The book value of the XYZ Trading’s inventory at year end of 2016 is P9, 500, 000. Included in the amount are the following items: Merchandise in transit, purchased FOB shipping point, P680, 000 Goods held on consignment, P500, 000 Goods out on consignment, at cost plus 50% mark up on cost plus  P10, 000 delivery charge, P610, 0000 Required: What is the correct amount of inventory? The correct amount of inventory is

Q: Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its…

A: Date Inventory Amount $ Cost of ending inventory CPI Dec 31 , 2017 220000   100 Dec 31…

Q: MM Co. has the following information pertaining to its merchandise inventory as of December 31,…

A: Inventory will be recorded at Cost in the balance sheet. During the Valuation following points…

Q: Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $540,000…

A: Formula: Net purchases = Purchases - purchase returns.

Q: At the beginning of 2016, a company adopts the dollar-value LIFO inventory method for its one…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

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: At the beginning of 2022, no Co. has an inventory amounting to P400,000. During the year, no Co.…

A: Inventory Turnover Ratio=Cost of Goods SoldAverage Inventory

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2017, inventory was $214,000,000 at both…

A: Net realizable value:   Net realizable value is defined as the amount from the sale of asset after…

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: The FIFO stands for First in First out. Under this method, goods Purchased first are to be sold…

Q: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the…

A: GIVEN   Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that…

Q: Coronado Industries had the following inventory transactions occur during 2014: Units ==!T Cost/unit…

A: After tax income =Net sales - Cost of goods sold - tax expense

Q: Alster Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2015.…

A: Solution : Computation of inventory at base year prices and change from prior year - Alster…

Q: Decker Company has five products in its inventory. Information about the December 31, 2016,…

A: LCM (Lower of Cost or Market) approach: It is an approach that values the inventory at historical…

Q: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: Cost to retail ratio = Goods available for sale at cost (before markdowns) / Goods available for…

Q: The trial balance of AL-Mazin Co. at the end of its fiscal year Dec.31.2017 includes the following…

A: Income Statement of the business shows all income and expenses of the business and at the end it…

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

A: Under FIFO method the oldest products in inventory have been sold first.

Q: For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and…

A: Decrease in Beginning Inventory = Beginning Inventory as per FIFO  - Beginning Inventory as per…

Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows:…

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for first in first…

Q: On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A:

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: following data concerning inventory. At December 31, 2015, the balance in Zebra's Inventory account…

A: The allowance for inventory loss is created to overcome any reduction in value of inventory.

Q: FOREVER Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list…

A: Trade discount is that type of discount which is given on the list price of the goods and this is…

Q: According to a FIFO calculation, Montana Co. estimated its year-end inventory to be worth $649,000.…

A: As per inventory valuation method, the finished goods inventory on balance sheet are carried at…

Q: On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: The inventory value for the financial statements of Z for the year ended 31st March 2022 was based…

A:

Q: During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit…

A: Cost of goods sold = Sales - Gross profit=155,000-40,000=115,000

Q: Determine ending inventory and cost of goods sold for 2016. 2. Assuming that operating expenses…

A: Compute the cost of ending inventory.

Q: During 2013, Rand Co. purchased P960,000 of inventory. The cost of goods sold for 2013 was P900,000,…

A: Inventory turnover ratio is one of the efficiency ratio which shows how many times inventory is…

Q: On January 1, 2016, the Taylor Company adopted the dollar-value LIFO method. The inventory value for…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Working note: Computation of cost of goods sold: Cost of goods sold=Beginning…

Q: Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory.…

A: The ending inventory is the inventory left in stock at year end and assumed to be sold during next…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO: Under this method, merchandise purchased last were used initially for sale or production…

Q: At the beginning of 2018, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: There are different method which are applicable to Calculation of Ending inventory cost by using…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

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: MM Co. has the following information pertaining to its merchandise inventory as of December 31,…

A: Correct Answer = Option C = P 770000 Explanation Value of Inventory in 2020 Balance Sheet…

Q: The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found…

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

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory = P450000 + 2950000 - 925000…

Q: What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income

A: Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price…

Q: During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020,…

A: Particulars At Cost At Retail Beginning Inventory  $       127,600  $       256,800 Net…

Q: Forester Company has five products in its inventory. Information about the December 31, 2021,…

A: Normally the inventory is valued  at costs but if the selling price drops down  below costs ,as…

Q: The inventory account of Nike Trading at December 31, 2018 included the following items: Goods…

A: Under FOB shipping arrangement, goods will be the part of inventory of buyer after shipping the…

Q: On Dec. 31, 2015, Kanye's Hardware has the ff info: COST RETAIL Inventory, Beginning USD 650,000 USD…

A: The cost of goods sold is the difference between the cost of goods available for sale and ending…

Q: Botica Heaven has a total annual sale of PhP 40 M and is in operation with an inventory value of Php…

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

Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…

A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…

Q: On 31 December 2020, a company has semi-finished inventory with a cost to date of OMR 63,500. It is…

A: Net realizable value is the net amount received from sales that is calculated by deducting the cost…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the cost of initial purchased items are…

Q: The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory…

A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory:…

Q: Stone Company had the following consignment transactions during December 2011:Inventory shipped on…

A: Note: Under Sales under consignment method, Goods sent on consignment is also included in the…