.Your review of ABC Company's inventory and related records for the year revealed the following information: Inventory, 1/1 - 450,000 Purchases -3,150,000 Sales -4,200,000 You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory. What is the cost of the missing inventory assuming that ABC's gross profit remains at 30% of sales?

During the taking of its physical inventory on December 31, 20Y3, Zula Company incorrectly counted its inventory as $116,985 instead of the correct amount of $131,025. Indicate the effect of the misstatement on Zula's December 31, 20Y3, balance sheet or income statement for the year ended December 31, 20Y3. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Line Item Description Financial Statement Understated or Overstated Amount Current assets     $fill in the blank 3 Gross profit     $fill in the blank 6 Inventory     $fill in the blank 9 Net income     $fill in the blank 12 Stockholders' equity     $fill in the blank 15 Total assets     $fill in the blank 18

The following information was extracted from the accounting records of Leeds Limited for the month ended 30 April 2021: INFORMATION There is no inventory on hand at the beginning of the month of April for Leeds Limited. The total expected production and sales are 75 000 units and 70 000 units respectively. The selling price per unit is R12. The company’s expenses can be broken down as follows: Leeds limited uses the First-In-First out method of inventory evaluation. REQUIRED: Using the information provided above, prepare the Income statement of Leeds Limited for the month ended 30 April 2021 using: Fixed manufacturing cost is R34 500, Variable manufacturing cost per unit is R3.30, Fixed sales and administration costs are R32 000, Variable sales and administration costs are R1.45 Leeds limited uses the First-In-First out method of inventory evaluation. Using the information provided above, prepare the Income statement of Leeds Limited for the month ended 30 April 2021 using: The…

19.Your review of ABC Company's inventory and related records for the year revealed the following information:Inventory, 1/1 - 450,000Purchases -3,150,000Sales -4,200,000You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory.What is the cost of the missing inventory assuming that ABC's gross profit remains at 30% of sales?

Your review of Mine Company's inventory and related records for the year revealed the following information:Inventory, 1/1 - 450,000Purchases -3,150,000Sales -4,200,000You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory.What is the cost of the missing inventory assuming that Mine's gross profit remains at 30% of sales?

Question:   XYZ Inc. is a large manufacturing company that uses the weighted average method for inventory valuation. During the current financial year, the company experienced a significant increase in its inventory levels due to a surge in production and raw material purchases. At the end of the year, the company's management noticed discrepancies between the physical count and the recorded inventory levels in the books.   Which of the following statements regarding the weighted average method for inventory valuation and its impact on financial statements is correct?   A) The weighted average method assigns the same cost to each unit of inventory, regardless of when it was purchased, resulting in a smoother cost flow compared to other inventory valuation methods.   B) When using the weighted average method, the ending inventory value is based on the most recent purchases made during the year, resulting in a higher cost of goods sold (COGS) and lower gross profit.   C) The weighted…

Your client, Mang Kanor Corporation, conducted an early inventory count in its warehouse on December 29, 2018 and prepared a schedule of cost of goods sold as follows: Mang Kanor Corporation Schedule of Cost of Goods Sold For the period ended December 31, 2018                                                 Beginning Inventory                                         546,500                         Net purchases                                                   4,900,000                                                                     Total Goods available for sale                           5,446,500                         Less: Ending Inventory per count                      600,500                         Cost of Goods sold                                           4,846,000   Audit Notes: Goods costing 54,000 were received on December 30,2018. The related invoice with term FOB Destination was recorded on December 29, 2018. Goods out on consignment to Sellers Company, P120,000…

7. Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company’s records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition):    17,500 units @ $15 $ 262,500   22,500 units @ $20   450,000   Beginning inventory $ 712,500      During 2021, 45,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 55,000 units at various prices, leaving 30,000 units in ending inventory. Required:1. Calculate the amount to report for cost of goods sold for 2021.2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements. Assume an income tax rate of 25%.3. If the company decided to purchase an additional 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved?

Ward Distribution Company has determined its year-end inventory on a LIFO basis at $320,000. Information pertaining to that inventory follows. Item Amount Estimated selling price $332,800 Estimated cost of disposal 16,000 Normal profit margin 48,000 Current replacement cost 304,000 What is the loss that Ward should recognize? Assume no previously recorded inventory holding loss. Select one: a. $0 b. $3,200 c. $16,000 d. $51,200 O

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