…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January…

A: Last-In, First Out (FIFO): The Last-In, First-Out (LIFO) approach operates on the presumption that…

Q: June 1 Balance 11 Purchased 20 Purchased 450 units @ $1 1,200 units @ $2 750 units @ $3 300 units @…

A: .FIFO: This is a method of  inventory valuation .Asset acquired first are sold first in this method…

Q: On January 13, 2021, BlossomCorporation discovered that goods in transit from a supplier of $114,150…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: The dollar value LIFO method of inventory valuation refers to a method which follow last in first…

Q: Wildhorse Company took a physical inventory on December 31 and determined that goods costing…

A: In case of sale of 37000 control will transfer when goods reach to destination ,but they are in…

Q: If a company has goods in transit at the end of the year that were shipped FOB shipping point, how…

A: The goods in transit are those goods that have left the seller's place but are yet to reach the…

Q: Hero Company reported inventory on December 31, 2019 at 6,000,000 based on physical count of goods…

A: FOB shipping point implies that ownership of goods are transferred from seller to the buyer when…

Q: Presented below is information related to Sarasota Co. for the month of January 2020. Ending…

A: Adjusting entries are made at the end of an accounting period to comply the revenue and expenses…

Q: Lumen INC. is preparing its 2021 year-end financial statements. Prior to any adjustments, inventory…

A: Closing value of inventory is very much necessary for the company to compute as it helps the company…

Q: Gato Inc. had the following inventory situations to consider at January 31, its year-end.(a) Goods…

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…

Q: goods out on consignment. What amount should be reported as inventory at year end?

A: The determination of the amount that should be reported as inventory at the end of the year is shown…

Q: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: Lumen INC. is preparing its 2020 year-end financial statements. Prior to any adjustments, inventory…

A: Under FOB shipping point, title of the goods transferred to the buyer as soon as the shipment leaves…

Q: Sanchez Company was formed on January 1 of the current year and is preparing the annual financial…

A: Inventory: It is the goods and material which is purchased or the goods manufactured which are held…

Q: Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing…

A: A physical check of stock is a real tally of the considerable number of items that a business stock.…

Q: Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods…

A: Included in the physical count were goods billed to a customer FOB shipping point on December 31,…

Q: During January 2019, Marta Company, which maintains a perpetual inventory system, recorded the…

A: Cost of sales =Beginning inventory +Purchases -Ending 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.