The following information pertains to ABC Company for 2021: Inventory at December 31, 2021 P16,000 Purchases of merchandise, all on credit 72,000 Cost of goods sold The company's merchandise inventory turnover for 2021 was 80,000 O 4.0 months 10.0 times O 4.0 times O 3.60 months
Q: Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $540,000…
A: Formula: Net purchases = Purchases - purchase returns.
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A: Net purchases = Purchases - Purchase returns and allowances - Purchase discount =…
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A: "Since you have asked multiple questions, we will solve first question for you. To get any specific…
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Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…
A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…
Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following…
A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053…
Q: Sheffield’s days in inventory in 2018 was
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Q: DCI & Co. reported the following 2021 balances: January 1 P2,175,000 P375,000 December 31 P1,950,000…
A: Cost of goods sold is the amount paid as a cost directly related to sale of products. This is being…
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A: given that, Camp bell corporation uses the retail method to value its inventory. ** cost of goods…
Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…
A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory
Q: During 2021, a company sells 260 units of inventory for $91 each. The company has the following…
A: FIFO (FIRST IN FIRST OUT METHOD) GOODS WHICH ARE PURCHASED FIRST ARE SOLD FIRST .
Q: Use the follwing information for questions 14 and 15 The following information was available for…
A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.
Q: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…
A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million
Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…
A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…
Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…
A: Sales Revenue in the business is made up of cost of goods sold and gross profit. Sales Revenue =…
Q: Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented…
A: The term inventory refers to both raw materials used in production and final commodities that are…
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A: Ratio analysis means where different ratio of various years of years companies has been compared and…
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A: Skysong Inco. Income Statement. 2021, 2022. Particulars 2022 2021 A Sales Revenue 255500…
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A: The inventory valuation is based on the flow of inventory. The firm can adopt the LIFO method, FIFO…
Q: e trial balance of Holland Company at the end of its fiscal year, August 31, 2021, includes these…
A: The cost of goods sold refers to the direct costs of producing the goods sold by a company (COGS).…
Q: During 2021, a company sells 310 units of inventory for $92 each. The company has the following…
A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…
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A: Definition: Inventory turnover ratio: Inventory turnover ratio is used to determine the number of…
Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…
A: Formula: Cost per unit = Total cost / Number of units.
Q: The following data were taken from the financial records of Crane Company. Net Sales Beginning…
A: Average inventory = Beginning inventory+ Ending inventory 2 2021 =…
Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: The following information is available for cullumber company for three recent fiscal years.…
A: Solution:- Calculation of Inventory turnover ratio as follows under:-
Q: Thompson TV and Appliance reported the following in its 2021 Sales $422,000 Cost of goods sold:…
A: Given : Thompson TV and Appliance reported the following in its 2021 financial statements: 2021…
Q: a. The inventory at January 1, 2019, had a retail value of $51,000 and a cost of $38,060 based on…
A: The cost-to-retail ratio, also known as the cost-to-retail percentage, reveals what proportion of…
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A: The question is based on the concept of Cost Accounting.
Q: During 2021, a company sells 260 units of inventory for $90 each. The company has the following…
A: FIFO method of inventory computation makes the management assume that the goods which have been sold…
Q: During 2021, a company sells 340 units of inventory for $90 each. The company has the following…
A: Ending inventory (units) = Total units available for sale - no. of units sold = 418 - 340 = 78 units
Q: Also prepare journal entries to record he December 20 purchase and the December 29 sales using…
A: The perpetual inventory method and periodic inventory method are the methods used to count the…
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Q: Apollo reported the following in its 2021 financial statements: 2021 Sales P420,000 Cost of goods…
A: formula used: Inventory turnover = Cost of goods sold / Average inventory
Q: Campbell Corporation uses the retail method to value its inventory. The following information is…
A: Introduction: The term inventory refers to both raw materials used in manufacturing and completed…
Q: DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the…
A: Purchases = Ending accounts payable + Payments to supplier - Beginning accounts payable Cost of…
Q: Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at…
A: Given the following information: Net sales: $1,095,000 Cost of goods sold: $657,000 Average…
Q: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…
A: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…
Q: During 2021, a company sells 280 units of inventory for $89 each. The company has the following…
A: Under FIFO the earliest goods will be sold first
Q: 0 What amount should YELLOW report as cost of goods sold in its 2020 income statement? a.…
A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…
Q: The following information is available for Cullumber Company for three recent fiscal years.…
A: Inventory Turnover Ratio: Inventory Turnover Ratio shows how effectively inventory is managed by…
Q: During 2021, a company sells 280 units of inventory for $86 each. The company has the following…
A: Ans. In FIFO method the goods which was purchased first was sold first. FIFO stands for " First -…
Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…
A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold
Q: Excerpts from Stealth Company's December 31, 2021 and 2020, financial statements are presented…
A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (Beginning…
Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: During 2021, a company sells 356 units of inventory for $93 each. The company has the following…
A: The LIFO method states that the goods purchased at last are sold first.
