unland Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $387500 ($588000), purchases during the current year at cost (retail) were $3288000 ($5073600), freight-in on these purchases totaled $153500, sales during the current year totaled $4546000, and net markups were $408000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.

Q: Kaasiam Company uses cost method in determining its ending inventory. Assume the beginning inventory…

A:

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: [The following information applies to the questions displayed below.]Smith-Kline Company maintains…

A: Calculate the cost to retail percentage.

Q: The accountant for Murphy Company prepared the following analysis of its inventory at year end:…

A: Solution Ending inventory is the amount of the inventory which is not sold during a financial year…

Q: Wildhorse Sales Company uses the retail inventory method to value its merchandise inventory. The…

A: 1. COST = BEGINNING INVENTORY + PURCHASES + FREIGHT IN  2. RETAIL = BEGINNING INVENTORY + PURCHASES…

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for…

A: Solution   Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). =…

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

A: Particulars Cost ($) Retail ($) Beginning Inventory 1650000 2200000 Net Purchases 3725000…

Q: Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods…

A: In the given question, Data of 2021 inventory is mentioned. We have to find Sparrow’s ending…

Q: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: The FIFO stands for First in First out. Under this method, goods Purchased first are to be sold…

Q: Wildhorse Inc. uses the conventional retail method to determine its ending inventory at cost. Assume…

A: The ending inventory is the inventory in hand with the business.

Q: describe how a firm determines which costs to include in its inventory account. What accounting…

A:

Q: The following units of an item were available for sale during the year: Beginning inventory 43…

A: LIFO is one of the method of inventory valuation in which the goods added to inventory at last are…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under Weighted average method, the goods are sold on random basis without considering the purchase…

Q: Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah…

A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…

Q: The inventory of Hazel Company at the end of the current year is to be recorded at the lower of cost…

A: Inventory: It is current asset. It includes the goods produced and would be sold by corporation. It…

Q: Carmela Company used the conservative retail inventory method. The following information relating to…

A: Cost to Retail Inventory In the cost to retail inventory method while calculating the ending…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: 1. LIFO Method - Under LIFO Method, Inventory purchased last is sold first.   2. Periodic Inventory…

Q: DDD uses the retail inventory method to approximate the lower of average cost or market. The…

A: The costs incurred by the business which are directly linked to the production constitute has the…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: we know that, opening inventory + Purchases - sales = ending inventory    Cost per unit as per…

Q: Oshkosh B'Gosh, Inc., uses LIFO, Recent financial statements included the following daia (dal lars…

A: Formulas :- Inventory turnover rate = Cost of goods sold / Average Inventory Current Ratio = Current…

Q: The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory…

A: Year 2 value on the basis of base year=Year 2 inventory×Price index year 1Price index year…

Q: Mic Drop Company uses the first-in, first-out retail method of inventory valuation. The following…

A: Answer B  P220,000

Q: Flame Company adopted the FIFO approach of inventory pricing in connection with the use of the…

A: Determination of estimated cost of inventory on December 31, 2021 Particulars Cost Retail…

Q: Empress Company used the retail inventory method to approximate the ending inventory. The following…

A: FIFO:-FIFO means first in first out basis. It means an inventory which comes earlier is sold out…

Q: Debbie’s Bling Shop uses the lower of average cost or market retail inventory method to determine…

A: Formula: Cost to retail ratio = ( Cost of beginning inventory + purchases and freight charge ) / (…

Q: The Alpha Company uses the retail inventory method for valuation of its inventory. If an item had a…

A: Formula: Price change = Final price - initial price Initial price to be deducted from final price to…

Q: Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost to retail ratio = (Merchandise available for sale at cost / Merchandise available for sale at…

Q: The following information was available from the inventory records of Sunland Company for January:…

A:

Q: The following information was available from the inventory records of Marigold Corp. for January:…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    The  correct option is (b) = $44006

Q: Presented below is information related to Manama Company. Cost Retail Beginning inventory Purchases…

A: The conventional retail inventory method is an inventory valuation method that is put to use by…

Q: Ivanhoe uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost-to-Retail percentage = Goods available for sale at cost / Goods available for sale at retail…

Q: Uptown Company used the perpetual method to record inventory transactions for the current year.…

A: Cost of goods sold includes all the cost which is directly associated with the production of the…

Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods…

A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: out of beginning inventory of 30 units, 20 units are sold in sale no. 1

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: There are different method which are applicable to Calculation of Ending inventory cost by using…

Q: Bramble Inc. had a beginning inventory of $11,300 at cost and $21,500 at retail. Net purchases were…

A: The conventional retail method is a method that weighs the cost price of purchasing products versus…

Q: Riedel Company's inventory records showed the following transactions for the fiscal period ended…

A: Introduction LIFO means Last In First Out - from the name itself we can understand, items purchased…

Q: Banana Company uses the retail method of inventory valuation. The following information is…

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for First in First…

Q: Coleman Company has provided the following information: beginning inventory, $100,000; cost of goods…

A: Formula: Ending inventory= beginning inventory + Purchases - cost of goods sold

Q: Campbell Corporstion uses the retail method to value its inventory. The following information is…

A: The concept of retail inventory method is used by retailer to estimate the ending inventory and…

Q: The inventory of Longhorn Company at the end of the current year is to be recorded at the lower of…

A: Net realizable value:-  NRV is value of inventory that seller expects to get after deducting selling…

Q: Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to…

A: As per IAS 2 , Inventories  Inventory is to be valued at lower of cost and Net realizable value.

Q: The following information was available from the inventory records of Sunland Company for January:…

A: Under weighted average method of inventory, weighted average unit cost is computed for valuation of…

Q: lue Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The…

A: Inventory must be valued at the lesser of its laid-down cost and the price for which it can likely…

Q: Sunland uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Ending inventory is the value which is recorded at the end of accounting period in the financial…

Q: What is the lower-of-cost-or-net realizable value of the inventory?

A: Inventory refers to all items of goods, merchandise, and materials held by a company or business for…

Q: A company reports inventory using the lower of cost and net realizable value (NRV). Below is…

A: Cost of ending inventory = Unit cost x No. of units

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.