Universal Suppliers had sales of $475,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30   Cost Retail Beginning Inventory $304,371 $587,900 Net Purchases (June) 109,137 222,900

Q: The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a…

A: Under LIFO (Last in First out) method, whenever a sale happens then items which are bought recently…

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Particulars  Cost  Retail Beginning Inventory P550,000 P820,000 Purchases…

Q: Cost Selling   Retail Selling Price Inventory of merchandise, June 30 Rs300,000 Rs500,000…

A: a) Cost of Goods Sold It refers to the cost incurred by a company that is directly related to…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…

Q: May's Dress Shop's inventory at cost on January 1 was $40,500. Its retail value was $60,500. During…

A: Given: Particulars Cost Retail Beginning inventory $40,500 $60,500 Purchases $195,300…

Q: Presented below is information related to Crane Enterprises. Apr. 30 $14,140 Jan. 31 Feb. 28 Mar. 31…

A: Answer a:

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000…

A: Net Purchases = Gross purchases - Purchase discounts - Purchase returns and allowances Cost of goods…

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Particulars  Cost  Retail Beginning Inventory P550,000 P820,000 Purchases P3,800,000…

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: Angel Dress Shop had net retail sales of $125,000 during the current year. The following additional…

A: There are multiple methods for measuring inventory. The retail method advocates valuing the closing…

Q: Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has…

A: Formula: Cost of goods sold = Beginning Inventory + Purchases - purchase returns - Purchase discount…

Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…

A: Formulas: Estimated value of inventory at cost = Ending inventory at retail x Cost to retail ratio…

Q: The beginning inventory of merchandise at Alfredson Co. and data on purchases and sales for a…

A: 1.

Q: On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: COST OF GOODS SOLD= OPENING INVENTORY+PURCHASES-PURCHASE RETURNS-PURCHASE DISCOUNTS-FREIGHT…

Q: The records of Marigold's Boutique report the following data for the month of April. $89,500…

A: Cost to retail ratio = $78,599 / $148,300                                = 53%

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Cost to retail ratio = (P4,350,000 / P6,020,000) x 100 = 73%

Q: Bonita Company’s record of transactions for the month of April was as follows. Purchases   Sales…

A: Perpetual inventory system is that inventory system, in which inventory records are updated at the…

Q: Universal Suppliers had sales of $479,000 in the month of June. Use the retail method to estimate…

A: Cost to retail ratio = Cost of beginning inventory + Cost of net purchase Retail value of beginning…

Q: Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate…

A: Cost Retail Beginning Inventory $304,371 $583,900 Net Purchases (June) 109,137 226,900 Cost…

Q: Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

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A: Inventory is one of the important current assets for the business. It includes raw material…

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A: "Last-In, First-Out" accounts for LIFO. That is a cost flow assumption approach used in the…

Q: Sampson Company's accounting records show the following at the year ending on December 31, 2010,…

A: Cost of goods purchased will be the final net cost for the acquired merchandise. It will be…

Q: Fisman Corporation. uses the retail method of inventory. At the end of June, the records of the…

A: Cost to retail ratio is calculated by dividing the total of beginning inventory plus purchases at…

Q: LoBianco Company's record of transactions for the month of April was as follows. Purchases…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: From the following selected information from Mars Corp. compute net purchases, and cost of goods…

A: Net purchase = Gross purchase - Purchase discount - Purchase return and allowances   Cost of goods…

Q: Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate…

A:

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

A: Cost of goods sold shows the cost pertaining to the goods that are being sold by the business.

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: A retailer uses the periodic inventory system. At year end, the following information was available:…

A: The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

Q: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…

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

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: Seasons Limited would like to estimate the month end inventory by using the sales revenue earned…

A: For every organization there will always be opening stock and closing stock as all the purchases…

Q: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…

A: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $454,000…

A: Purchases is the amount of goods and services that are being acquired from some outside person. It…

Q: The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a…

A: The question is based on the concept of the cost accounting

Q: Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).

A: Inventory valuation using gross profit method: it is a method for evaluating the cost of ending…

Q: Wade Company estimates the cost of its physical inventory on March 31 for use in an interim…

A: The inventory is estimated as sum of purchases and beginning inventory and deduction of cost of…

Q: The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the…

A:

Q: Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods…

A: Formula: Purchases = Cost of goods sold + Ending inventory - Freight in + purchase returns -…

Q: Sampson Company's accounting records show the following at the year ending on December 31, 2010,…

A: Given: Purchase discount = 5,600 Freight = 7,800 Purchase = 200,010 Beginning inventory = 23,500…

Q: oBianco Company's record of transactions for the month of April was as follows. Purchases   Sales…

A: The inventory valuation is performed using various inventory methods as LIFO, FIFO and weighted…

Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…

A: The retail method is used to estimate the cost of inventory using cost to retail percentage.

Q: The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory)…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system to…

A: The cost of inventory includes all costs incurred in bringing the inventory to its present location…

Q: Paty Inc. uses periodic method and reported the following amounts for the year: Ending…

A: Cost of sales: =Opening Inventory + Purchases - Purchases discounts - Purchases returns &…

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.