Hanabishi Company had 20,500 units on January 30, 2019, based on physical count of goods on that date. The following items have not yet been recorded as purchases and sales as of November 30. Number of units 550 450 650 No. Transaction Purchase Purchase Terms FOB Shipping point FOB Destination 1 2 FOB Buyer FOB Shipping point FOB Destination Purchase Sale Sale 600 850 All items were shipped by the seller January 30, 2019 and received by buyer February 15, 2019. -N M 45

Q: Layne Corporation, a manufacturer of small tools, provided the following information from its…

A: Inventory : (1) Inventory consist of total of three components. (2) Raw material, Work-in-process…

Q: Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are…

A: Under FOB shipping point, the buyer becomes the owner as the goods are reached to shipping point.…

Q: I dont know.how to do part a and b. Thank you for your help

A: a) Prepare the journal entries for the given transaction:

Q: Snap Products uses the perpetual inventory system. The company sells telephone equipment. On Jan 1,…

A: All the transactions of the company will be recorded in the books of journal in a chronological…

Q: The Rudolph Corporation's inventory on December 31, 2021, was $325,000 based on a physical count…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Price Company is a merchandiser that started its operations on January 1, 2020. Price buys and sells…

A: 1. Goods returned on 7th January        = 2,420 * 5% = $121  2. Cost of goods sold on January 9 :…

Q: On december 15, 2019 Flanagan company purchased goods costing 100,000. The term were FOB shipping…

A: Introduction: FOB Shipping point: If the terms of the sale is FOB shipping point then all the costs…

Q: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system.The account…

A: Journal entries refer to the process of systematically recording the financial transactions of a…

Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were…

A: Solution Merchandise is an inventory assets that a retailer , distributor or wholesaler purchases…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: Fabrika Enterprise (FE) is a retail business which sells fabric. FE uses a perpetual inventory…

A: Journal: Journal is used to record business transactions of an enterprises In FOB shipping point,…

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: Snap Products uses the perpetual inventory system. The company sells telephone equipment. On Jan 1,…

A: Journal Entry: Journal entries  is a record of the business transactions within the accounting books…

Q: Maridel Company revealed inventory on December 31, 2019 at P3,250,000 based on a physical count…

A: Following is the answer to the given question

Q: Delta Corp. conducted a physical count on December 31, 2019 which revealed inventory with a cost of…

A: Here in this question, we are required to calculate the inventory value on December 31,2019. Lets…

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Yellow Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: The following is the transaction of the trading company "Mars" in December 2020 by using the…

A: Adjusting entries - those entries which are passed when the accounts have been closed, in order to…

Q: The Physical inventory on January 31, 2019 of Kamote Company showed merchandise at $300,000. As an…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: NorthWave Products has provided you with the following transactions for the month of September 2019.…

A: Journal Entries are the primary step to record transaction in the books of accounts. The total…

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: Hanabishi Company had 20,500 units on January 30, 2019, based on physical count of goods c that…

A: Under FOB Destination, the title of goods is transferred from seller to buyer only upon delivery of…

Q: ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800…

A: Under the FIFO method, initial purchases are sold first so the ending inventory includes the…

Q: The Kwok Company’s inventory balance on December 31, 2018, was $165,000 (based on a 12/31/2018…

A: F.O.B (Free On Board) Shipping Point: Under this system, the responsibility of the seller over the…

Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were…

A: As per the shipping terms, inventory is considered delivered when it is shipped to customer. As per…

Q: On January 1, 2019, the merchandise inventory of Gulf, Inc. was $800,000. During 2019 Gulf purchased…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is the correct amount of accounts payable? Delish Company is a wholesale distributor of…

A: Accounts payable is a current liability arises from the inventory purchases on credit. This account…

Q: Port Corporation sells item X-100. Purchases, sales and costs of item X-100 for the last quarter of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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

A: Under FOB shipping point, the ownership of goods transfers from owner to buyer as soon as they are…

Q: The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense…

A: The Statement of owner’s equity represents a summary of the net amount of owner’s equity accounts…

Q: The business had 400 units in inventory at 1st March 2019 valued at RO 40. On 10th March Purchase…

A: The various methods used to evaluate the inventory in the business are: FIFO, LIFO and weighted…

Q: ello. could you please kindly assist on the third question from the below? ------   At the end…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

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: ABC merchandise company is selling furniture items. The business has made the following purchases…

A: The questions are multiple choice questions  Required  Choose the Correct Option.

Q: The Kwok Company's inventory balance on December 31, 2021, was $200,000 (based on a 12/31/2021…

A: Inventory contains both raw materials utilized in manufacturing and completed commodities ready for…

Q: ros Company’s inventory at December 31, 2019 was P2,500,000 based on physical count priced at cost…

A: Solution: inventory to be reported at December 31, 2019 = physical inventory + goods in transit…

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: Royal traders LLC accounting records shows the following for the year ending on 31 December 2019,…

A: Net cost of purchases means net amount payable to supplier after all returns and discounts and…

Q: NIZWA ELECTRONICS is doing a merchandise business. The business selling all electronics items. The…

A: There are various methods of inventory valuation one of them is LIFO. LIFO stands for Last in Last…

Q: The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be…

A: Inventory error:   Inventory errors are sometimes caused by making mistake in physical count, in…

Q: Woodworks Company deals in furniture and uses periodic inventory system. The following transaction…

A: FIFO means first in first out where as LIFO means last in first out. Moving average means simple…

Q: The inventory account of Nike Trading at December 31, 2019 included the following items: Goods…

A: Answer Calculation of Inventory account should be reduced by, at December 31, 2019 Particulars…

Q: How much is the cost of goods available for sale of the branch?Required to answer. Single line text.

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Q: Snap Products uses the perpetual inventory system. The company sells telephone equipment. On Jan 1,…

A: There are no. of transactions occurs during the period in the firm. To take the effect of every and…

Q: of goods on that date. The following items have not yet been recorded as purchases and sales as of…

A: Inventory = Physical inventory + Purchase on FOB shipping - sale shipping point

Q: CDE Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were…

A: Cost of goods sold means that value of opening stock plus purchases minus closing stock but cost of…

Q: On December 31, 2021, Titanium Inc. had recorded $175,000 in its inventory account.  The controller…

A: Ending inventory: It implies to the total raw materials, work in process, and finished goods that…

Q: The following items were included in Diego Company’s inventory account on December 31, 2020:…

A: A consignment agreement is one in which items are left in the hands of a third party who is allowed…

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,…

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.