The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February Purchase made 400 units at RO 30 each. On 28th February Sales made 500 units at RO 40 each. What will be the cost of goods sold value at the end of February 2018 assuming that the business uses LIFO method? a. OMR 16,000 b. OMR 14,000 c. OMR 2,000 d. OMR 9,000

Q: A company shows the following data in their accounting records for 2014. Inventory 12/31/14 =…

A: Cost of goods sold: It is the accumulate amount of all direct cost incurred in manufacturing the…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: On Dec 31, 2011, Yellow HArdware has inventory of $25,000. The owner wants to increase inventory on…

A: The cost of goods sold refer to the cost of producing the goods which are sold during the year. The…

Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…

A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…

Q: Prepare general journal entries for the following transactions of Eva Inc.: Eva Inc. is a retail…

A: Journal entry: It is prepared to record the financial and non financial transaction of the business…

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: Cost of goods sold is the cost of manufacturing the goods which have been sold, it only includes…

Q: $557,000 Purchases (excluding freight in) 300,000 Selling and Administrative Expenses 69,000…

A: The right answer is option c $252,700

Q: Fabrika Enterprise (FE) is a retail business which sells fabric. FE uses a perpetual inventory…

A: Journal: Journal is used to record business transactions of an enterprises In FOB shipping point,…

Q: CBA Ltd sells smartphones. The following information relates to its best-selling model Tex for the…

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

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A:

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A: Ending units=Beginning units+Purchase-Sale=200+400-500=100 units

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: COST OF GOODS SOLD= OPENING INVENTORY+PURCHASES-PURCHASE RETURNS-PURCHASE DISCOUNTS-FREIGHT…

Q: Gemstone sells 400 units of inventory for $12,000 to Jades on account. The units cost $12 each.…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…

A: Cost of goods sold is an expense account, which will be reported on the income statement.

Q: The Crystal Glass is a trader in   chinaware   décor .  The following information is available at…

A: Formula =  Purchases = cost of goods sold + closing stock - opening stock Cost of goods sold = sales…

Q: Al Bushra LLC accounting records shows the following for the year ending on 31 December 2017,…

A: Please see the next step for the solution

Q: Cost of Goods sold using FIFO.

A: Under First-in- First out method inventories that are brought at earlier dates are sold first  That…

Q: The following amounts are known: Beginning merchandise inventory $28,000 Ending merchandise…

A: Cost of Goods sold: It is the cost incurred for manufacturing the product which sold the company.

Q: A business has compiled the following information for the year ended 31 October 20X2: $ Opening…

A: Sales revenue = Cost of goods sold /  ( 1 - Gross profit rate )

Q: Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min’s ending…

A: Cost of goods sold = Beginning inventory + Purchase during the year - Ending inventory

Q: ABC Merchandise business follows perpetual inventory system. The business had 200 units in inventory…

A: Ending inventory=Beginning units+Purchases-Sales=200+300-400=100 units

Q: Kemuning Jaya store had a beginning merchandise inventory of RM30,000. During the period, purchases…

A: Cost of goods available for sale = Beginning inventory +Purchases -Purchase return+ carriage inwards…

Q: a. Assume the company uses a periodic system. Prepare all required journal entries, including the…

A: a. Prepare the working note for computing COGS as follows: Result:

Q: A business has compiled the following information for the year ended 31 October 2002: $ Opening…

A: Sales = Cost of sales×10060=$952500×10060=$1587500

Q: The following information is given about Arab Inc., sales were $500,000 and sales discounts were…

A: Cost of goods sold = Sales - Gross Profit Cost of goods sold = Cost of goods available for sale -…

Q: Mark has a small retail store and sells one product. His beginning inventory consisted of 1,000…

A: Meaning of FIFO Method  FIFO is a method of stock valuation that stands for ‘First-In, First-Out’.…

Q: At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to…

A: Under the LIFO method, the inventory which has been purchased most recently is sold first and under…

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including table…

A: "FIFO" stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold…

Q: Avtosh LLC is an car dealer company established in Baku, Azerbaijan. The Company uses perpetual…

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

Q: ABC Merchandise business follows perpetual inventory system. The business had 200 units in inventory…

A: LIFO is the technique used for the valuation of the inventory. In this, the goods that are acquired…

Q: Allied Parts was organized on May 1, 2015, and made its first purchase of merchandise on May 3. The…

A: Under perpetual inventory system, transactions are recorded on a continuous basis (real time) as and…

Q: t the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of…

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

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

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

Q: Sing Along is a popular music store. During the current year, the company’s cost of goods…

A: Hello, since the student has posted multiple requirements, only the first two are answerable. Thank…

Q: Old Mills's income statement appears as follows (amounts in thousands): E (Click the icon to view…

A: Cost of goods sold are the total cost incurred while manufacturing the goods that are sold during…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Sales revenue to be recorded =Sales value - sales discount

Q: Ace Bonding Company purchased merchandise inventory on account. The inventory costs $4,000 and is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Buzz Ltd has Sales figure of £8,200, opening Inventory of £1,300, closing inventory £900, purchases…

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

Q: The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $…

A: Total units available for sale = 440+130+240+70 = 880 units Ending units = Total units available for…

Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: 1. A business operate based on a mark-up cost of 40%. If the opening and closing inventories were Gh…

A: As posted multiple questions we are answering only one question kindly repost the unanswered…

Q: James Company began the month of October with inventory of $15,000. The following inventory…

A: 1.

Q: Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units…

A: Account Titles and Explanation   Debit   Credit        Inventory (225 units * $220) $49,500…