Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year, $435,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of $8,000. Merchandise with an invoice amount of $4,100 was returned for credit. Cost of goods sold for the year was $374,000. What is ending inventory?   Multiple Choice   $158,900.   $154,591.   $61,000.   $161,586.

Q: Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $540,000…

A: Formula: Net purchases = Purchases - purchase returns.

Q: Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods…

A: In case of F.O.B shipping, the ownership relating to goods is transferred to the purchaser (buyer)…

Q: Hermani Company uses the periodic inventory system. Hermani started the period with $100,000 in…

A: When a physical inventory count is performed, a periodic inventory system only updates the ending…

Q: A company using the perpetual inventory system purchased inventory worth $550,000 on account with…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: Johnson Corporation began the year with inventory of 29,000 units of its only product. The units…

A: LIFO RESERVE ACCOUNT: It is the excess of FIFO over LIFO costs.   LIFO : LAST IN FIRST OUT  FIFO :…

Q: Fashion House uses a perpetual inventory system. At thebeginning of the year, inventory amounted to…

A:

Q: Johnson Corporation began the year with inventory of 10,000 units of its only product. The units…

A: Inventory is the revenue expenditure incurred on the purchase of products to resell by a company.…

Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…

A: Inventory refers to all the material, goods held for sale, merchandise, etc held by a business for…

Q: Annanina Company reported the following information for the current year:   Beginning inventory…

A: Cost of goods available for sale is calculated by adding the cost of purchases with the beginning…

Q: The following items were taken from the records of D.J, Palaming Car Company: Salary payable Sales…

A: Answer 1) Calculation of Cost of Goods Available for Sale    Amount Beginning Inventory…

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The following selected information is for Sandhill Company for the year ended January 31, 2021:…

A: Solution:- Preparation of multiple-step income statement as follows under:- Formulas:- 1)Cost of…

Q: Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold…

A:

Q: Mead Company uses a perpetual inventory system and engaged in the following transactions during the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Scotch company took a physical inventory at the end of the year and determined that P1,900,000 of…

A: ANSWER   Scotch company took a physical inventory at the end of the year and determined that…

Q: Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts…

A: Inventory shrinkage indicates loss of inventory by normal wear and tear e.g. due to evaporation in…

Q: Johnson Corporation began the year with inventory of 15,000 units of its only product. The units…

A: What are inventories? It is also known as a stock which is the unsold units of the company at the…

Q: At year-end, Delectable Company experienced a storm surge which caused severe damage to the entire…

A: Formula: Cost of good sold = Net Sales - Gross profit.

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were…

A: Purchase of goods in FOB shipping point means that ownership is transferred to the buyer at the time…

Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: The gross profit is calculated as difference between sales and cost of goods sold. Cost of goods…

Q: The following information is available for the Johnson Corporation for 2018:          Beginning…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The following selected information is for Sandhill Company for the year ended January 31, 2021:…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to…

A: The ending inventory as per retail ratio includes cost and profit both. So for calculating ending…

Q: Uptown Company used the perpetual method to record inventory transactions for the current year.…

A: Cost of goods sold includes all the cost which is directly associated with the production of the…

Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods…

A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on…

Q: During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was…

A: Compute the beginning inventory: Cost of goods sold $1,800,000 Add: Ending inventory 360,000…

Q: The following information is available from the record of Alaska Company for 2021: Beginning…

A: The cost of goods sold is calculated as follows: COGS = Beginning inventory + purchases - ending…

Q: Following is the information from Wesley Manufacturing Company: Purchases Discounts $ 5,000…

A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory

Q: The following information appears on the Kimchi Jjigae Company's records for the year ended December…

A: Pilferage Inventory: Pilferage is by and large a demonstration of taking things or things of little…

Q: At the beginning of the year, Sheffield had an inventory of $350000. During the year, the company…

A: Formula: Cost of Goods sold = Beginning inventory + Purchases - Ending inventory Gross Profit rate =…

Q: .Your review of ABC Company's inventory and related records for the year revealed the following…

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…

A: The question is related to ascertainment of estimated cost of inventory as on 31st December. Tradinf…

Q: Wildhorse Company took a physical inventory on December 31 and determined that goods costing…

A: In case of sale of 37000 control will transfer when goods reach to destination ,but they are in…

Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…

A: Working Notes: 1. Cost of purchase =  Purchases - Purchase returns + Freight-in = (P1,150,000-…

Q: Gordon Company’s inventory at June 30, 2002, was $75,000 based on a physical count of goods priced…

A: Solution:- Calculation of Gordon report as inventory on its June 30, 2002, balance sheet as follows…

Q: COVID Company purchased $420,000 in merchandise, paid 30% in cash and remaining on account, during…

A: perpetual inventory system - in this system, inventory is updated as quantity and its availability…

Q: Delta Apparel Inc. uses a perpetual inventory system. At the beginning of the year inventory…

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

Q: Traylor Corporation began the year with three items in beginning inventory, each costing $5. During…

A: Particulars Units Price per unit Total value Beginning inventory 3 $5 $15 Purchases 5 $6 $30…

Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If…

A: Ne delivery cost of purchase included the cost of material, other freight costs but exclude purchase…

Q: Camino Jet Engines, Inc. Is a supplier of jet engine parts. The company began the most reecent…

A: FIFO: FIFO method of inventory valuation assumes that the goods purchased first are removed first…

Q: Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y…

A: Inventory sold = Beginning merchandise inventory + Net Merchandise inventory purchased - Ending…

Q: Karen Company repoted the following information for the current year: Beginning inventory…

A: 1) Calculation of Cost of goods available for sale   Particulars P P       Beginning…

Q: Sunland Company took a physical inventory on December 31 and determined that goods costing $658,000…

A: Cost of goods sold means the cost of total goods available to sale during the month. It can be…

Q: Blue Company took a physical inventory on December 31 and determined that goods costing $190,900…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: Epsilon Corp. reported the following information for the current year: Beginning inventory..…

A: Working note: Computation of cost of inventory out on consignment: Inventory out on…

Q: Citizens Inc. took a physical inventory at the end of the year and determined that $650,000 of goods…

A: Goods in transit and good in consignment both are considered as part of the inventory. hence both…

Q: What amount should be reported as inventory at a year-end

A: P3,100,000 amount should be reported as inventory at a year-end.

Q: What was Good Buy​'s cost of​ inventory?

A: Cost of Inventory = Purchase price + Freight in + Purchase Return + Discount.