PRETTY Co. has a recent gross profit history of 40% of net sales. These data are taken from the records for the quarter ended March 31, 2020: Inventor -January 1 P650,000 PurchasesP3,200,000 Net sales P4,500,000 Purchase return P75,000 Freight in P50,000. What is the estimated cost of inventory on March 31, 2020?

Q: Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During…

A: Last-in-First-Out Method, or simply called as LIFO Method, is an inventory system in accounting…

Q: Charlene Company uses the average cost retail method to estimate its inventory. Data relating to the…

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

Q: Based on our understanding of inventcory cost fowis,and given the information listed below for the…

A: Cost of goods sold is calculated by subtracting gross profit from net sales. Note :- Net Sales is…

Q: Siete Company provided the following data for the current year: Inventory, January 1: At cost P…

A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…

Q: Peter Company reported the following amounts for the year ended 31 December 2020: Inventory at 1…

A: 1) Depreciable base = $200,000 (Cost) - $10,000 (Residual Value) = $190,000 Life: 5 years…

Q: Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1,…

A: Lets understand the basics. Gross profit is a profit generated from the sales. Gross profit = Sales…

Q: Over a four-year period, Jackie Corporation reported the following series of gross profits.…

A: Gross profit: It can be defined as the difference between the cost of goods sold and the net sales…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: Driole Company reported the following income statement data for a 2-year period. 2019 2020 $211,500…

A: Income statement is a statement showing the revenues and related expenses calculated to arrive at…

Q: What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows:…

A: Under FIFO method the oldest products in inventory have been sold first.

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

A:

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Net Sales = Sales revenue - Sales returns = $1,000,000 - $70,000 = $930,000 a. Cost of goods sold =…

Q: Vaughn Manufacturing had January 1 inventory of $300000 when it adopted dollar-value LIFO. During…

A: Dollar Value LIFO :           Inventory valuation is important for accurate cost of goods sold which…

Q: Old Rose Company's pricing structure has been established to yield a gross margin of 30%. The…

A: Trading account is prepared to find out gross profit or loss during the specified period. All…

Q: The following information relates to Musk Corporation: Inventory conversion period 15 days Average…

A: The inventory turnover ratio is used to compare the efficiency of inventories which are used for the…

Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows:…

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

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

A: Moving Average Method is one the Inventory Valuation Method. Unit cost keep change as new Inventory…

Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Definition:   Inventory turnover ratio: Inventory turnover ratio is used to determine the number of…

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

A: Net sales = Sales - Sales return - Sales allowance - Sales discount  =…

Q: On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year,…

A: Inventory turnover: Inventory turnover is the quantitative tool that tells the number of times a…

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

Q: Old Rose Company's pricing structure has been established to yield a gross margin of 30%. The…

A: Answer: Explanation: Freight outward is not included in the above calculation as it is an indirect…

Q: Old Rose Company's pricing structure has been established to yield a gross margin of 30%. The…

A: Inventory: Inventory refers to the goods available for sales and raw materials which is used to…

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: 1. For the year ended December 31, 2020, PAMA Company reported the following amounts: Inventory,…

A: Net sales = Operating expenses / 10% = 150000 / 10% = P1500000

Q: Pear Company recorded the following data pertaining to one of its inventory items during January…

A: Moving average cost is a method of inventory valuation. This method computes the unit cost every…

Q: SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1…

A: Solution..   Beginning inventory = P2,300,000  Purchase = P7,105,000  Purchase return and allowances…

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

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: Terry Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO.During the year,…

A: The closing stock is valued as above:

Q: Terry Company had January 1 inventory of $100,000 when it adopted dollarvalue LIFO. During the year,…

A: Given informationOpening stock (inventory) = $100000purchase = 600000Closing stock = 143360Base…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: The gross purchases are calculated by adding the ending inventory in the cost of sales and deducting…

Q: The following information was available for Concord Company at December 31, 2020: beginning…

A: Inventory turnover = cost of goods sold/Average inventory

Q: The following infomation is available for November 2018, for Golden Company. Beginning inventory S…

A: Estimated ending inventory using the gross profit method is determined by calculating the balancing…

Q: Himantayon Company provided the following information for the current year: Beginning inventory…

A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…

Q: In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the…

A: Equation for inventory at the end (Ending or Closing Inventory): Ending Inventory = Opening…

Q: If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of…

A: Inventory turnover is calculated as ratio of cost of goods sold and ending inventory balance. The…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Given, Cost of sales during 2020 = 5,950,000 Merchandise inventory, 12/31/20 = 900,000 Merchandise…

Q: The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following…

A: Under the FIFO method, the inventory that is purchased first is sold first, hence the ending…

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: In its 2019 annual report, Kingbird, Inc. reported inventory of $ 626 million on January 31, 2020,…

A: Inventory turnover is an accounting turnover ratio that determines the number of times inventory is…

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: find the inventory turnover at cost.

A: Inventory turnover calculates the number of times inventory can be converted into sales by company.…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1…

A: Here in this question, we are required to calculate the gross sales. Gross sales is a sales which is…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…