The home office ships merchandise to the branch at 25 percent above cost. If the balance before closing in the Intracompany Inventory Profit account is 66,000 and Shipments from Home Office amounted to 300, 000 , what was the cost of the branch's beginning inventory ?

Q: May's Dress Shop's inventory at cost on Janrary 1 was $39,000. Its retail value was $59,000. During…

A: Cost Retail Beginning inventory A $39,000 $59,000 Add Purchases B $195,000 $395,000 Cost…

Q: During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted…

A: Sales = 148000 Gross profit = 40000 Purchase = 100,000 Opening inventory = 34000

Q: The records of Binmaley’s Department Store report the following data for the month of January:…

A: Cost is the monetary value at which a good or service is manufactured for the purpose of production…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Formula: Overvaluation of branch inventory account = Cost of goods sold x Mark up percentage

Q: Langston’s purchased $3,100 of merchandise during the month, and its monthly income statement shows…

A: We know that cost of goods sold is  Opening stock + Purchases - Closing stock = Cost of goods sold…

Q: Kennel Company reported the​ following:   Cost of goods sold​ (estimated for next​ period) ​$320,000…

A: Cost of Goods Sold means the cost incurred on a particular product. It helps us to identify the…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Cost of goods sold (LIFO) = 8000 units purchased for $40 per unit + 1500 units from beginning…

Q: Annanina Company reported the following information for the current year:   Beginning inventory…

A: Cost of goods available for sale is calculated by adding the cost of purchases with the beginning…

Q: McKendrick Shoe Store has a beginning inventory of $45,000. During the period, purchases were…

A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…

Q: The records of Sage’s Boutique report the following data for the month of April. Sales revenue…

A:

Q: Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at…

A: Ratio analysis is one of the important technique of management accounting. Under this, various…

Q: SHIN Industries uses the average cost approach to account for its inventory. For the current year,…

A: Average Cost Method: This approach allocates a cost to inventory items based on the overall cost of…

Q: The home office sent merchandise costing P300,000 to Branch 1 at a gross profit of 20%. Freight on…

A: Branch Accounting In simple term branch accounting are kept separate accounting which each branch in…

Q: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise…

A: Answer:

Q: Cayden Company provided the following information: Inventory, January 1 Cost P350,000 Retail 650,000…

A: The approach in which the inventory which is purchased at the beginning would be sold first followed…

Q: At the end of the year, Nancy Company had $55,000 of inventory on hand. While the perpetual records…

A: At the end of each accounting period, inventory accounts are reconciled with physical inventory in…

Q: odrick Company is a merchandiser that reported the following information based on 1,000 units sold:…

A: Contribution Format Income Statement  Sales Revenue   $300,000 Less Variable Expenses:…

Q: The records for the Clothing Department of Novak's Discount Store are summarized below for the month…

A:

Q: Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000;…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were…

A: Working: Cost to retail Percentage = Goods Available for sale (before MarkDowns) at cost / Goods…

Q: he following information was developed for Oriole Department Store:     At Cost   At Retail…

A:

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: >Gross Profit is the excess of Net Sales over Cost of Goods Sold. >Also, if we deduct the…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: home office transfer to branch @50% above cost beginning inventory = 15000 shipments from home…

Q: The records of Carla's Boutique report the following datà for the month öf April. Sales revenue…

A: Cost Retail  Beginning inventory 36103  50600   Purchases 47200  85800   Purchase returns…

Q: Presented below is information related to Waveland Inc.      Cost    Retail Inventory, 12/31/20…

A:

Q: Hiligaynon Company provided the following information for the current year: Beginning inventory of…

A: Solution Cost of good sold is the cost which a business incur to sales a product.

Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and…

A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts

Q: Oriole Company had the following information at December 31: Finished goods inventory, January 1 $…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: The records of Ellen’s Boutique report the following data for the month of April. Sales revenue…

A: To calculate the ending inventory by the retail method, the goods available for sale at retail price…

Q: The home office ships merchandise to the branch at 25 percent above cost. If the balance before…

A: In case of Branch Accounting , when goods are transferred from head office to branch at sales price…

Q: Larkspur Beachwear Inc. had beginning inventory of $30,400 at cost and $36,480 at retail. Net…

A: Solution: Conventional Retail Method   Cost   Retail Cost to Retail ratio Beginning Inventory…

Q: Presented below is information related to Marin, Inc. Cost Retail Beginning inventory $ 527,000 $…

A: The value of products still available for sale and kept by a corporation at the end of an accounting…

Q: The cost of goods sold for Veltron International last year amounted to $534,600, and the average…

A: The inventory turnover ratio can be calculated by dividing the cost of goods sold by average…

Q: Ebasan Company used the average cost retail inventory method. The entity provided the following…

A: Cost Retail Beginning Inventory                   15,00,000                   22,00,000 Net…

Q: Cayden Company provided the following information: Inventory, January 1 Cost P350,000 Retail 650,000…

A: Retail inventory method…

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Over the past several years, Landmark Supplies has averaged a gross profit of 34%. At the end of…

A: Answers are as follows :

Q: 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of…

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is…

Q: Presented below is information related to Kingbird, Inc.     Cost   Retail Beginning inventory…

A: Working Note: Cost to retail ratio = Cost of goods available for sale at Cost / Cost of goods…

Q: When preparing the Multiple-Step Income Statement for a merchandising business that is using the…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: The records of Culver's Boutique report the following data for the month of April. Sales revenue…

A: Calculations are as follows

Q: In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of product…

A: Period costs are not manufacturing costs and are fully expensed in the period which they are…

Q: Boyne Inc. had beginning inventory of $24,000 at cost and $20,000 at retail. Net purchases were…

A: Formulas: Cost to retail ratio=Balance at costBalance at retail

Q: The records for the Clothing Department of Sharapova’s Discount Store are summarized below for the…

A: A )  Ending Inventory as of January 31 , at retail prices: Ending Inventory is $ 83000

Q: Karen Company repoted the following information for the current year: Beginning inventory…

A: 1) Calculation of Cost of goods available for sale   Particulars P P       Beginning…

Q: What was Good Buy​'s cost of​ inventory?

A: Cost of Inventory = Purchase price + Freight in + Purchase Return + Discount.

Q: The home office sent merchandise costing P300,000 to Branch 1 at a gross profit of 20%. Freight on…

A: Given, The home office sent merchandise costing P300,000 to Branch 1 at a gross profit of 20%.…