There are no beginning finished goods inventory in the month of October. During October, Malik Inc. transferred Rs. 225,000 from Work in Process to Finished Goods and then shipped all finished goods to customer at 25% above cost. What would be the amount of Cost of Goods Sold at the debit side of journal entry:

Q: The following data was taken from EOQ Swab Company in July: Beginning inventory - 0 Units…

A: Process costing: Process costing is one of the cost accounting methods. It is used when the company…

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Purchase material are calculated as-  Material used + ending inventory - beginning inventory

Q: Bailliere Company recorded cash sales of $300,000 and cost of goods sold relating to those sales of…

A: The overheads are said to be under- applied when actual cost is higher than the applied overheads.

Q: Afridi Inc. has provided the following data for the month of August. The balance in the Finished…

A: Work in progress means the goods which is manufactured  partially in the production process and not…

Q: Afridi Inc. has provided the following data for the month of August. The balance in the Finished…

A: Cost of goods sold (COGS) refers to the cost including the costs which are directly related to the…

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

Q: The following information is available for Aricanly Manufacturing Company for the month ending…

A: Formula: Gross profit = Sales - cost of goods sold

Q: Determine the balance in PASTEL Company's finished goods inventory account at the end of August —…

A: Cost of goods available for sale - Ending finished goods inventory = Cost of goods sold Ending…

Q: Materials purchases for the month were $4,000. The Materials Inventory account had a beginning…

A: Materials inventory account is the ledger account that shows all the transactions of raw materials…

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: The materials consumed includes opening stock and purchases and excludes ending inventory. Formula…

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Raw Materials Purchased = Closing Inventory Account + Raw Materials used - Opening Inventory…

Q: In December, the Millennial Publishing Company ships 20 sets of books to a book dealer on…

A: The consignment is the agreement between the consignor and the consignee. In which the consignee…

Q: Inventory balances for the MMM Enterprise for the month of June are as follows:…

A:

Q: A company starts operations on October 1, Year One, holding 400 units of inventory which fills its…

A: Given: Inventory cost per unit = $ 10

Q: At the beginning of May, the raw material inventory level was 150 units, valued at RM450. In May,…

A:

Q: In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought…

A: Average cost per unit = Cost of goods available for sale / Total units available for sale

Q: Cullumber Company reported the following information for November and Decem November December Cost…

A: This is the profit a company makes after taking the costs of making and selling its products or…

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: Consumption of Materail: It is the amount of raw material which is consumed in order to manufacture…

Q: A company started a new product, and in the first month started 124,575 units. The ending work in…

A: Under Weighted average method, the beginning WIP is considered equally as transferred in units.

Q: The finished-goods inventory at the end of July was OMR 38,000. The beginning finished-goods…

A: As per the inventory equation,  Opening stock + Units produced= Cost of goods sold + closing…

Q: The consignee's book with the assumption that the profit from the consignment is not recorded…

A: Consignment way of selling goods is one of the methods to sell more and more goods in which the…

Q: Inventory balances for the XYZ Enterprise for the month of June are as follows:…

A: Prime costs in the business meaans cost of direct material used and cost of direct labour in the…

Q: Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods…

A: Particulars Amount ($) Beginning finished goods Inventory 50,000 Add : Cost of goods…

Q: In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment.…

A:

Q: Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8.…

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

Q: The Assembly Department of GigaGo, Inc., manufacturer of computers, had 4,500 units of beginning…

A: Weighted-average method of inventory is to calculate the value of inventory as per weighted method…

Q: Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods…

A: Particulars Amount ($) Beginning finished goods Inventory 50,000 Add : Cost of goods…

Q: Franklin Manufacturing provided the following information for the month ended March 31: Sales…

A: This question deals with the calculation of cost of goods sold. We can define cost of goods sold as…

Q: Computing cost of goods sold, manufacturing company Use the following information to calculate the…

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

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: GIVEN ÷ Opening balance of inventory = P250000 Material purchased during month =P1200000 Ending…

Q: The accounts of Delphinia​ Dreams, Inc. showed the following balances at the beginning of​ October:…

A: The question is related to Process Costing. In the given question there will no change in the ending…

Q: 27. In December, Brown Company shipped 20 books on consignment to booksellers. The consignor…

A:

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Amount of raw materials purchased on credit for the month of July = Amount of raw materials used  +…

Q: Marzoni's records show raw materials inventory had a beginning balance of $100 and an ending balance…

A: Cost of material used is the cost of raw material that a company is required to manufacture or…

Q: Used Cars Company uses the specific identification method of costing inventory. During March, the…

A: Cost of goods sold =Opening stock +Purchases -Closing stock=$5000 +$6000+$8000 -$8000=$11000 Sale…

Q: In September, Company had sales of $273,000, selling expenses of $26,000, and administrative…

A: Introduction: Income statement: All revenues and expenses are recorded in income statement. It tells…

Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…

A: Manufacturing OH Cost :— Manufacturing OH Cost is the Cost which is Incurred to manufacturing the…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $8.…

A: Ending inventory refers to the value of the inventory which is remained at the end of the accounting…

Q: The following information is available for Bandera Manufacturing Company for the month ending…

A: Cost of Goods Sold = Beginning Finished goods + Cost of goods manufactured - Ending Finished goods…

Q: The following were taken from the general ledger and other data of Du- sik Manufacturing on July 31:…

A: Cost of goods sold = Opening stock of finished goods + Cost of goods manufactured - Closing stock of…

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

A: Hence, the total number of units purchased is 1250 units. It is the sum of first, second and third…

Q: Prepare the Current assets section of Diesel Additives Company’s balance sheet at August 31. Refer…

A: Current assets are recorded first in the beginning of the assets section of a balance sheet. Current…

Q: A company started a new product, and in the first month started 64,735 units. The ending work in…

A: Formula: Units transferred out = Started units - Ending work in process Deduction of ending work in…

Q: [The following information applies to the questions displayed below.] Ferris Company began January…

A: The inventory of an organization can be valued using FIFO, LIFO, and weighted average cost. Under…

Q: Serile Pharma places 800 units in production during the month of January. All 800 units are…

A: Direct Materials: At the time of manufacturing, material which is directly related to the finished…

Q: Marzoni's records show raw materials inventory had a beginning balance of $200 and an ending balance…

A: Raw material means the material purchased and still not enter in to the production lines. Work in…

Q: Wiremold tracks the direct materials in inventory. At the end of their most recent month, the direct…

A: Raw material inventory      920000 x 7/20 =   322000 WIP  raw material.   920000x2/20. = 92000 Cost…

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.