Q: Staley Watch Company reported the following income statement data for a 2 year period: 2019…
A: Following is the answer to the given question
Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: At…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1…
A: Gross sales are the sales which are computed by adding gross profit to the cost of goods sold. When…
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- Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
- A. At the end of December 2020, the accounting records of XYZ firm present the following transactions for a particular merchandise that sold at €20 per unit: Transaction Units Amount Inventory, 1/12/2020 200 2,000 € Purchase, 10/12/2020 150 1,800 € Purchase, 15/12/2020 120 1,800 €Purchase, 23/12/2020 170 2,720 € Sale 180 Sale 120 In addition, the level of operating expenses in December is €1,500 and the tax rate is 20%. The firm has decided to distribute the after-tax profits to shareholders. 1. If XYZ firm uses a periodic inventory system, prepare a summarized income statement for December 2020 under each inventory cost flow assumption: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out of the December 23 purchase. Exhibit inventory calculations in detail. 2. Which…The following inventory details of LBC company Date Description Units Cost January 1,2020 Purchases 10 $10 January 10,2020 Purchases 20 $15 January 15,2020 Sales 25 January 25, Purchases 2020 30 $20 January 31,2020 Sales 20 By Perpetual Inventory System, calculate: Cost of Goods Sold and Cost of Ending Inventory under 1. FIFO 2. Average CostALLIANCE GLOBAL GROUP INC. PLEASE HELP ME EXPLAIN THE RECEIVABLES TURNOVER AND THE DAYS TO COLLECT IN THE YEAR 2020 Net Sales Revenue 124555.38 Days 365 Ave. Net Receivables 88640.47 Receivable Turnover 1.41 Receivable turnover 1.41 Days to Collect 258.87 or 259 PLEASE HELP ME EXPLAIN THE INVENTORY TURNOVER AND THE DAYS TO SELL IN THE YEAR 2020 Cost of Goods Sold 75568.32 Days 365 Average Inventory 70,012.93 Inventory Turnover 1.08 Inventory Turnover 1.08 Days to Sell 337.96 or 338
- TB EX Qu. 6-205 During 2021, a company sells... During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory Sep. 8 Purchase 20 $50 $1,000 10 78 780 30 $1,780 | Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold ere to search ASUSSuppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rareOMANTEL El GOD O©41% 9:12 18 Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/20 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. Using the FIFO method, what is the cost of goods sold? II
- Use the follwing information for questions 14 and 15 The following information was available for Hawley Company at December 31, 2021: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $700,000; and sales $1,000,000. Hawley, s inventory turnover ratio in 2021 was 14. a. 10.0 times b. 8.6 times С. 7.0 times d. 5.8 times 15. Hawley's days in inventory in 2021 was For thy 36.5 days 42.4 days 52.1 days 62.9 days а. b. С. d. ExploreNeighborly Industries has the following inventory information. July 1Beginning Inventory 30 units at RM120 180 units at RM112 |120 units 5Purchases 14Sale 21 Purchases 90 units at RM115 30 Sale 84 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? O A. RMI1,022 O B. RM23,088 O C. RM23,118 O D. RM10,992Selected financial statement data from Western Colorado Stores is shown below 2020. $795,000 640, 000 91,000 89, 000 2021 Net sales Cost of goods sold Operating expenses Inventory $775, 000 620, 000 111, 000 111, 000 Required Compule the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (1.e.. 0.1234 shoutd be entered as 12.34) 2. Compute the inventory turnover ratio for 2021 (Rpund your answer to two decimal places.) Gross profit ratie 2 oventory turmover ratio