The following information is available from the record of Alaska Company for 2021: Beginning Inventory, P80,000 Freight-In, 25,000 Purchase Return, P80,000 Ending Inventory, P100,000 Selling Expense, 250,000 Sales Discount, 15,000 Cost of Sale, 1,500,000   The cost of goods sold is 6 times the selling expense. Question: What is the total purchases and cost of goods available for sale?

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: During 2021, a company sells 374 units of inventory for $94 each. The company has the following…

A: Under LIFO Method, cost of goods sold and value of ending inventory is calculated on the assumption…

Q: Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year…

A: Cost of goods sold = Cost of goods available for sale - Ending Inventory where, Cost of goods…

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: The following accounts are taken from the accounting records of Dory Company at December 31, 2020…

A: An organization can prepare their Income statement either in a single step format or a multi-step…

Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053…

Q: sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net…

A: Inventory is values at cost of realizabe value which ever is lower, but the same is understood by…

Q: The following information was taken from the accounting records of Chicoutimi Ltée. and Jonquière…

A: Formula: Average inventory=Opening inventory+Closing inventory2

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

A: given that, Camp bell corporation uses the retail method to value its inventory.   ** cost of goods…

Q: At December 31, 2020, the following information was available from HIBISCUS Company's accounting…

A: We are provided with the cost and the retail price of the goods available for sale. Along with that,…

Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit.  Sales Revenue =…

Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: Driole Company reported the following income statement data for a 2-year period. 2019 2020 $211,500…

A: Income statement is a statement showing the revenues and related expenses calculated to arrive at…

Q: The following information is available for Splish Brothers Inc. for three recent fiscal years.…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

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: 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: The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021…

A: Inventory or stock of the business at the end should be recognised at lower of cost and market…

Q: Inventory, January 1 Inventory on hand, December 31 Inventory out on consignment, December 31…

A: The cost of goods sold is calculated using the below given formula: Cost of Goods Sold=Opening…

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

Q: The following information pertains to ABC Company for 2021: Inventory at December 31, 2021 P16,000…

A: Inventory (beginning) = Cost of goods sold - Purchases + Inventory Dec 31=80,000-72,000+16000=24,000

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: The following information is available from Pusoko Company's accounting records for the current…

A: Formula: Cost of goods sold = Beginning inventory + Net Cost of goods purchased - ending inventory…

Q: a. The inventory at January 1, 2019, had a retail value of $51,000 and a cost of $38,060 based on…

A: The cost-to-retail ratio, also known as the cost-to-retail percentage, reveals what proportion of…

Q: 1. For the year ended December 31, 2020, PAMA Company reported the following amounts: Inventory,…

A: Net sales = Operating expenses / 10% = 150000 / 10% = P1500000

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: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $1,780…

Q: H. Richards Company, a calendar yearend company, reported the following balances: Inventory Accounts…

A: Cost of goods sold is the total cost of producing the goods sold. The difference between sales and…

Q: ABC Company sold selected merchandise on consignment basis during 2021. ABC's 2021 accounting…

A: The question is based on the concept of Cost Accounting.

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: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: The Blueberry Company values its inventory by using the FIFO retail method.. The following…

A:

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods sold: It is the total amount a company spends on the sale of a product that can be…

Q: Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods…

A: formula used: Inventory turnover = Cost of goods sold / Average inventory

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

A: Introduction: The term inventory refers to both raw materials used in manufacturing and completed…

Q: The Yes Company values its inventory by using the FIFO retail method.. The following information is…

A:

Q: The income statement of Stellar Company is shown below. STELLAR COMPANY INCOME STATEMENT FOR THE…

A: The cash flow statement is an essential part of the financial statements of the organization. It is…

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: Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory-…

A: Gross profit= Sales x Gross profit ratio Cost of goods sold = Sales - Gross profit

Q: During 2021, a company sells 280 units of inventory for $89 each. The company has the following…

A: Under FIFO the earliest  goods will be sold first

Q: 0   What amount should YELLOW report as cost of goods sold in its 2020 income statement?   a.…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

Q: The following information in the table is available for Huge Corporation in 2018. Huge’s cost of…

A: Formula: Cost of Goods sold = Beginning inventory + Purchases - Ending inventory Deduction of ending…

Q: ABC company has the following information is available for June 2019: Cost Retail Inventory, 1 June…

A: Cost to retail ratio  Opening Inventory at Cost + Purchases at Cost  - Purchase return at…

Q: Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year…

A: Cost of goods sold = Cost of goods available for sale - Ending Inventory where, Cost of goods…

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

A: The cost to retail ratio is calculated as goods available for sale at cost divided by goods…

Q: Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business…

A: Estimated ending inventory is calculated by deducting the net sales from goods available for sale.

Q: Using the following data taken from Hsu’s Imports Inc., prepare Statement of cost of goods sold and…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…