Traylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36

Q: Sheffield, Inc. has 8 computers which have been part of the inventory for over two years. Each…

A: Cost of computer      =    $550 Selling price             =   $940 Replacement cost =     $350…

Q: Tater and Pepper Corp. reported COGS for 2021 of $27 million. Tater and Pepper listed $6.0 million…

A: Inventory turnover is the amount of time that passes between the day a company buys an item and the…

Q: U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased…

A: Specific identification method can be applied in situations where different purchases can be…

Q: Crane, Inc. has 8 computers which have been part of the inventory for over two years. Each computer…

A: Inventory is reported as the lower cost or market value under GAAP, and market value is specified as…

Q: Determine Cost of Goods Sold and Ending Inventory using the following methods: a. FIFO

A: a) Computation using the FIFO method: Date Purchase Sale Balance   Units Rate Amount Units…

Q: Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions…

A: Gross Profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory…

A: Value of inventory: One Year Later Value of ending inventory = ($ 1,800 X 1.00) + ($ 200 X 1.05)…

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: Oro Corporation has a branch in Cebu. The branch reported income of P130,000 for 2020. The branch…

A: Given data, Branch reported income of P130,000 for 2020 Oro shipped inventory to the branch at a…

Q: Wayne's Wells has sales for the year of P48,900 and an average inventory 21 of P8,800. The cost of…

A: Days Sales Inventory = 365* Average Inventory/ Cost of goods sold

Q: Zane Corporation has an inventory conversion period of 64 days,an average collection period of 28…

A:

Q: The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of…

A: Hi student Since there are multiple questions, we will answer only first question.

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

A: Answer:

Q: Dabble, Inc. has sales of $980,000 and cost of goods sold of $640,000. The firm had an average…

A: The formula to compute days sales in inventory as follows:

Q: Tamara Company began the year with three items in beginning inventory, each costing $4. During the…

A: Total sales = no. of units sold x sales price per unit = 7 units x $9 per unit = $63

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: Switzer, Inc. has 5 computers which have been part of the inventory for over two years. Each…

A: The inventory cost per unit is calculated below, Inventory cost per unit = Cost or market value,…

Q: Yang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min’s ending…

A: Cost of goods sold = Beginning inventory + Purchase during the year - Ending inventory

Q: At year-end, Delectable Company experienced a storm surge which caused severe damage to the entire…

A: Formula: Cost of good sold = Net Sales - Gross profit.

Q: Tater and Pepper Corp. reported COGS for 2021 of $33 million. Tater and Pepper listed $6.6 million…

A: Given: Particulars Amount   Cost of goods sold $33.00 Millions Inventory $6.60 Millions…

Q: On March 1, a company purchased 10 footballs for $5 each.  On March 11, the company purchased an…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Concord Corporation had January 1 inventory of $305000 when it adopted dollar-value LIFO. During the…

A: Gross profit measures the direct profit of the business. it is the difference between the net sales…

Q: Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance…

A: Inventory Turnover Ratio: The number of times that a firm has sold its inventory and then restocked…

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: A company begins the year with inventory of $52,000 and ends the year with inventory of $42,000.…

A: Formula: Cost of goods available for sale = Beginning inventory + Purchases

Q: Universal Sports Supply began the year with an inventory balance of $65,000 and a year-end balance…

A: Inventory turn over ratio is computed by dividing the cost of goods sold by average inventory. In…

Q: Nu Company reported the following pretax data for its FIRST year of operations:         Net Sales…

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

Q: The Blue Moon Corporation has ending inventory of $500,000, and cost of goods sold for the year just…

A: Here, Ending Inventory is $500,000 Cost of Goods Sold is $1,800,000

Q: A local college bookstore has a beginning inventory costing $80,000 and an ending inventory costing…

A: The inventory turnover ratio is one type of activity ratio. It indicates how quickly the company…

Q: During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the…

A: Cost of sales = Stock brought forward + Purchases - Unsold goods

Q: Libscomb Technologies' annual sales are $6,974,991 and all sales are made on credit, it purchases…

A: inventory turnover formula: inventory turnover =cogsinventory given, COGS = $3511,535 inventory =…

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

A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…

Q: HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?

A: Under FIFO Method, units which comes in first will be sold first and the ending inventory will be…

Q: Prisha has not kept accurate accounting records during the financial year. She had opening…

A: We have the following information: Opening Inventory: $6,700 Purchases: $84,000 Ending Inventory:…

Q: End of Year data suggests that noise Ltd. has 6000 items of product A and 2,000 of product B,…

A: Lets understand the basics. As per IAS 2 "Inventories", inventory needs to be valued at the cost of…

Q: Luis began the period with P200,000 in inventory. The entity purchased an additional P200,000 of…

A: Cost of goods available for sale = Beginning inventory + Purchases - Purchase returns = P200,000 +…

Q: Freedman Company estimates that sales this year of $12,000 will be returned next year and customers…

A: When a sales return occurs, perpetual inventory system requires recognition of the inventory's…

Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…

A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…

Q: At the beginning of the year, Paradise Co. had an inventory of $200,000. During the year, the…

A: We have the following information: Opening Inventory: $200,000 Purchases: $900,000 Ending…

Q: Based on physical inventory at year-end, Cherry Company determined the chocolate inventory on a FIFO…

A: Inventory is reporter at Lower of Cost of Net realizable value. where, Net relizable value =…

Q: find the inventory turnover at cost.

A: Inventory turnover calculates the number of times inventory can be converted into sales by company.…

Q: Libscomb Technologies' annual sales are $5,790,872 and all sales are made on credit, it purchases…

A: Given that, annual sales =  $5,790,872 purchases(cost of goods sold) = $3,221,342   inventory =…