interim financial statement. The rate of markup on cost is 25%. The following account balances are available: Inventory, March 1 $548000 Purchases 428000 Purchase returns 18000 Sales during March 744000 The estimate of the cost of inventory at March 31 would be

Q: Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During…

A: Last-in-First-Out Method, or simply called as LIFO Method, is an inventory system in accounting…

Q: When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate…

A: Cost of goods sold = Sales - Gross profit = $1,218,000 - ($1,218,000*45%) = $1,218,000 - $548,100 =…

Q: Cost Selling   Retail Selling Price Inventory of merchandise, June 30 Rs300,000 Rs500,000…

A: a) Cost of Goods Sold It refers to the cost incurred by a company that is directly related to…

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Inventory valuation means valuing the inventory at the time of its sale and purchase using methods…

Q: Lucas Co. operates a ready-to-wear (RTW) department store in downtown Manila. Because of the…

A: The retail inventory can measured by using the margin on the sales that help in finding the COGS and…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: Under FIFO method, is an inventory valuation method where the inventory produced or acquired first…

Q: Use the following information to answer the next two (2) items Your sales cut-off examination of…

A:

Q: Paco Ltd had the following for the year ended 2020: Ending inventory =$400,00 Opening inventory =$…

A: Cost of sales can be computed by adding the opening Inventory with the purchases made and the total…

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

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

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: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under periodic inventory system, no record is made at regular intervals for purchase and sale of…

Q: Tate Tasers Inc. is preparing interim financial statements for the quarter ending 31 March 20X1 and…

A: Inventory - Cost of Inventory will include Purchase Cost, Freight Cost incurred, Import Duties, and…

Q: The inventory records of Kiwi Company show the following purchases during the first quarter…

A:

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…

Q: The June 30, 2021, year-end trial balance for Askew company contained the following information:…

A: Cost of goods sold statement shows all costs that is incurred for manufacturing and selling of…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A:

Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Baldor Company reports inventory at cost of $72,000 and retail of $156,000 on January 1, 2020.…

A: Retail Method: This is a method used to determine the relationship between the cost price and the…

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: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Hence, COGS is $111,000. It is obtained by addition of sales made on March 14 and August 31 Here,…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: Under the FIFO inventory valuation method, the first goods purchased are also the first goods sold.

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: First-in, first-out is the method of inventory valuation where goods which are purchased firstly,…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Net sales = Sales revenue - Sales return = $1061800-72100 = $989,700

Q: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: The Numerical has covered the concept of weighted Average Methode Under Periodic Inventory Method.…

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

A: Calculating of inventory as a balancing figures in case of gross profit method , we need to prepare…

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: INTRODUCTION Periodic inventory system is the method of recording inventory. Under Periodic system…

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod…

A: Inventory can be valued on the basis of the flow of method assumed by the entity. The business…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Meaning of First In First Out :-  First In, First Out, also known as FIFO, is a method for valuation…

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A: given that, goods available for sale = 640 + 350 + 230 = 1220 units  number of units sold = 430 +…

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: Under FIFO method, the goods purchased first are sold first and newer goods are sold later.

Q: Assume your organization has the following inventory changes during the year: Beginning…

A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic inventory system is the one under which the sales and purchases are recorded after a span…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Note:- I am only answering the wrong part..   Specific- Identification…

Q: Wade Company estimates the cost of its physical inventory on March 31 for use in an interim…

A: The inventory is estimated as sum of purchases and beginning inventory and deduction of cost of…

Q: Larkspur Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A:

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: Year end inventory means cost of ending inventory which is left at the end of the period.

Q: Concord Company’s record of transactions concerning part X for the month of April was as follows.…

A: (1) FIFO

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

A: Under periodic method, no individual entries are recorded, rather at the end of accounting period or…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

Q: Sheffield Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: The units sold are calculated as difference between total units available for sale and Inventory…

Q: Lucas Co. operates a ready-to-wear (RTW) department store in downtown Manila. Because of the…

A: The following calculations are done using the FIFO retail inventory method to show the cost incurred…

Q: Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial…

A: a.

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: FIFO - First in first out is the method of inventory where the goods purchased are sold first and…

Q: Lithowanderer Company used the retail method to estimate inventory. Data relating to the inventory…

A: Retail inventory method:  Under this method, the closing stock of inventory is measured using cost…