of goods on that date. The following items have not yet been recorded as purchases and sales as of November 30. No. Transaction Terms Number of units 1 Purchase FOB Shipping point 550 2 Purchase FOB Destination 450 3 Purchase FOB buyer 650 4 Sale FOB Shipping point 600 5 Sale FOB Destination 850 All items were shipped by the seller January 30, 2019 and received by buyer February 15, 2019

Q: Below are the merchandise transactions of Yellow Company for the month of January        2019.…

A: Sales Jan,10,2019 8000 15 120000   Jan,25,2019 3000 17 51000     11000   171000

Q: Layne Corporation, a manufacturer of small tools, provided the following information from its…

A: Inventory : (1) Inventory consist of total of three components. (2) Raw material, Work-in-process…

Q: Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are…

A: Under FOB shipping point, the buyer becomes the owner as the goods are reached to shipping point.…

Q: On April 1 2021, Slay Company had 6,000 units of merchandise on hand that cost P120 per unit. During…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average.

Q: The Rudolph Corporation's inventory on December 31, 2021, was $325,000 based on a physical count…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

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: On december 15, 2019 Flanagan company purchased goods costing 100,000. The term were FOB shipping…

A: Introduction: FOB Shipping point: If the terms of the sale is FOB shipping point then all the costs…

Q: Keillor Company's inventory of $1,100,000 at December 31, 2020, was based on a physical count of…

A: Question requires inventory to be arrived at Under FOB, ownership transfers at the point of shipment…

Q: Hanabishi Company had 20,500 units on January 30, 2019, based on physical count of goods on that…

A: Under FOB Destination, goods in transit will be reported as inventory in books of the seller, since…

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: The closing inventory represents the value of inventory that remains at the end of accounting…

Q: At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared…

A: Net sales revenue = Sales revenue - Sales returns and allowances Cost of goods sold = Beginning…

Q: The physical inventory on December 31, 2019 of Tintin Co. showed merchandise at P172,000. You…

A: The balance of inventory on December 31, 2019 as P172,000. To find the correct amount of inventory…

Q: The June 30, 2021, year-end trial balance for Askew company contained the following information:…

A: Cost of goods sold statement shows all costs that is incurred for manufacturing and selling of…

Q: NIZWA ELECTRONICS is doing a merchandise business. The business is selling all electronics items.…

A: Using LIFO method, new units are sold first and old units are left in the stock.

Q: Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1,…

A: Weighted average method is used to find the cost of goods by dividing total cost with number of…

Q: Hanabishi Company had 20,500 units on January 30, 2019, based on physical count of goods c that…

A: Under FOB Destination, the title of goods is transferred from seller to buyer only upon delivery of…

Q: The Kwok Company’s inventory balance on December 31, 2018, was $165,000 (based on a 12/31/2018…

A: F.O.B (Free On Board) Shipping Point: Under this system, the responsibility of the seller over the…

Q: On 04/01/2021, Toronto Co. had 6,000 units of merchandise on hand that cost P120 per unit. During…

A: FIFO is first in first out inventory valuation method under which inventories which are purchased…

Q: The following data was obtained from the records of ABC Inc., for the current year. Sales  during…

A: A.FIFO Cost of goods sold 80*8=640 65*10=650 55*12=660 10*14=140  Total 210 units= 2090 Cost of…

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: DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at…

A: Under FOB shipping terms, the buyer becomes the owner as soon as goods are shipped.

Q: The Apollo Company conducted a physical count on December 31, 2021 which revealed in inventory with…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory…

A: Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be…

Q: The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense…

A: The Statement of owner’s equity represents a summary of the net amount of owner’s equity accounts…

Q: The business had 400 units in inventory at 1st March 2019 valued at RO 40. On 10th March Purchase…

A: The various methods used to evaluate the inventory in the business are: FIFO, LIFO and weighted…

Q: The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

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: The records of Earthly Goods provided the following information for the year ended December 31,…

A: Closing inventory represents the inventory that remains at the end of the accounting period.

Q: ros Company’s inventory at December 31, 2019 was P2,500,000 based on physical count priced at cost…

A: Solution: inventory to be reported at December 31, 2019 = physical inventory + goods in transit…

Q: Royal traders LLC accounting records shows the following for the year ending on 31 December 2019,…

A: Net cost of purchases means net amount payable to supplier after all returns and discounts and…

Q: NIZWA ELECTRONICS is doing a merchandise business. The business selling all electronics items. The…

A: There are various methods of inventory valuation one of them is LIFO. LIFO stands for Last in Last…

Q: Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1,…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be…

A: Inventory error:   Inventory errors are sometimes caused by making mistake in physical count, in…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

A: SOLUTION- INVENTORY- IT IS THE  TERM FOR THE GOODS AVAILABLE FOR SALE AND RAW MATERIALS USED TO…

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: Year end inventory means cost of ending inventory which is left at the end of the period.

Q: Olivia Company completed the following transactions in December 2021. All purchased goods are…

A: FOB Destination: In FOB Destination, Title of the goods is transferred to the buyer from  seller…

Q: All Things Auto are retailers who purchase and sell vehicle parts & accessories, including…

A: Purchase price on Oct 22  =  18175 * 96% ( due to discount ) = $ 17448 Purchase price on Nov 12 = $…

Q: Woodworks Company deals in furniture and uses periodic inventory system. The following transaction…

A: FIFO means first in first out where as LIFO means last in first out. Moving average means simple…

Q: The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month…

A: a. Assuming that perpetual inventories are not maintained and that a physical count at the end of…

Q: The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory…

A: journal Date Particulars Debit Credit Oct 1 No entry     Oct 3 Purchase…

Q: . The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost…

A: Correct inventory that should appear in Cherry Company's statement of financial position at December…

Q: How much is the cost of goods available for sale of the branch?Required to answer. Single line text.

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Q: Snap Products uses the perpetual inventory system. The company sells telephone equipment. On Jan 1,…

A: There are no. of transactions occurs during the period in the firm. To take the effect of every and…

Q: Shania Twain Company was formed on December 1, 2019. The following information is available from…

A: Required a. Prepare schedules to compute the ending inventory on March 31, 2020, using the FIFO…

Q: Olivia Company completed the following transactions in December 2021. All purchased goods are…

A: 1/10,n/30 means if the payment is done within 10 days, 1% discount is allowed and no interest is…

Q: CDE Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were…

A: Cost of goods sold means that value of opening stock plus purchases minus closing stock but cost of…

Q: The following items were included in Diego Company’s inventory account on December 31, 2020:…

A: A consignment agreement is one in which items are left in the hands of a third party who is allowed…

Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…

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