Seven Sea Corporation sells Ovens for an average of OMR 50, and which cost OMR 25. This is a cost-to-retail percentage of 80%. Seven seas beginning inventory has a cost of OMR 80,000. It paid OMR 85,000 for purchases during the month, and it had 150,000. Calculate the ending inventory by following Retail inventory method. a. OMR 165000 b. OMR120000 c. None of the given options d. OMR 45000

Q: stle Company uses the periodic inventory system. For January 2020, the entory consisted of 36,000…

A: 1)   Option "a" is the correct answer.   Average Cost = (36000×12+15000×15+60000×13.5)111000 units…

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: 1. Flat Top uses the periodic inventory system. For the current month, the beginning inventory…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Khanh's Department Store, Ltd. uses a perpetual inventory system with moving-average cost; terms for…

A: Moving Average cost flow assumption - Under the Moving Average Cost Method, the cost is considered…

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A:

Q: Win Company, which uses the FIFO inventory method, had 300,000 units in inventory at the beginning…

A: The correct option is  C. $5,000,000

Q: A company purchased 200 units for $40 each on January 31. It purchased 150 units for $35 each on…

A: Weighted average inventory costing method: - Weighted average inventory costing method is the method…

Q: Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has…

A: Formula: Cost of goods sold = Beginning Inventory + Purchases - purchase returns - Purchase discount…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: Under weighted average method of inventory valuation, weighted average cost per unit will be…

Q: Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah…

A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…

Q: Green Company has beginning inventory of 20 units at a cost of $12.00 each on May 1. On May 5, it…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Allison Co. has a beginning inventory costing $90,000 and an ending inventory costing $120,000.…

A: Inventory Turnover Ratio = (Cost of merchandise Sold / Average Inventory)

Q: Marvin Company has a beginning inventory of 12 sets of paints at a cost of $1.50 each. During the…

A: Total units available for sale = 12+4+6+6+10 = 38 units Particulars No. of Units Cost per…

Q: Swifty Company's inventory records show the following data: Units Unit Cost Inventory, January 1…

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

Q: 1. Assume the company does not expect to replace the units of beginning inventory sold; it plans to…

A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…

Q: John had 150 units in inventory costing $5,700 on December 1st, 2020. During the month of December,…

A: Weighted average unit price on Dec. 18, 2020 = (Cost of beginning inventory + Cost of Purchase) /…

Q: If Carla Vista Department Store uses the gross profit method and net sales are $600,000, the gross…

A:

Q: Syarikat Layang uses the LIFO (Last-in, First-out) costing method for its perpetual inventory…

A: Under LIFO method, the newer units are sold first and older units are sold later.

Q: In its first month of operations, Lily Company made three purchases of merchandise in the following…

A: Cost of the ending inventory under the average-cost method = Inventory on hand*Weighted-average…

Q: Handbags, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a…

A: As per lower-of-cost-or-market rule Inventory will be recorded at lower of cost or market value.

Q: Win Company, which uses the FIFO inventory method, had 300,000 units ih inventory at the beginning…

A: Given, Company follows FIFO method;   Beginning Inventory = 300000 units Costing $ 50 each Details…

Q: SHIN Industries uses the average cost approach to account for its inventory. For the current year,…

A: Average Cost Method: This approach allocates a cost to inventory items based on the overall cost of…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Last in first out (LIFO) method of inventory valuation gives preference to value of inventory…

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: Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product…

A: FIFO method: FIFO stands for first-in-first-out. This method assumes that the oldest products in…

Q: Seven Sea Corporation sells Ovens for an average of OMR 50, and which cost OMR 25. This is a…

A: This method is generally used by retailers to estimate ending inventory.   Under this method…

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: ompkins Company reports the following inventory record for November:   INVENTORY Date Activity #…

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

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Particulars No. of units Rate per unit Total cost 9,500 units sold 8,000 $40 $320,000…

Q: Sarasota Inc. had beginning inventory of $20,600 at cost and $30,600 at retail. Net purchases were…

A: Retail method: One of the accounting method where the value of the merchandise or goods sold is…

Q: Thug Life Company provided the following information at year-end: Cost - Retail Inventory, January…

A: There are several methods used for valuation or estimation of inventory in the business. It can be…

Q: The following amounts and costs of platters were available for sale by Sierra Pottery during the…

A: Under weighted average cost of inventory, weighted average cost per unit will be calculated for…

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: Ending inventory units are calculated as difference between units available for sale and units sold.…

Q: Syarikat Layang uses the LIFO (Last-in, First-out) costing method for its perpetual inventory…

A: Under the perpetual inventory system, the inventory record is updated time to time with every…

Q: Fashion Barn’s total cost valuation of inventory is $90,000 and its total retail valuation is…

A: Closing inventory: It refers to the amount of stock that company have at the end of the accounting…

Q: SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net…

A: In the given question, the ending inventory will be determined using the retail inventory method.…

Q: Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total…

A: given that, beginnig inventory = 100 units @ $10000 purchases = 200 units @ $26000   closing stock =…

Q: EFG Co. has 600 units in inventory that had been purchased for $22 each and that would currently…

A: Solution: Cost per unit of inventory = $22 Market price = $28.50 per unit According to accounting…

Q: Assume Ava Co has the following purchases of inventory during the first month of operations…

A: The calculation of Ending inventory is given below. You may kindly note the following All amounts…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO: Under this method, ending inventory is valued at the latest purchase price. LIFO: Under this…

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: Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased…

A: Cost per unit of beginning inventory = $8,000 /100 units = $80 per unit Cost per unit of purchase…

Q: At year-end 20X8, Ancho Canned Chile has 8,000 units on hand at a weighted-average cost of $13 per…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: The following information is for the Bud Company; the company sells just one product: Units Unit…

A:

Q: Wynn started the period with 80 units in beginning inventory that costs $7.50 each. During the…

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

Q: Company Y had the following transactions in Year 2. The perpetual FIFO inventory system is used. 1.…

A: There are different accounting methods of available to record the inventory out of which the company…

Q: The following amounts and costs of platters were available for sale by Sierra Pottery during the…

A: Given that, Beginning inventory = 10 units @ $41 Purchases = 15 units @ $55 Second purchase = 30…

Q: Uptown Department Store uses the perpetual inventory system and has ending inventory with a…

A: As per the LIFO method, the ending inventory is measured at cost or replacement cost whichever is…

Q: Sunland Company had 140 units in beginning inventory at a total cost of $11,200. The company…

A: Cost of goods sold is calculated by adding the opening balance and purchases and subtracting the…

Q: During the last quarter of the year, Jack Trading Company included Product X among the product lines…

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

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.