Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a. 1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b. 1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c. 1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d. 1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-Inventory

Q: What's Mc A. Directions: Below is the summa Compute the followi sheet of paper. 1. Average Inventory…

A: The question is based on the concept of Accounting Ratios. As per the Bartleby guidelines we are…

Q: Assuming that net purchases cost R250 000 during the year. The closing inventory was of R4 000, and…

A: Answer purchases cost =  R250 000 closing inventory = R4 000 Opening  inventory = R30,000

Q: The following table shows some selected financial information of ABC Company. Gross sales. . OMR…

A:

Q: 1. Inventory, end. ₱162,000; Net purchases, ₱216,000; Cost of goods sold, ₱144,000. How much is the…

A: 1. Inventory, beg. = Inventory, end.  + Cost of goods sold - Net purchases = ₱162,000 + ₱144,000 -…

Q: Sejz Company used perpetual inventory system to record inventory transactions for 2021. P1,900,000…

A: Inventory is one of the important current asset of the business. It includes inventory of raw…

Q: At the end of the reporting period, the balance of inventory account of an entity was P502,000. The…

A: The question is related to the Inventory Valuation. As per Valuation of Inventory Inventories will…

Q: A company reports the following:   Cost of goods sold $4,788,800   Average inventory 292,000 Round…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory  = (Beginning…

Q: If ending inventory is understated by $25,000, what effect will this have on cost of goods sold and…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending Inventory.

Q: 5. Using T-accounts, compute for the missing amounts in the table belo Inventory, beg. Net purchases…

A: Formula: Ending inventory = Beginning inventory + Net purchases - Cost of sales

Q: Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count…

A: We’ll answer the second question since the exact one wasn’t specified and the first question is…

Q: The inventory records of Spiro Company indicate that $62,500 of merchandise should be on hand at the…

A: Journal entry is the practice of recording economic transactions for the first time in the books of…

Q: Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending what were purchase returns…

A: Since there are multiple questions, we will answer only the first question. If you want the…

Q: Which of the following journal entries would be recorded when the inventory with cost of 33.000 TL…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Complete the following: (Round your answers to the nearest hundredth.)     Average…

A:

Q: The company has the ff account balances at the end of the year: COGS: 60,000; Sales Revenue:…

A: ADJUSTING ENTRIES IS AN ENTRY MADE IN COMPANY'S LEDGER TO CORRECT A MISTAKE MADE PREVIOUSLY IN THE…

Q: Gem Company measured inventory at the lower of cost and net realizable value. Data regarding the…

A: Lower of cost and net realizable method includes the reporting of the inventory at the cost…

Q: The Merchandise Inventory account balance is $56,000. A physical count of inventory reveals that the…

A: SOLUTION- AS PER THE INFORMATION GIVEN IN THE QUESTION  WE HAVE- ACTUAL MERCHANDISE INVENTORY =…

Q: A company has current assets that total $500,000, has a current ratio of 2.00, and uses the…

A: Current ratio is a short-term solvency measure. It represents short-term financial strength of the…

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: (a) Calculate the sales revenue.

Q: Q1. As of December 321, 2021, Earth Mother’s Corporation physical inventory was $275,000, and its…

A: In this question, we will explain that, what is the reason behind the effect of the inventory…

Q: question

A: Inventory valuation can be done under different methods like FIFO,LIFO, Weighted Average.To…

Q: Generally, ending inventory is required to be recorded under perpetual inventory system. O True O…

A: Solution 1: False. This is because ending inventory can be recorded under both periodic or perpetual…

Q: Where opening inventory of 50 units of finished goods are valued at $10 each and the average unit…

A: Among the given options, FIFO and Weighted average are the methods of inventory valuation. Under…

Q: P3-8 Books of Roso Company show following.deta." Transacilons Beginning Inventory. Purchasos Sales @…

A: The inventory valuation is applied to evaluate the ending inventory and cost of goods sold. These…

Q: Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were…

A: Conventional retail method: It can be defined as a method of valuing that is based on the relation…

Q: 2. Manual Corp. determined the following information for the purpose of applying the retail method…

A: Inventory costing helps in determining the cost incurred on inventory.

Q: Compute the Inventory turnover ratio from the following information: Opening Stock =P50,000 Closing…

A: Inventory turnover ratio = Cost of raw material consumed / Average stock of raw material Average…

Q: Assuming that net purchases was P90,000 during the year and that ending merchandise inventory was…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to made the goods sold…

Q: Accounts-receivable Jan. 1 P100,000 Accounts-receivable Dec. 31 P150,000 Inventory-Jan. 1…

A: Average collection period=Jan 1, receivables+Dec 31, receivables2Net sales×365=P100,000+P150,0002P…

Q: A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total…

A: Gross profit method: It refers to a method that allows the business in estimating the value of the…

Q: Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for…

A: SOLUTION- INVENTORY COSTINGS HELPS IN DETERMINING THE COST INCURRED ON INVENTORY.

Q: Calculate inventory turnover at cost (to nearest hundredth, format as 1.23 that's it, it's a ratio):…

A: Inventory turnover is calculated as ratio of cost of goods sold and average inventory

Q: cion has ending inventory of $713,673 and cost of goods sold as $9,259,165. nventory turnover? (Do…

A: Inventory turnover ratio is a measure to determine how many times a company has sold its inventory…

Q: If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000…

A: Solution:- Calculation of cost of goods sold as follows under:-

Q: a. Inventory turnover is 3.50. Beginning inventory was P4,250 and ending inventory was P4,050. b.…

A: Formula: Average inventory = ( Beginning Inventory + Ending Inventory ) / 2

Q: Consider the following financial statement information for the Sourstone Corporation: Item…

A: Operating Cycle = Average Collection Period + Days sales in Inventory -----------------------------…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Sales revenue to be recorded =Sales value - sales discount

Q: sing the gross profit method with the following cost data, estimate the cost of ending inventory.…

A: Ending inventory is the value of inventory remaining unsold at the end of the period.  The inventory…

Q: Nord Store’s perpetual accounting system indicated ending inventory of $20,000, cost of goodssold of…

A: Cost of inventory Shrinkage = Inventory as per records - Physical count inventory Gross profit =…

Q: So what was the cost of products sold and ending inventory under (4) LIFO, (5) FIFO, and (6) Average…

A: LIFO Method   Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In…

Q: Inventory that cost $500 is sold for $700, with terms of 2/10, n/30. Give the journal entries…

A: Discount = Amount receivable x rate of discount = $700 x 2% = $14

Q: Estefan’s accounts showed a gross profit for the year of £27,200. After the accounts were prepared…

A: Gross Profit:  Gross margin is the amount of revenue earned from goods sold over the costs incurred…

Q: Which of the following journal entries would be recorded when the inventory with cost of 33.000 TL…

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

Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: 1. Compute the cost of inventory on December 31, 2021. Note: Round off the weighted average unit…

A: In case of weighted average method, after each purchase a weighted average rate is calculated from…

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.