Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P600,000, P300,000 and P20,000. What is the cot of goods sold for the year ended 2020?

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: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

Q: For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate…

A:

Q: In 2022, Palmeira Company had sales of $3,000,000, cost of goods sold was $2,000,000, net income was…

A: Solution We are given with the following information Sales = $ 3,000,000 Cost of goods sold = $…

Q: The information which follows, was obtained from the accounting records of Vista Traders on 29…

A: SOLUTION-   COST OF SALES REFERS TO THE TOTAL COST INCURRED TO MANUFACTURE THE PRODUCT OR SERVICE…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value…

A:

Q: The SG Company has a branch in Bohol. During 2020, the home office shipped to the branch merchandise…

A: Inventory means the amount of stock which is held for used in production or for resale purpose.…

Q: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the…

A: GIVEN   Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that…

Q: onahue adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following…

A: Answer:

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

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

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: At May 1, 2020, Marigold Company had beginning inventory consisting of 160 units with a unit cost of…

A: Inventory is the current assets represents under the head current asset in the balance sheet of the…

Q: A company adopted dollar-value LIFO on January 1, 2020, when the inventory value was $365,000 and…

A: The dollar-value method of valuing LIFO inventories is a method of determining cost by using…

Q: In 2021, Wade Window and Glass changed its inventory method from FIFO to LIFO. Inventory at the end…

A: FIFO: In the First-in-First-Out method, items purchased initially are sold first. So, the value of…

Q: Top Corp uses LIFO accounting for inventory. Top begins the first quarter of 2020 with 800 units…

A: Definition of LIFO method of accounting:  Under LIFO method of accounting, cost of recent products…

Q: Required: Prepare correct income statement data for the two years. What is the cumulative effect of…

A: Given- Ending inventory  at December 31, 2019 was overstated  $5,000 So, correct value of ending…

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both…

A: No. Account Titles and Explanations Debit Credit a. Cost of goods sold $21,000,000…

Q: The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending…

A: Inventory turnover ratio = Cost of goods sold / average inventory

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2019; $119,900…

A: Base year prices = Ending inventory / year-end price indexe 2019 = $100,000 / 1.0 = $100,000 2020 =…

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: 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: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $1,780…

Q: A rain coat manufacturing company uses the periodic method and reported the following amounts for…

A: Cost of sales means for how much cost or value of goods has been sold by the business. It includes…

Q: Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and an allowance for inventory…

A: Historical cost is the cost or the original cost of the Product which we used to own that.. Net…

Q: Use the following information regarding Metlock, Inc. and Blossom Company to answer the question…

A: Formula:

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: The inventories of Berry Company for the years 2019 and 2020 are as follows:…

A: The financial transactions are initially recorded in the form of journal.

Q: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost…

A: Introduction: Ending inventory is the cost of goods on hand just at end of a reporting period. A…

Q: On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs…

A: As per our Q&A guidelines we are supposed to solve only question at once please post it as…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: What is Seaside Surfing's COGS if the company had inventory of $20,000 at the beginning of 2019, had…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: The following information was available for Concord Company at December 31, 2020: beginning…

A: 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: You are looking into the accounts of a company that has presented using LIFO for inventory.  You see…

A: LIFO Reserve is the measurement of the difference between the FIFO and LIFO cost of inventory.

Q: Inventory as of December 31, 2020 should amount to: * A. 1,200,000 B. 1,221,000 C. 1,296,000 D.…

A: Revenue can be recognized when control is transferred.in case of FOB destination control is…

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000.  They sold goods that cost…

A: Cost of goods sold is calculated by adding beginning inventory and purchases and deducting ending…

Q: Grit Company had the following for 2019: • Purchase - P40,000 Purchase returns and allowances P2,000…

A: Purchase P40,000 Less: Purchase returns and allowances -P2,000 Net Purchase P38,000 Add:…

Q: The 2020 financial statements of Blossom Company reported a beginning inventory of $90000, an ending…

A: Ratio Analysis is used in accounting to convey information of company's liquidity, turnover, short…

Q: The information which follows, was obtained from the accounting records of Vista Traders on 29…

A: This question is deals with the calculation of cost of sales. Lets first understand the meaning of…

Q: During 2020, Liberty Company has the following inventory transactions.   Date Transaction Units…

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

Q: Botica Heaven has a total annual sale of PhP 40 M and is in operation with an inventory value of Php…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and…

A: Trading Account for the year ended 2020 Particulars Amount Particulars Amount To Purchase a/c…

Q: On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

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: Lily Technologies Company reported the following income statement data for a 2-year period.…

A: The income statement is one of the essential part of financial statements used for reporting the…