Kelcie Sports uses the dollar-value LIFO retail method. The price index on January 1, 2019, was 100, and on that date the inventory was $20,000 (retail) and $14,000 (cost). Additional information follows:   2019 2020 Purchases, retail $160,000 $204,000 Purchases, cost 115,200 150,960 Sales 160,416 202,160 Price index, Dec. 31. 102 103 ​ What is the cost of the December 31, 2020, inventory (to the nearest dollar)?   a.  $14,610   b.  $14,638   c.  $14,660   d.  $15,854

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: In above formula all value of retail should be taken. Cost to retail ratio=Cost value/retail value…

Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…

A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: The Numerical has covered the concept of the Moving Average method For Estimating Ending Inventory…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Base year cost to retail percentage = ( Beginning inventory at cost * 100 / Beginning inventory at…

Q: Rela taps and tubes uses periodic method and it has reported the following in the year 2020 Sales…

A: Formula for Cost of Sales: =Opening Inventory + Purchases made - Purchase discount - Purchases…

Q: Olivia Inc. presented the following data: Merchandise Inventory on January 1, 2020 - $ 550,000…

A: Cost of missing inventory = opening inventory +purchases-cost of sale - closing inventory as per…

Q: Income Statement Calculations Taylor Company uses a periodic inventory system. The following is…

A: Since, Cost of goods sold = opening stock + Net purchases - closing stock

Q: Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019;…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from Prior…

Q: Nuker Co. uses LIFO for its inventory. Under LIFO, Nuker's: • 2019 Cost of Goods Sold is $42,000 •…

A: LIFO is last in first out inventory method under which inventory which is purchased in last will be…

Q: (MODIFIED) During 2020, Reliable Hardware Store had the following selected accounts and balances:…

A: A. Computation of Inventory shrinkage (loss): Particulars Amount Opening inventory  P200,000…

Q: n, in roper soid, and gross profit for the year ended December 31, 2020 using the data. Write your…

A: Solution: Gross profit = Net Sales - Cost of goods sold Net Sales = Gross sales - Sales returns and…

Q: Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1,…

A: Sales less Cost of goods sold is gross profit: Gross profit = Sales - Cost of goods sold. First,…

Q: As of January 1, 2020, Aristotle Inc. adopted the retail method of accounting for its merchandise…

A: Retail Method of inventory It is a method to determine the cost of ending inventory balance via the…

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Ending inventory is the worth of products still available for sale and held by a corporation at the…

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:…

A:

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: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Dollar Value LIFO Find the value of inventory at the current cost Convert it to base year cost Then…

Q: Indigo Department Store converted from the conventional retail method to the LIFO retail method on…

A: Computation of 2020 and 2021 Year End Inventories Under the Dollar Value LIFO Method Computation…

Q: Current Attempt in Progress You assemble the following information for Tamarisk Department Store,…

A: a) Cost of the inventory on December 31, 2020 Cost of Inventory on December 31, 2020 $    676,890…

Q: . The inventory at January 1, 2019, had a retail value of $39,000 and a cost of $31,130 based on the…

A: Solution: Raleigh Department Store LIFO Retail Method   Cost   Retail Cost to Retail ratio…

Q: Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost.…

A: Cost to retail ratio = ($16,90,000 / $24,80,000) x 100 = 68%

Q: Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at…

A: a. As per Conventional Retail Method, ending inventory is as follows: Formulation as below:…

Q: ABC Merchandising has the following data for 2019: • Purchases P35,000 • Purchase returns and…

A: Cost of goods sold = opening stock + purchases + Freight- closing stock

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

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: 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: Sunland Book Store uses the conventional retail method and is now considering converting to the LIFO…

A: LIFO retail method is one of the methods for inventory management. Under this method, the inventory…

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: During 2020, Reliable Hardware Store had the following selected accounts and balances: Net…

A: The inventory shrinkage would be recorded as a loss. The cost of goods sold would be computed by…

Q: The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2020. Its inventory on that…

A: a.

Q: In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020:          $50,000…

A: The net sales can be calculated by deducting sales return and allowance from gross sales and also…

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: The December 31, 2019 trial balance for ABC Company included the following: purchases, P40,000;…

A: Introduction:- Calculation of Net purchases as follows under:- Net purchases =Purchases + Freight…

Q: This information is available for Novak Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning…

A: Inventory turnover ratio is computed by dividing the cost of goods sold by average inventory.…

Q: A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases…

A: The FIFO stands for First in first out. Under this method, the older units are sold first.

Q: Staley Watch Company reported the following income statement data for a 2 year period:   2019…

A: We know that, Gross profit = Net Sales Revenue - Cost of Goods sold  The formula to calculate the…

Q: Current Attempt in Progress Your answer is incorrect. Pronghorn Corporation adopted the dollar-value…

A: 12/31/19 Inventory at year end prices = $121,980 Relevant Price Index at year end (base date 1…

Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base year…

Q: Your company had the following chronological inventory transactions during 2019 and 2020: 2019…

A: Please resubmit the question for subquestion 2, as the subquestion has many parts that will consume…

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: Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost.…

A: Ending inventory is the amount of goods or products that are held by an entity at the end of the…

Q: 0   What amount should YELLOW report as cost of goods sold in its 2020 income statement?   a.…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

Q: On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The…

A: LIFO retail method is used when the ending inventory can be compared with the base inventory with…

Q: HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?

A: Under FIFO Method, units which comes in first will be sold first and the ending inventory will be…

Q: On December 31, 2019, the inventory of Powhattan Company amounts to $800,000. During 2020, the…

A:

Q: The Blueberry Company values its inventory by using the FIFO retail method.. The following…

A: FIFO stands for First in First out. The goods Purchased first are to be sold first.

Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…

A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold

Q: A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases…

A: Last in First Out (LIFO) - Under LIFO Method, Inventory purchased last is sold first. Under this…

Q: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…

A: Cost-to-retail ratio: It  measures  how much a good's retail price is composed of costs.

Q: Emily Corporation reports the following beginning inventory and purchases for 2019 Beginning…

A: FIFO and LIFO are the cost methods used to manage inventories, where FIFO stands for…