Kennel Company reported the​ following:   Cost of goods sold​ (estimated for next​ period) ​$320,000 Ending inventory​ (estimated for next​ period) ​$95,000 Beginning inventory for the period ​$60,000   Based on this​ information, the purchases for the next period should​ be:   A. ​$285,000.   B. ​$355,000.   C. ​$380,000.   D. ​$415,000.

Q: For the year ended 2012 Wendy's Retail Store's Net income is PI50,000 (10% of Net Sales). Operating…

A: Formulas: beginning merchandise inventory = Cost of sales x 20% where, Cost of sales  = Net sales -…

Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…

A: Under the FIFO method, the Retail ratio cost is calculated by taking the values of purchases.…

Q: Smith company sold inventory that cost $5000 for $9000 cash. Freight cost was $600 paid in cash.The…

A: FOB Destination: The seller pays the freight charges. FOB Shipping: The buyer pays the freight…

Q: The partial income statements of five different companies are as follows: 1 3 4 Net Sales…

A: Formulas : Net sales = Cost of goods sold + Gross profit Cost of goods sold = Opening Inventory +…

Q: Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000…

A: FIFO is a method of valuing inventories in which the goods purchased first are sold on a priority…

Q: Applying the Cost of Goods Sold Model Milton Company reported beginning inventory of $109,000 on…

A: 1. COST OF GOODS SOLD : = OPENING INVENTORY + PURCHASES - CLOSING INVENTORY  2. GROSS MARGIN : =…

Q: The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales…

A: Ending Inventory = Cost of Goods Sold + Gross profit - Net Sales   Note : Net Sales = Sales - Sales…

Q: Information on Entity A's inventory of Product A is as follows: Cost formula Total Cost P 58,650…

A: The weighted average cost per unit will be equal to total beginning inventory & purchases…

Q: Cost of goods sold is $7,400. Beginning inventory is $3,500 and ending inventory is $4,000. If there…

A: Cost of goods sold = Beginning inventory + Net Purchases -Ending inventory Net Purchases = Cost of…

Q: Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases…

A: Cost of sales: Cost of sales is the manufacturing costs associated with the sold units. The cost of…

Q: The table below contains portions of the income statements of four different companies: 4 1. 200,000…

A:

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: Sales revenue $7 700 000 Cost of goods sold Beginning inventory $1 900 000 Purchases 4 400 000 Goods…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Use the following information:           Net sales $ 205,000   Cost of goods sold   144,000…

A: Ratio analysis is a tool used by the financial analyst to measure the financial performance of the…

Q: Snyder’s cost of goods sold using the average-cost method would be:a. $1,725.b. $6,500.c. $7,475.d.…

A: Average cost method is a method of pricing issue of material. Under average cost method it is…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

Q: 2. The following information is available for Naab Company for 2012: Freight-in Purchase returns…

A: Cost of Goods sold Cost of goods sold is the amount of cost which was incurred by the company at the…

Q: Zhangs company reported cost of goods sold of 848,000 begining inventory of 39800 and ending…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: Calculate the value of cost of goods sold for Benson's Brewing Company given the following…

A: Ratio is a tool which is used to measure the growth and performance of the firms and analyze the…

Q: The following information is available for Ace Company for 2021:                   Disbursements…

A: COGS termed as Cost of goods sold means the cost which is directly related to the producing goods…

Q: Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending…

A: Merchandise inventory is the value of goods in the stock whether it is finished goods, raw material…

Q: BELOW ARE SOME DATA OF THE INCOME STATEMENT ACCOUNTS OF WISHING WELL COMPANY FOR THE YEAR ENDED DEC…

A: Hi student Since there are multiple questions, we will answer only first question. Since first…

Q: The following information is available from Pusoko Company's accounting records for the current…

A: Formula: Cost of goods sold = Beginning inventory + Net Cost of goods purchased - ending inventory…

Q: BestSell Auctions carries an average inventory equal to $100,000. The company's cost of goods sold…

A: Given the following information: Average Inventory: $100,000 Cost of goods sold: $1,500,000

Q: Kemuning Jaya store had a beginning merchandise inventory of RM30,000. During the period, purchases…

A: Cost of goods available for sale = Beginning inventory +Purchases -Purchase return+ carriage inwards…

Q: The following information is available for Hudson Company: Disbursements for purchases…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $10,000. The company…

A: Cost of goods and value of ending inventory using FIFO method, periodic inventory system Cost of…

Q: Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods…

A: Sales=Goods available for sale+Gross Profit-Ending Inventory

Q: The following information is given about Arab Inc., sales were $500,000 and sales discounts were…

A: Cost of goods sold = Sales - Gross Profit Cost of goods sold = Cost of goods available for sale -…

Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…

A:

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: had cost of goods sold of $6,000 million, ending inventory of $2,500 million, and average inventory…

A: The ratio analysis helps to analyse the financial statements of the business on regular basis on the…

Q: Ace Company reported the following information for the current year:   Sales $ 416,000 Cost of…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: . The records of Ree-ree Co. show the following information: Increase in accounts payable…

A: Cost of goods sold = Disbursements for purchases + Increase in accounts payable + Decrease in…

Q: Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning…

A: Under the perpetual method, the inventory is tracked continuously. Alternatively, a perpetual…

Q: The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of…

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as…

A: In the given question, we are provided with inventory, purchase and sales data at both cost as well…

Q: The expenses other than interest expense of Ratio Company for the current year is 40% of cost of…

A: First of all, profit before tax shall be calculated so that other items could be find accordingly.

Q: 9. The following data is for the J.M Paculan Corporation: P600,000 42,000 77,000 Sales revenue…

A: *The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…

Q: Bonita Company had 100 units in beginning inventory at a total cost of $12,00O. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…

Q: Buzz Ltd has Sales figure of £8,200, opening Inventory of £1,300, closing inventory £900, purchases…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

Q: The expenses other than interest expense of Ratio Company for the current year is 40% of cost of…

A: First of all we should try to calculate profit before tax by using the formula: = Profit after tax /…

Q: Pertaining below is information pertaining to Polyphemos Corporation: Cost P 24,000 190,000 26,000…

A: In the Average cost method of inventory valuation, the Cost-to-retail percentage is computed for all…

Q: Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000;…

A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…

Q: company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A: Cost of goods sold=Sales -Gross profit=$5,00,000-$1,50,000=$3,50,000... As per formula;;; Cost of…

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

A: Austin Sound sold inventory for $300,000, terms 2/10, n/30, here Austin receives payment within 10…

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.