Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross profit percentage for the first quarter of 2018:Net purchases, $73,000Gross profit rate, 20%Beginning inventory, $51,000Net sales revenue, $94,000By the gross profit method, the ending inventory should bea. $75,200.b. $48,800.c. $105,200.d. $124,000.

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000…

A: Formula: Net purchases = Gross purchases - Purchase discounts - Purchase returns and allowances.…

Q: Gage’s accounting records included the following information: Inventory, 01-01-15…

A: Freight Out is a transportation expense incurred to move the good out of the manufacturers factory…

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: During 2021, a company sells 374 units of inventory for $95 each. The company has the following…

A: Last- in-First-out(LIFO) is one of the method to know the records of the inventory accounts which…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Andover Stores uses the average cost retail method to estimate its ending inventory. Information as…

A: Estimated ending inventory is the amount of inventory that an entity might have at the end of the…

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

A: Gross sales seem to be a term that measures a company's total revenues before deducting the costs of…

Q: Compute for the net sales that would be reported in LIVA company's Income Statement. You are to be…

A: Calculation of Gross Sales Gross Sales = Goods available for Sale at retail – Ending Inventory at…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

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: Presented below is information related to Aaron Rodgers Corporation for the current year.…

A: a. Cost of Goods sold = Sales revenue - Sales revenue x gross profit ratio…

Q: During the year, Trombley Incorporated has the following inventory transactions.For the entire year,…

A: 1a.

Q: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Introduction:- Gross income is the sum of all wages, salaries, profits, interest payments, rents,…

Q: n, in roper soid, and gross profit for the year ended December 31, 2020 using the data. Write your…

A: Solution: Gross profit = Net Sales - Cost of goods sold Net Sales = Gross sales - Sales returns and…

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: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: During 2021, a company sells 379 units of inventory for $92 each. The company has the following…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Smart Watch Company reported the following income statement data for a 2-year period.   2016 2017…

A: (b) The effect of over-stated ending inventory in the first year will be offset by the overstated…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000…

A: Given: Inventory, February 28, 2018= $453,000 Inventory, March 31, 2018= 332,000 Purchase Discounts…

Q: At the beginning of 2016, the Joan Company had an inventory valued at $34,375 at cost ($50,000 at…

A: Retail inventory method is used by retailers to value their closing stock without need of taking…

Q: Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method…

A: Average cost per unit = ((100 x $10) + (200 x $12))/ 300 units = $3,400 / 300 units = $11.3333

Q: Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost…

A: LIFO- Last in first out Inventory which is last entered should be first out for sale. Sale for 85000…

Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…

A: Under the LIFO method, the latest sales are sold first, and therefore, the cost of goods sold…

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The…

A: Average Cost Method: The average cost technique gives a cost to inventory items based on the overall…

Q: Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your…

A: The solution are as follows

Q: Smart Watch Company reported the following income statement data for a 2-year period.   2016 2017…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Ivanhoe Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Net sales = Sales revenue - Sales return = $1061800-72100 = $989,700

Q: The Reuschel Company began 2018 with inventory of 10,000 units at a cost of $7 per unit. During…

A: Requirement 1: The cost of goods sold under LIFO:

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: Under the LIFO method, the goods which are purchased in the last are sold first. The ending…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000…

A: Cost of Goods sold is the amount incurred to produce the products sold by the business during the…

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: LIFO (last-in-first-out) method is used in calculating the cost of ending inventory in the company.…

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

A: Gross profit=Net sale×Profit %=$500,000-$50,000×25%=$112,500

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: Based on our understanding of inventory cost flows, and given the information listed below for the…

A: The correct answer is option (e).

Q: During the year, TRC Corporation has the following inventory transactions. Number Unit Date…

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

Q: Sheffield Company had the following information taken from its2009 adjusted trial balance: Sales,…

A: 400,000 sales -12,000 discounts= net sales of 388,000 388,000-195,000 cogs = gross margin 193,000…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011. The…

A: Cost of Sales = Beginning Inventory + Net Purchases + Freight Inwards - Ending Inventory

Q: Grotesque Company which employed the FIFO retail method provided the following inventory data: 2020…

A: The retail inventory method calculates the ending inventory by multiplying the retail closing stock…

Q: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000…

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Gage’s accounting records included the following information: Inventory, 01-01-15…

A: Estimated loss from any shoplifted items:

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Last-In, First-Out (LIFO):   In Last-in-First-Out method, the cost of last purchased items are sold…

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

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: LIFO stands for Last In First Out which means units purchased in last would be sold first.

Q: This information is available for Kingbird, Inc. for 2017, 2018, and 20 2017 2018 2019 Beginning…

A: SOLUTION-   FORMULA OF INVENTORY TURNOVER RATIO = COST OF GOOD SOLD/AVERAGE STOCK   AVERAGE STOCK =…

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

A: Given,   Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales…

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: Lithowanderer Company used the retail method to estimate inventory. Data relating to the inventory…

A: Retail inventory method:  Under this method, the closing stock of inventory is measured using cost…

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.