Kaasiam Company uses cost method in determining its ending inventory. Assume the beginning inventory at cost were P66,500 (selling price P99,000); purchases during period at cost of P568,504 (SP at P865,600) ang freight on the purchases totaled P26,500. Sales during the period totaled P811,000 and net markups were P69,000. What is the ending inventory value at cost?

Q: The accountant for Murphy Company prepared the following analysis of its inventory at year end:…

A: Solution Ending inventory is the amount of the inventory which is not sold during a financial year…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: Given the following data for Al-Madar co. for 2021: Inventory at Cost (31/12/2021) 22000 Inventory…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. This figure can be…

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: The FIFO stands for First in First out. Under this method, goods Purchased first are to be sold…

Q: Wildhorse Inc. uses the conventional retail method to determine its ending inventory at cost. Assume…

A: The ending inventory is the inventory in hand with the business.

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

A: First In First Out Method: The FIFO Method is a method of valuation of inventory remaining at the…

Q: What was the cost of goods sold using the FIFO cost flow assumption under a periodic inventory…

A: Units Cost per unit Total cost 1/1 400 3200 1280000 6/6 800 3600 2880000 9/10 1200 4000…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under Weighted average method, the goods are sold on random basis without considering the purchase…

Q: unland Inc. uses the conventional retail method to determine its ending inventory at cost. Assume…

A: ending inventory value at cost=ending inventory retail*cost to retail ratio

Q: Gallant Inc. recently changed to FIFO from the average cost method.     It reported $127,000 of FIFO…

A: Note: Differance in value of inventory upon changing of inventory valuation method, the differance…

Q: Assume the perpetual inventory system is used unless stated otherwise. Accounting principles for…

A: Given information is: Some of M and C Electronics’s merchandise is gathering dust. It is now…

Q: The inventory of Hazel Company at the end of the current year is to be recorded at the lower of cost…

A: Inventory: It is current asset. It includes the goods produced and would be sold by corporation. It…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Introduction: FIFO Method: FIFO stands for First in First out. Which means First received inventory…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: SOLUTION-   THERE ARE THREE TYPES OF METHODS- FIFO , LIFO AND WEIGHTED AVERAGE METHOD .   ENDING…

Q: Waterway Industries has the following data relate to an item of inventory: Inventory, March 1st,…

A: FIFO is first in first out inventory valuation method in which inventories which is coming first in…

Q: When the physical count of Swifty Company inventory had a cost of $4390 at year end and the…

A: When ending inventory is overstated, this reduces the amount of inventory that would otherwise have…

Q: Ivanhoe uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost-to-Retail percentage = Goods available for sale at cost / Goods available for sale at Retail =…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: we know that, opening inventory + Purchases - sales = ending inventory    Cost per unit as per…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: LIFO method assumes that the last unit to arrive in inventory is sold first. The older inventory,…

Q: Mic Drop Company uses the first-in, first-out retail method of inventory valuation. The following…

A: Answer B  P220,000

Q: The following information is taken from the records of Wees Sdn Bhd. The company uses the perpetual…

A: The Numerical has covered the concept of FIFO and the Weighted average method Under the Perpetual…

Q: The Alpha Company uses the retail inventory method for valuation of its inventory. If an item had a…

A: Formula: Price change = Final price - initial price Initial price to be deducted from final price to…

Q: Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost to retail ratio = (Merchandise available for sale at cost / Merchandise available for sale at…

Q: The following information was available from the inventory records of Sunland Company for January:…

A:

Q: The following information was available from the inventory records of Marigold Corp. for January:…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    The  correct option is (b) = $44006

Q: Presented below is information related to Manama Company. Cost Retail Beginning inventory Purchases…

A: The conventional retail inventory method is an inventory valuation method that is put to use by…

Q: Ivanhoe uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost-to-Retail percentage = Goods available for sale at cost / Goods available for sale at retail…

Q: Banana Company uses the retail method of inventory valuation. The following information is…

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for First in First…

Q: Coleman Company has provided the following information: beginning inventory, $100,000; cost of goods…

A: Formula: Ending inventory= beginning inventory + Purchases - cost of goods sold

Q: The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item…

A: Under the lower-of-cost-or-market method, the cost that is lower between both the costs is…

Q: Maxwell Corporation has the following inventory information at the end of the year:Using the lower…

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

Q: Assume the perpetual inventory system is used unless stated otherwise.Accounting principles for…

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

Q: The inventory of Longhorn Company at the end of the current year is to be recorded at the lower of…

A: Net realizable value:-  NRV is value of inventory that seller expects to get after deducting selling…

Q: Bramble Corp. has the following data related to an item of inventory: Inventory, March 1 440 units @…

A: First In, First Out (FIFO) is part of an accounting method where goods which are acquired first are…

Q: Given the following data for AI-Madar co. for 2021: Inventory at Cost (31/12/2021) Inventory at NRV…

A: Cost of goods sold = sales - Gross profit

Q: For all problems, assume the perpetual inventory: system is used unless stated otherwise. Accounting…

A: Prepare the journal entries.

Q: Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to…

A: As per IAS 2 , Inventories  Inventory is to be valued at lower of cost and Net realizable value.

Q: The following information was available from the inventory records of Sunland Company for January:…

A: Under weighted average method of inventory, weighted average unit cost is computed for valuation of…

Q: Sunland uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Ending inventory is the value which is recorded at the end of accounting period in the financial…

Q: What is the lower-of-cost-or-net realizable value of the inventory?

A: Inventory refers to all items of goods, merchandise, and materials held by a company or business for…

Q: The inventory records of Sunshine company show the following data:…

A: Inventory refers to the goods or items which are stored by the business either for selling or for…

Q: A company reports inventory using the lower of cost and net realizable value (NRV). Below is…

A: Cost of ending inventory = Unit cost x No. of units

Q: a. What is the inventory turnover?

A: Inventory Turnover is otherwise  called as stock turnover ratio. It is a measure which indicates…

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: LIFO Reserve: LIFO reserve is the difference in value of inventory calculated using LIFO and FIFO…

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.