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: 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.      Estimate the ending inventory   _______ Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar.        Estimated cost of goods sold   _______

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

A: a.

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

A: Cost index ratio = Total cost of Goods available for sale at Cost / Total cost of Goods available…

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: 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: 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 units of an item available for sale during the year were as follows: Jan. 1   Inventory 11…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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

A: The first-in, first-out (FIFO) strategy for stock valuation is a cost stream supposition that the…

Q: I need help working out problems like this. Please go into detail explaining each step.     Retail…

A: 1. Estimate the ending inventory. Working note: Calculate the estimated ending inventory at cost.

Q: [The following information applies to the questions displayed below.] A company reports the…

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

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

A: Companies do not follow up for the cost of each item of the inventory, so when these inventories are…

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: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

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 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: 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 beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: First-in, first-out is the method of inventory valuation where goods which are purchased firstly,…

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 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: Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note:…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: Bridgeport Company uses the gross profit method to estimate inventory for monthly reporting…

A: Calculating of inventory as a balancing figures in case of gross profit method , we need to prepare…

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

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

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of goods sold means the total cost of our service which we are providing or  the product cost…

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: Under FIFO method, the goods purchased first are sold first and newer goods are sold later.

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 has the following purchases and sales during October. Using the FIFO periodic inventory…

A: Inventory refers to the stock that the company kept for resale purposes or the goods that are not…

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: Undew Inc's inventory records showed the following data for an item it sells regularly. Date Units…

A:

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: In its first month of operations, Bramble Corp. made three purchases of merchandise in the following…

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

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 Incorporated tracks the number of units purchased and sold throughout each year but applies…

A: Number of units sold = 4,500 + 9,000 = 13,500  Number of units purchased = 10,000 + 6,000 = 16,000…

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

A: Inventory schedule under LIFO method…

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.