Sun Co. uses a periodic inventory system. Beginning inventory on Jan. 1 was overstated by $32,000, and its ending inventory on December 31 was understated by $62,000. These errors were not discovered until the next year. So, cost of goods sold for this year was:

Q: Jackson Specialties has been in business for more than 50 years. The company maintains a per-petual…

A: LIFO stands for Last in first out. It is one of the important inventory management techniques. Under…

Q: When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate…

A: Cost of goods sold = Sales - Gross profit = $1,218,000 - ($1,218,000*45%) = $1,218,000 - $548,100 =…

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: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Concord Company took a physical inventory on December 31 and determined that goods costing…

A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…

Q: Flite Company had beginning inventory on May 1 of $12,000. During the month, the company made…

A: Cost of goods available = Beginning Inventory + Goods purchased - Purchase return Cost of goods sold…

Q: Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

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: the records of Penny company indicated that $ 415,000 of merchandise should be on hand on december…

A: Inventory shrinkage: Any errors or losses of merchandise due to breakage, theft or spoilage are…

Q: During the year 1 year-end physical inventory count at Tequesta Corporation, $40,000 worth of…

A: Inventory error: It refers to the errors that result in overstatement or understatement of ending…

Q: Wakowski Company's ending inventory was actually $86,000 but was adjusted and recorded at year end…

A: It is important that we do not over/understate assets in the Statement of Financial Position. We…

Q: Bren Co.’s beginning inventory on January 1 was understated by $26,000, and its ending inventory on…

A:

Q: Trent Department Store uses a perpetual  inventory sys- tem but adjusts its inventory records at…

A: Cost of goods sold: It refers to the sum total of all the cost incurred by the company to produce a…

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: King Supply maintains its internal inventory records using perpetual FIFO, but for financial…

A: Date Account Titles and Explanation Debit Credit   Cost of Goods sold  $      15,000…

Q: Based on the following data for the current year, what is the inventory turnover? Sales on account…

A: Given: Inventory, beginning of year 39,811 Inventory, end of year 39,291 Cost of goods…

Q: If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a…

A: If the inventory is shown as $68,000 instead of $86,000 which shows that the closing inventory is…

Q: Charlie Day Co.’s beginning inventory at January 1 was understated by $26,000 and its ending…

A: The cost of goods sold is the cost of the product sold during the period.

Q: Platinum Co. failed to record $72,000 credit purchase of goods that were received on the last day of…

A: Lets understand the basics. When any error is made in recording any expenses and error discovered in…

Q: Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, the…

A: Types of Inventory includes: Raw materials Work-in-progress Finished goods

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Jam Company uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is defined as the goods which are purchased by the company with the purpose of reselling…

Q: Bonita Industries took a physical inventory on December 31 and determined that goods costing…

A: The ending inventory reported by Bonita industries is calculated as follows:

Q: Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A:

Q: The following information was available from the inventory records of Sunland Company for January:…

A:

Q: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: The Numerical has covered the concept of weighted Average Methode Under Periodic Inventory Method.…

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were…

A: Purchase of goods in FOB shipping point means that ownership is transferred to the buyer at the time…

Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A: The gross profit is calculated as difference between sales and cost of goods sold. Cost of goods…

Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods…

A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on…

Q: Flora’s Gifts reported the following current-month data for its only product. The company uses a…

A:

Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1= P130,000 Physical count,…

A: Under periodic inventory system, the cost of goods sold is not recorded with every sales…

Q: Ebbers Corporation overstated its ending inventory balance by $15,000 in the current year. What…

A:

Q: The King Corporation has ending inventory of $386,735, and cost of goods sold for the year just…

A: Calculate the inventory turnover as follows:

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

A:

Q: ANDRES Company used the moving average method to determine the cost of the inventory. During the…

A: Units Unit Cost Total cost 40,000 50 2,000,000 (35,000) 50 (1,750,000) 5000 50 250,000

Q: Numeric Company uses the periodic inventory method and had no beginning inventory. The company…

A: Weighted average method is calculated by the cost of goods sold available for sale divided by number…

Q: Wildhorse Company took a physical inventory on December 31 and determined that goods costing…

A: In case of sale of 37000 control will transfer when goods reach to destination ,but they are in…

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: Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial…

A: a.

Q: Navajo Company's year-end financial statements show the following. The company recently discovered…

A: The ending inventory is calculated as : Beginning inventory + Purchases - COGS

Q: If Soda Popinski's Company's ending inventory was actually $86,000 but was adjusted at year end to a…

A: Cost of good sold = Opening inventory + Purchases + Direct expenses - Closing inventory.   So,…

Q: Blue Company took a physical inventory on December 31 and determined that goods costing $190,900…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: The following information was available from the inventory records of Sunland Company for January:…

A: Under weighted average method of inventory, weighted average unit cost is computed for valuation of…

Q: Citizens Inc. took a physical inventory at the end of the year and determined that $650,000 of goods…

A: Goods in transit and good in consignment both are considered as part of the inventory. hence both…

Q: Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing…

A: A physical check of stock is a real tally of the considerable number of items that a business stock.…

Q: a. What is the inventory turnover?

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