If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25. The value of the Inventory at the end of 2019 is: $ 62,500 $ 36,500 $ 3,042 $ 2,500
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If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25. The value of the Inventory at the end of 2019 is:
-
$ 62,500
-
$ 36,500
-
$ 3,042
-
$ 2,500
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- The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
- Use the following information relating to Clover Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. What would the gross profit for Bubba Co. for 2019 be?Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was $1,540,000. The inventory at the end of 2029 was $376,000 and at the beg of 2019 the inventory was $416,000. Company C's inventory turnover during 2019 was closest to: A. 3.99 B. 3.89 C. 3.84 D. 3.79
- Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0; Wang's 2019 days' sales in inventory (computed to one decimal place) is: Select one: a. 12.7 days b. 60.8 days c. 68.5 days d. 53.8 days e. None of the aboveJan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P500,000, P300,000 and P40,000. What is the gross profit for the year ended 2020?During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit of OMR 40,000. Calculate the Purchases if the opening inventory and closing inventory are 30,000 and 18,000 respectively
