Record the adjustment into T accounts and then journalize the adjusting entry.

Q: Best Hardware uses a periodic inventory system. Its inven-tory was $38,000 at the beginning of the…

A: Step 1  Perpetual Inventory management system, It is a system to manage the inventory and reconcile…

Q: Patricia Flynn owns a business called Patty's Place. The company uses a periodic inventory system.…

A: Journal entry is a type of book keeping, which record and report the financial transaction that…

Q: The following purchase transactions occurred during the last few days of Whilczel Company's business…

A: In Periodic Inventory system, Inventory valuation is done at the end of the year, Rather than…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory refers to the stock that is left with the company at the end of the year or the stock that…

Q: Castle Furnishings Company’s perpetual inventory records indicate that $675,400 of merchandise…

A: Shrinkage: The cost of difference between the recorded inventory value and physical count of…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

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

Q: Presented below is information related to Windsor, Inc. for the month of January 2020. Ending…

A: Closing entries are used to close the temporary accounts to the permanent account. The income…

Q: The following information was available for the year ended December 31, 2019: Net sales Cost of…

A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

Q: A company using the periodic inventory system has inventory costing $183 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + merchandise  purchased - Ending inventory

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under periodic inventory system, no record is made at regular intervals for purchase and sale of…

Q: A company using the periodic inventory system has inventory costing $188 on hand at the beginning of…

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

Q: Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting…

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…

Q: in the next year. Assuming the periodic inventory system is used, which of the following adjusting…

A: The correct answer is D . Debit Sales Returns and Allowances and credit Customer Refunds Payable

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

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

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A:

Q: What accounts would be debited and credited to record the adjustment for the inventory shrinkage at…

A: Perpetual inventory system:   In this system, the record of inventory is maintained in a…

Q: A company that uses the perpetual inventory system purchases inventory for $64,000 on account, with…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Hence, COGS is $111,000. It is obtained by addition of sales made on March 14 and August 31 Here,…

Q: he following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson…

A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

Q: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Periodic Inventory System: Periodic inventory system is an arrangement of stock wherein refreshes…

Q: The company is using the periodic inventory system, has merchandise inventory costing 140 on hand at…

A: The cost of merchandise sold is a term used for the cost incurred for the manufacturing of…

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting period…

A: The question is based on the concept of Cost Accounting.

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: INTRODUCTION Periodic inventory system is the method of recording inventory. Under Periodic system…

Q: Presented below is selected information related to Metlock, Inc. for the year ended January 31,…

A: Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480

Q: Presented below is selected information related to Blue Co. for the month of January 2022. Ending…

A: Ending inventory are overstated by $800 ($23,710 - $22,910)

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Note:- I am only answering the wrong part..   Specific- Identification…

Q: Office Outfitters Inc. which uses a perpetual inventory system, experienced an inventory shrinkage…

A: Introduction  Inventory shrinkage is the loss in inventory due to various reasons such as theft,…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory  = Average inventory/Cost of Goods sold * 365

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: Orlon Iron Corporation tracks the number of units purchased and sold throughout each year but…

A:

Q: Record the necessary adjusting entry

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical…

A: Using periodic inventory system, the inventory and cost of goods sold is valued at end of accounting…

Q: Bonita Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under periodic method, no individual entries are recorded, rather at the end of accounting period or…

Q: Presented below is information related to Sarasota Co. for the month of January 2020. Ending…

A: Adjusting entries are made at the end of an accounting period to comply the revenue and expenses…

Q: Jeana's Furniture's unadjusted Merchandise Inventory account at year-end is $69,000. The physical…

A: The shrinkage in inventory is treated as a normal expense and debited to the cost of goods sold.

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Weighted average is one inventory costing method adjusts the cost per unit of inventory every time…

Q: Hahn Flooring Company’s perpetual inventory records indicate that $1,333,150 of merchandise should…

A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

A: Number of units sold = 4,500 + 9,000 = 13,500  Number of units purchased = 10,000 + 6,000 = 16,000…

Q: Vermont Resources, which uses the FIFO inventory costing method, has the following account balances…

A: Introduction: When a corporation makes sales using the FIFO technique, the oldest inventory or stock…

Q: At year-end, the perpetual inventory records of Blue Company showed merchandise inventory of…

A: Perpetual inventory system is the system in which transaction to purchase and sale of goods are…

Q: Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries…

A: Perpetual Inventory System :— A perpetual inventory system is a program that continuously estimates…

Q: Freedman Company estimates that sales this year of $12,000 will be returned next year and customers…

A: When a sales return occurs, perpetual inventory system requires recognition of the inventory's…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Solution 1a: Computation of COGS and ending inventory - Periodic LIFO Particulars Cost of goods…

Q: Perez Company had the following information for the year ending December 31: Units Unit Cost…

A: FIFO: FIFO stands for First in First out which means first received inventory to be sold first.

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod…

A: Req-1                   Priodic FIFO:                     Purchase & Beginning Inventory…

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.