ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases 320,000 Freight-out 16,000 Purchase returns 18,000 Purchase discounts 11,200 How much is ABC Co.’s cost of sales?

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Beginning Inventory + Purchases - Purchase discounts + freight in…

Q: ONETTE Company uses the FIFO approach in stimating its inventory. The following information is made…

A: The cost of ending inventory is calculated as difference between cost of goods available for sale…

Q: Presented below is information related to Sage Inc.     Cost   Retail Inventory, 12/31/20…

A: Formula: Cost to retail ratio = Total cost / Total retail   Total cost gets divided with total…

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

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Refer to the table. Net purchases are: Sales revenue $750,000 Interest revenue 18,000 Freight…

A: Introduction: Net purchases are defined as the gross amount of purchases made, less deductions for…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Introduction: Ending inventory is the worth of products still offered for purchase and held by a…

Q: The following information is given about ZEE Company: Beginning inventory $120,000 Purchases 450,000…

A: As per the gross profit method, estimated inventory can be calculated by deducting the cost of goods…

Q: Presented below is information related to Ricky Henderson Company.     Cost   Retail Beginning…

A: Inventory refers to the goods held by the business either for selling or for further production so…

Q: XYZ Corporation had reported the following amounts at December 31, 2014: beginning inventory…

A: Following is the answer to given question

Q: 20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000…

A: Total cost of goods available for sale = Beginning inventory + net purchase + freight in Where,  Net…

Q: Information on Loud Co.'s inventory is as follows: Inventory beg.              80 ,000 Purchases…

A: Cost of goods sold(COGS) is the direct cost incurred in production of goods. It is derived by adding…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: Coat of goods available for sale is calculated as sum of beginning inventory and purchase.

Q: Judy Company uses the retail inventory method to approximate its ending inventory. The following…

A: Introduction inventory refers to current assets of company and are goods and services that helps in…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

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

Q: The records of Nuisance Co. show the following information: Inventory, beg. 36,000 Purchases 320,000…

A: In order to determine the ratio of cost to sales. the total cost of purchases is required to be…

Q: Judy Company uses the retail inventory method to approximate its ending inventory. The following…

A: It is one of the inventory valuation method to determine the value of inventory at store. This…

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: Glamor Company provided the following data: Beginning inventory Cost 500,000 770,000 Selling price…

A: Inventory valuation method include: FIFO Method LIFO Method Average cost method FIFO Method - As…

Q: Drake Corporation had the following amounts, all at retail: Beginning inventory $  3,600…

A: Ending inventory is a common financial metric measuring the final value of goods still available for…

Q: Bouquet Company used the conventional retail inventory method to account for inventory.     Cost…

A: Cost of Sales: The direct costs associated with the manufacturing of goods/services sold to your…

Q: What is the cost of sales?    Sales - £120,000, Opening Inventory £25,000, Purchases, £85,000,…

A: Cost of sales: The actual cost of direct expenses that were spent for the operations of business is…

Q: Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were…

A: Working: Cost to retail Percentage = Goods Available for sale (before MarkDowns) at cost / Goods…

Q: Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400…

A: Cost to retail ratio: Under the retail inventory method, closing inventory is valued using the cost…

Q: The Kansas Company provided the following data for its December 31, 2004, inventory maintained on…

A: Estimated ending inventory at cost = ( Goods available for sale - Cost of sales ) * Cost to retail…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: The following data come from the inventory records of Albrecht Company:Net sales…

A: Gross profit is a profit which can be calculate by the taking diference between net sales and cost…

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Opening Inventory + Net Purchases + Freight-in Cost of goods sold…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: >Gross Profit is the excess of Net Sales over Cost of Goods Sold. >Also, if we deduct the…

Q: question

A: The gross profit can be referred to as the profit which the company makes after subtracting all the…

Q: Presented below is information related to Waveland Inc.      Cost    Retail Inventory, 12/31/20…

A:

Q: Given the following information, what is the cost-to-retail ratio? Beginning inventory at cost…

A: Particulars Cost Retail Beginning inventory $20,000 $35,000 Purchases  100,000 168,000 Goods…

Q: Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase…

A: Gross profit = net sales ×25% = 452000 ×25% = 113000

Q: Presented below is information related to Kuchinsky Company. Cost Retail Beginning inventory 280,000…

A: In conventional retail method, the inventory cost and retail prices have a relationship. It is…

Q: SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net…

A: In the given question, the ending inventory will be determined using the retail inventory method.…

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

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: ales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end.…

A: Solution: Cost of goods sold is the cost of beginning inventory plus purchases cost and reduced by…

Q: Presented below is information related to Bobby Engram Company.   00Cost00 0 Retail0…

A:

Q: Presented below is information related to Stellar Company. Cost Retail Beginning inventory $53,940…

A: Formula: Cost to retail percentage = ( Total cost / Retail value ) x 100

Q: how much is the ending inventory if the gross profit rate is 25%

A: Beginning Inventory + Purchases - Purchase Discount + Freight in + Gross profit = Closing inventory…

Q: Presented below is information related to Kingbird, Inc.     Cost   Retail Beginning inventory…

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

Q: Boyne Inc. had beginning inventory of $24,000 at cost and $20,000 at retail. Net purchases were…

A: Formulas: Cost to retail ratio=Balance at costBalance at retail

Q: Presented below is information related to XYZ, Inc. Cost Retail Beginning inventory Purchases $…

A: The retail inventory method is used by the retailers in case of resale of inventory.

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…

Q: Pertaining below is information pertaining to Polyphemos Corporation: Cost P 24,000 190,000 26,000…

A: In the Average cost method of inventory valuation, the Cost-to-retail percentage is computed for all…

Q: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000…

A: Ending inventory is value of inventory at the end of the period. It is calculated by adding…

Q: ABC Groceries provided the following information: Cost Retail Beginning inventory 555,200 945,000…

A: Inventory valuation is done through various methods such as the first-in-first-out method (fifo),…

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

A: Inventory refers to the stock that is held by the company for reselling purposes or the goods that…

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.