The ABC Ltd. uses the periodic inventory system. Answer the given questions by having the below information: Beginning Inventory on the 1st July 2018: $62,000 Goods available for sale during the year: $336,000 Purchase returns & allowances during the year: $22,800 Purchase discounts during the year: $16,200 Freight Cost:   $13,000 Cost of Goods Sold during the year: $289,000 Operating Expenses: $7,900 Sold items during the year: 63,000 units Selling price: $5.30  Questions: 1. Calculate the Cost of Goods Purchased during the year ended in 2019. 2. Calculate the Total Purchases during the year ended in 2019. 3. Calculate the Net Purchased during the year ended in 2019. 4. Calculate the inventory on hand in the Balance Sheet on the 31st of June 2019. 5.Calculate the Total Income for the year ended in June 2019.

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: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

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

A:

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

A: The system of inventory under which updates in inventory are  done on periodic basis is called as…

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

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

Q: National Distributing Company uses a periodic inventory system to track its merchandise inventory…

A: formula to calculate cost percentage = cost of goods sold / net sales    cost of goods sold =…

Q: Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2022,…

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

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

A: INTRODUCTION PERPETUAL INVENTORY SYSTEM Perpetual inventory system is the method of recording…

Q: Keiko Company took a physical inventory at December 31, 2020 and determined that RM3,530,000 of…

A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory + goods consigned with…

Q: The following independent situations relate to inventory accounting. 1.    Kim Co. purchased goods…

A: As you posted multiple questions we are answering only one question that is first question kindly…

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

Q: Skysong, Inc. reported these income statement data for a 2-year period. 2022 2021 Sales revenue…

A: Skysong Inco. Income Statement. 2021, 2022.   Particulars 2022 2021 A Sales Revenue 255500…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: Formula: Net Income = Revenues - expenses Deduction of expenses from revenues derives the net…

Q: uly 1               150 units              $5.20                 $  780 July 10             200…

A: Inventory may be : Opening Inventory  Closing Inventory  Number of units sold = Number of units…

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: . The inventory at January 1, 2019, had a retail value of $39,000 and a cost of $31,130 based on the…

A: Solution: Raleigh Department Store LIFO Retail Method   Cost   Retail Cost to Retail ratio…

Q: Dhofar Company has the following information regarding its inventory items for 2021.   Date Event…

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

Q: Altira Corporation provides the following Information related to its merchandise Inventory during…

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods:…

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: The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales…

A: Perpetual inventory system:   It is the inventory system that record each transaction of purchase…

Q: Presented below is information related to Blossom Company, owned by D. Flamont, for the month of…

A: Note: As per the policy, we’ll answer the first question since the exact one wasn’t specified.…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Jungkook Corp. has reported an inventory balance of P2,500,000 (based on physical count on January…

A:

Q: The ABC Ltd. uses the periodic inventory system. Answer the given questions by having the below…

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

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: Income Statement is one of the financial statements that provide the net income earned during a…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

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

Q: Givens Company uses a periodic inventory system.Its records show the following for the month of…

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: Arppel Company uses a periodic inventory system and closes its accounts annually on 31 December.…

A: Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory Gross Profit = Net Sales -…

Q: Presented below is selected information related to Metlock, Inc. for the year ended January 31,…

A: Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480

Q: During January 2020, ABC Company which maintains a perpetual inventory system, recorded the…

A: Introduction: Under the moving average method of inventory valuation, cost of sale as well as cost…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic inventory system is the one under which the sales and purchases are recorded after a span…

Q: How much is the cost of goods sold using the specific identification method of inventory valuation?…

A: Inventory: Inventory is the units which are purchased or manufactured by the business organization…

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

A: Under Average Cost Method, cost of goods sold and inventory are valued based on a average rate of…

Q: AA Company reported inventory on December 31, 2018 at P6,000,000 based on a physical count of goods…

A: FOB Destination means that the title to the goods passes from the owner to the buyer when the goods…

Q: Syvels Trading uses the retail inventory method to estimate inventory. accounting records for the…

A: Particulars Cost Retail Opening Stock 617,000 1,057,000 Purchases 1,281,000 2,158,000 Purchase…

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: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Introduction:- LIFO means Last-in-first-out It is one of the inventory valuation method. As per…

Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…

A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…

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

A: a.

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: Belrose Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Compute the Belrose’s estimated inventory at July 31, 2018, under the lower-of-cost-or-net…

Q: The following items were included in Diego Company’s inventory account on December 31, 2020:…

A: A consignment agreement is one in which items are left in the hands of a third party who is allowed…

Q: During 2021, a company sells 356 units of inventory for $93 each. The company has the following…

A: The LIFO method states that the goods purchased at last are sold first.

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

A: FIFO Method:FIFO stands for first-in, first-out, meaning that the oldest inventory items are…

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 Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: LIFO Reserve: LIFO reserve is the difference in value of inventory calculated using LIFO and FIFO…

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.