The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--:       Cost   Retail Inventory, start of period (January 1, 20--)   $37,000   $66,000 Net purchases during the period   174,000   330,000 Net sales for the period       310,500   Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar.

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: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Inventory valuation means valuing the inventory at the time of its sale and purchase using methods…

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On…

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

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

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

A: Inventory refers to the stock that is left with the company at the end of the year or the stock that…

Q: The following information is taken from the books of All in the Family Center for the first quarter…

A: Answer 1 Under the retail inventory method the Cost of ending invntory and cost of goods sold is…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: The following information is taken from the books of All in the Family Center for the first quarter…

A: Cost of goods sold: The cost of goods sold is the amount of money paid by a company to purchase or…

Q: Burisma Corp uses a perpetual inventory system. They take a physical count of its inventory at the…

A: Perpetual inventory system helps to track inventory after each sale or purchase made hence, it is…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items are sold…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…

A: Formulas: Estimated value of inventory at cost = Ending inventory at retail x Cost to retail ratio…

Q: The records of Alaska Company provide the following information for the year ended December 31.…

A: the formula for the cost to retail ratio = cost of goods available for sale(at cost)/cost of goods…

Q: The inventory records of Kiwi Company show the following purchases during the first quarter…

A:

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

Q: The units of an item available for sale during the year were as follows: January 10 January 15…

A: FIFO is First in first out method of inventory valuation method in which inventories purchased first…

Q: Cost Retail Beginning inventory $ 47,000   $ 62,000   Net purchases   10,480     32,800   Net…

A: Under retail inventory method to estimate average cost  of ending inventory and cost of goods sold…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: The following information is taken from the books of All in the Family Center for the first quarter…

A: As per the retail inventory method, the inventory is valued at cost after deducting the profit…

Q: Assume that the total inventory on hand at the end of the year as determined by taking a physical…

A: Goods with the terms of FOB shipping point should not be included in the inventory till the goods…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory:- Inventory is referred as the stock that a particular business holds in order to produce…

Q: AL Fanar company uses aperiodic inventory system. The beginning balance of inventory and the…

A: First in, First out (FIFO) method -  As per FIFO, goods purchased first will be sold first which…

Q: [The following information applies to the questions displayed below.] Daniel Company uses a periodic…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units…

A: SOLUTION- THE INVENTORY CAN BE VALUED USING VARIOUS METHODS AS FIFO,LIFO AND WEIGHTED AVERAGE .

Q: A record of transactions for the month of May was as follows: Purchases   Sales May 1 (balance)…

A: "Last-In, First-Out" accounts for LIFO. That is a cost flow assumption approach used in the…

Q: The following information is taken from the books of All in the Family Center for the first quarter…

A: Cost To Retail Ratio = Cost of opening stock + cost of net purchasesRetail value of opening stock +…

Q: The records of Alaska Company provide the following information for the year ended December 31.…

A: Retail inventory method refers to the accounting method which uses the real value of a store's…

Q: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Periodic Inventory System: Periodic inventory system is an arrangement of stock wherein refreshes…

Q: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A: In This Numerical the 1st two parts are covered the concept of Inventory valuation Under FIFO…

Q: A retailer uses the periodic inventory system. At year end, the following information was available:…

A: The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

Q: Bronson Inc. is a retailer of sporting goods. Bronson’s beginning inventory is $80,000 and…

A: Periodic inventory system: Periodic inventory system is a system, in which the inventory is updated…

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Formula: Gross margin = Total sales - cost of goods sold

Q: The following information is taken from the books of All in the Family Center for the first quarter…

A: Answer-  Working Note : Particulars Cost Retail Cost to Retail Ratio Beginning Inventory 37000…

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The cost of goods available for sale is calculated as total cost of inventory available for sale

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

A: In this question, we will make table, which shows estimation of LIFO cost of ending inventory and…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units available for sale = 10 + 25 + 30 + 15 Total units available for sale = 80 units   Total…

Q: The records of a company showed the following for June:  Sales…

A: A periodic inventory system is one of the inventory valuation and management systems. Under this…

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

A: Cost of goods sold = Inventory may 1 + Net purchase + Freight in - Inventory at May 31 So, Ending…

Q: Dakota Company had net sales (at retail) of $260,000. The following additional information is…

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

Q: Neel & Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at the…

A: Neel & Neal Inc. is a retailer of fine leather goods. The company’s inventory balance at the…

Q: [The following information applies to the questions displayed below.] Daniel Company uses a periodic…

A: Cost of goods sold is the direct cost assigned of the produced goods sold by the company. It is also…

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.