Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is P8,50O, then what does that imply for the cost of goods sold during the year? (round to the nearest peso) * O P21,250 P124,100 P582 P4964

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: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

A: The ratio is calculated to determine the relationship between 2 numbers. In accounting, Ratios are…

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: 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: Moss Co. has determined its year-end inventory on a FIFO basis to be $400,000. Information…

A: Given:Estimated selling price = $408,000Estimated costs to sell = $20,000

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

A: Inventory turnover ratio is a ratio which determines how efficiently and effectively the inventory…

Q: ​Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000​, and the…

A: The correct answer is Option (B).

Q: of beginning inventory at a cost of $3.00. During the year, the company made the following…

A: Solution..   Total units available for sale  = Beginning inventory + Purchases  = 500 + 1,200 + 800…

Q: . What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2…

A: Inventory Turnover: Inventory turnover refers to the number of times a firm is able to replace its…

Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…

A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…

Q: 7. Charles Inc. has an ending inventory of $423,425, and the cost of goods sold for the year just…

A: Solution:- Inventory Turnover ratio computes the pace at which the inventory is being used.

Q: inventory

A: Introduction: Ending inventory for a company generally indicates the balance goods which are…

Q: The quick ratio is 1.7 while the current ratio is 2.5. The current liabilities amount to PHP5,000.…

A: Here, Quick Ratio is 1.7 Current Ratio is 2.5 Current Liabilities is PHP5,000 Cost of Good Sold is…

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

A: Days sales in inventory = 365/(cost of goods sold/Average inventory)  Average inventory = (Opening…

Q: Carey's Department Store had net sales of $20 million and cost of goods sold of $17.00 million for…

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

Q: A company has an average inventory on hand of P100,000 and the days in inventory are 73 days. What…

A: Days in inventory=Average inventoryCost of goods sold×365 days

Q: The firm uses the periodic system, and there are 26 units of the commodity on hand at the end of the…

A: Periodic Inventory system- One need not to maintain cost records. Closing inventory will be valued…

Q: A company has an average inventory on hand of $81000 and its average days in inventory i 36 days.…

A: cash flow statement is a fiancial statement which provides data of all the cash inflows form…

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: Bobaflex Corporation has ending inventory of $527,156 and cost of goods sold for the year just ended…

A: Given information: Cost of goods sold for the year is $8,543,132 Ending inventory is amounted to…

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: The question is related to Ratio Analysis. Inventory turnover is calculated with the help of…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Average age of inventory = 25 days  Inventory level = P8,500

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: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

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: Oriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the…

A: Gross Profit = Sales - Cost of goods sold   Cost of goods sold = Beginning inventory + Purchases -…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $440000 and at the end of…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

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: 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: 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: A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500…

A: Introduction: Inventory turnover is a financial ratio that indicates how frequently a firm's…

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: The following information was available for Oriole Company at December 31, 2022: beginning inventory…

A: Compute the average inventory.

Q: PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1…

A: The cost of goods sold can be calculated by adding up net purchases and deducting ending inventory…

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: Inventory turnover refers to the rate at which the inventory in the company is sold, used, and…

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: 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: Your company sells $469,300 of goods during the year that have a cost of $398.600. Inventory was…

A: Inventory turnover ratio is a form of efficiency ratio, which shows how many times inventory is…

Q: A wholesale company prices its inventory at $143,483. If the original price of the items was…

A: Transaction price = $143,483 Original price = $229,622

Q: The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory…

A: Formula:

Q: ABC Company has average inventory of $45 000, cost of goods sold is $650 000. What is the inventory…

A: Given data; Average inventory = $45,000 Cost of goods sold = $ 650,000

Q: The following data were extracted from the income statement of Keever Inc.:Current YearPrevious…

A: Inventory turnover:   Inventory turnover ratio is a measure of liquidity, which evaluate how…

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was…

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of…

Q: Botica Heaven has a total annual sale of PhP 40 M and is in operation with an inventory value of Php…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Cinco Company determined the following information for an inventory at year-end: P2,000,000…

A: Inventory is reported at lower of historical cost and net realizable value. Net realizable value is…

Q: Tefft Industires has an average inventory of $170,000, sells on term of 2/10, net 30, and its cost…

A: Inventory conversion period is the number of days in which the inventory is stored before being sold

Q: The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at…

A: Inventory turnover: It is the rate at which the company sells its inventory. Calculating inventory…

Q: find the inventory turnover at cost.

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

Q: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: a. What is the inventory turnover?

A: Inventory Turnover is otherwise  called as stock turnover ratio. It is a measure which indicates…

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.