The following information was available for Oriole Company at December 31, 2022: beginning inventory $100000; ending inventory $104000; cost of goods sold $716040; and sales $1072000. Oriole days inventory turnover ratio in 2022 was

Q: Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During…

A: Last-in-First-Out Method, or simply called as LIFO Method, is an inventory system in accounting…

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

A: The ratio is calculated to determine the relationship between 2 numbers. In accounting, Ratios are…

Q: Lamas has the following products in inventory at the year end: Selling Price P 65 P 23 P 25 Selling…

A: As per accounting standard 2, all inventories in the business should be valued at lower of cost or…

Q: Presented below are selected account balances for Bonita Co. as of December 31.2020. Inventory…

A: Closing entries are the journal entries prepared at the end of an accounting year to transfer the…

Q: At December 31, 2022 the following information (in thousands) was available for Swifty Inc: ending…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory.

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: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…

A: Gross sales seem to be a term that measures a company's total revenues before deducting the costs of…

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

A: Cost of goods sold = Opening inventory + Purchases during the period - Closing inventory  Inventory…

Q: Sheffield’s days in inventory in 2018 was

A: Information provided: Beginning inventory= $106,000 Ending inventory= $94,000 Cost of goods sold=…

Q: 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1…

A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…

Q: Carla Vista Enterprises reported the following information for 2014: Beginning inventory   $ 37,760…

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

Q: At December 31, 2022. the following information (in thousands) was available for Swifty Inc: ending…

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

Q: Over a four-year period, Jackie Corporation reported the following series of gross profits.…

A: Gross profit: It can be defined as the difference between the cost of goods sold and the net sales…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: Based on the following data for the current year, what is the inventory turnover? Sales on account…

A: Inventory Turnover ratio : This ratio is the relationship between Cost of goods sold and Average…

Q: The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases…

A: Solution..   Gross purchase = $380,000  Purchase return = $20,000  Gross profit = $420,000…

Q: When the physical count of Swifty Company inventory had a cost of $4390 at year end and the…

A: When ending inventory is overstated, this reduces the amount of inventory that would otherwise have…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…

A: solution given Inventory, January 1 - P2,300,000  Purchases - 27,105,000 Purchase returns and…

Q: Pharoah Company had the following records:     2022   2021 Ending inventory   $ 42000   $ 30000…

A: Average inventory = Beginning inventory + ending inventory) / 2 = (42000 + 30000) = $36,000

Q: What is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning…

A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…

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: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: Moving Average Method is one the Inventory Valuation Method. Unit cost keep change as new Inventory…

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: Sheffield inventory turnover ratio in 2022 was

A: Inventory Turnover ratio =Cost of Goods Sold/Average Inventory

Q: Oriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the…

A: Gross Profit = Sales - Cost of goods sold   Cost of goods sold = Beginning inventory + Purchases -…

Q: The inventory records of Machiatto Company in January 2020 show the following informations Balance…

A: FIFO is a method of valuing the inventories in which the goods purchased first are sold on a…

Q: At December 31, 2022, the following information (in thousands) was available for Swifty Inc.: ending…

A: Formula: Inventory turnover = ( Cost of goods sold / Average inventory )

Q: The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales…

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

Q: Use the following information relating to Clover Company to calculate (a) the inventory turnover…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1= P130,000 Physical count,…

A: Under periodic inventory system, the cost of goods sold is not recorded with every sales…

Q: Staley Watch Company reported the following income statement data for a 2 year period:   2019…

A: We know that, Gross profit = Net Sales Revenue - Cost of Goods sold  The formula to calculate the…

Q: The following information was available for Concord Company at December 31, 2020: beginning…

A: Inventory turnover = cost of goods sold/Average inventory

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: ABC Corporation reports the following information for 2020. Based on these figures, what is ABC's…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…

Q: SOVEREIGN Industries' inventory during the year is given below. The company uses a periodic…

A: Total units sold = 4200 + 2000 + 2500 + 3000 + 1000 - 400 = 12300 units   In the FIFO method, units…

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: During the year, TRC Corporation has the following inventory transactions. Number Unit Date…

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

Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical…

A: Using periodic inventory system, the inventory and cost of goods sold is valued at end of accounting…

Q: The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory…

A: Formula:

Q: A company has the following information available that was used to report inventory using the…

A: The cost index represents the cost fluctuations incurred by businesses as a result of the…

Q: At December 31, 2014, the following information was available for A. Kamble Company:   ending…

A: We have the following information: Ending Inventory: $40,200 Beginning Inventory: $57,470 Cost of…

Q: During 2020, Liberty Company has the following inventory transactions.   Date Transaction Units…

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

Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

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: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1…

A: Here in this question, we are required to calculate the gross sales. Gross sales is a sales which is…

Q: The following information was available for Sheffield Corp. at December 31, 2022: beginning…

A: Compute the average inventory.

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.