Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company provided the following information: Purchases during June: at cost, P3,800,000; at retail, P5,200,000. Sales during June: P4,800,000. Inventory June 1: at cost, P550,000; at retail, P820,000. Estimate the ending inventory for June under FIFO cost basis. a. 892,550 b. 890,600 c. 888,900 d. 905,098

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Particulars  Cost  Retail Beginning Inventory P550,000 P820,000 Purchases…

Q: Coronado Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: FIFO LIFO Ending inventory may 31   $330   $242 Cost of goods sold   $902   $990

Q: Nevens Company uses a periodic inventory system. During November, the following transactions…

A: The cost of things on board at the end of a reporting period is referred to as ending inventory. The…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: SOLUTION COST OF GOOD SOLD- IT REFERS TO THE DIRECT COSTS OF PRODUCING THE GOOD SOLD BY THE COMPANY.

Q: The Sherri’s Retail Shop uses the FIFO retail inventory method to determine its ending inventory.…

A: In this numerical has covered the concept of Retail Method of Inventory Valuation

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Cost to retail ratio = (P4,350,000 / P6,020,000) x 100 = 73%

Q: The records of Alaska Company provide the following information for the year ended December 31.…

A: the formula for the cost to retail ratio = cost of goods available for sale(at cost)/cost of goods…

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

Q: Grays Company has the following purchases and sales during the month of August. Using the FIFO…

A: Inventory valuation method includes: First in first out Last in first out Weighted average method…

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: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity…

A: Solution: Under FIFO method of inventory, inventory purchased first is considered as sold first.…

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

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold = Sales…

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

A: Formula: Net sales = Sales - Sales returns

Q: AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May,…

A: Calculate the cost of goods sold and ending inventory cost under FIFO.

Q: Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the…

A: Introduction: FIFO inventory method: FIFO stands for First-in First-Out. As the name suggests, this…

Q: Upland Co.s inventory records showed the following data accounted for in a perpetual inventory…

A: FIFO stands for First in First Out, which is a method of inventory and under this method the oldest…

Q: Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory.…

A: The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Q: interim financial statement. The rate of markup on cost is 25%. The following account balances are…

A: Solution: Cost of goods sold = sales / 125% = 744000/ 125% = $595,200

Q: Fisman Corporation. uses the retail method of inventory. At the end of June, the records of the…

A: Cost to retail ratio is calculated by dividing the total of beginning inventory plus purchases at…

Q: Jam Company uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is defined as the goods which are purchased by the company with the purpose of reselling…

Q: The records of Alaska Company provide the following information for the year ended December 31.…

A: Retail inventory method refers to the accounting method which uses the real value of a store's…

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: Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units,…

A: FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Q: Hazards company had the following dald. Beginning inventory (on May 1) $190 Purchases during May…

A: The direct expenses of manufacturing the commodities supplied by a corporation are referred to as…

Q: Park Company’s perpetual inventory records indicate the following transactions in the month of June:…

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

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: A retailer uses the periodic inventory system. At year end, the following information was available:…

A: The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

Q: Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Ending Inventory = Opening inventory + Purchase - Sold Ending Inventory = 330 + 380 + 290 - 450…

Q: Concord Co. uses a periodic inventory system. Its records show the following for the month of May,…

A:

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of goods sold means the total cost of our service which we are providing or  the product cost…

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: Cost to retail methods  is  simple method . This help them to find relationship between cost of…

Q: Dean Company uses the retail inventory method to estimate its inventory for interim statement…

A: Given that: Cost of beginning inventory = P180,000 Retail value of beginning inventory = P250,000…

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

A:

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A:

Q: Calculate Cost of Goods Sold under FIFO, LIFO, and Weighted Average.

A: FIFO is the inventory valuation method in which inventories which are coming first in business will…

Q: SOVEREIGN Industries' inventory during the year is given below. The company uses a periodic…

A: Total units sold = 4200 + 2000 + 2500 + 3000 + 1000 - 400 = 12300 units   In the FIFO method, units…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: Cost of goods sold, or COGS is the direct cost that is incurred during a period for producing the…

Q: Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June…

A: Introduction:-  The carrying value of products sold within a certain period is known as the cost of…

Q: how much is the ending inventory using the weighted average method?

A: In the given case; Beginning units = 6000 units Add: Purchases  = 4000 units Less: Sales          =…

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: As per FIFO Method units are sold on First in First out basis which means units purchased or already…

Q: Klump Co. uses a perpetual inventory system and had the following inventory transactions for the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Under perpetual…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: Under LIFO purchases made at last are sold first.    In this question, 3900 units are sold. So first…

Q: Marilee's Electronics uses a periodic inventory system and the average cost retail method to…

A: The retail inventory technique seems to be an accounting method for estimating the worth of a…

Q: Hazards company had the following data Beginning inventory (on May 1) Purchases during May $300…

A: The ending inventory is calculated as difference between cost of goods available for sale and cost…

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

A: Cost of goods sold = Inventory may 1 + Net purchase + Freight in - Inventory at May 31 So, Ending…

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: The different methods to valuate inventory are LIFO, FIFO and weighted average method.

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…

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…

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.