32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000.  At what amount should ABC recognize as cost of the inventory under the gross method?     91,807 93,807 93,650 95,650

Q: 9. Padilla Group sells inventory for $4,000 cash. The original purchase price for the inventory was…

A: The debit to Cash indicates an increase in the amount of cash that the business has received, while…

Q: 29.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid.…

A: The accounts payable are the current liabilities for the business.  Under gross method, the cash…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: 21)April 4, 2020 Smith and West, who uses the periodic inventory system, purchased 1000 widgets from…

A: Credit purchase indicates the transaction made by the company on account and accepts the obligation…

Q: On December 31, 2021, ABC Company sold merchandise for P 675,000 to BBB Company. The terms of the…

A: ABC Company sold merchandise for P 675,000 to BBB Company.   Profit on sale of merchandise is    =…

Q: Suppose that Crane Corporation sells three different products. The following information is…

A: Correct option:$6,310 Show formula version of the detailed solution sheet for a better understanding…

Q: None

A: a. $18 Historical cost - 20 per unit. Replacement cost (market value) - 18 per unit The lower of…

Q: 11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below: Cost…

A: The ending inventory is the cost of inventory valuation at the year end.

Q: FDN Trading uses periodic inventory system. On November 15, 2021, FDN sol merchandise to Rossi…

A: solution given in the question on November 15,2021 sales made         =118000 credit terms 3/10…

Q: Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise.…

A:

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: EEE Company uses the first-in, first-out retail method of inventory valuation. The  following…

A: FIFO:- First in First out, it is a method of inventory valuation which helps in calculating…

Q: Seagull Company uses the retail method of inventory valuation. The following information is…

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

Q: A wholesale company prices its inventory at ​$132,704. If the original price of the items was…

A: Lets understand the basics.Management do mark up and mark down to detemine sale prices. For…

Q: Red Company reported the following information for its two items of inventory on December 31, Year…

A: The concept for valuing inventory is to use the lower of cost or net realizable value (NRV) to…

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Formula: Discount amount = Invoice amount x Discount rate.

Q: Question 5 CBDC Company is a wholesaler which uses a perpetual inventory system. The following show…

A: The income statement is prepared to record the revenues and expenses of the current period. The…

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: 17. Aug L Co purchased goods on credit from Noir $200. 25 Aug L Co sold goods for $120. 31 Aug…

A: Inventory accounting means where inventory records are kept so as to find out value of inventory on…

Q: A business sold some inventory that had cost $5,000 before taxes. The sale is subject to 5% goods…

A: The value of the commodities or products that a company keeps with the intention of reselling is…

Q: Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were…

A: Ending inventory is the resulting amount after deducting the cost of goods sold from the cost of…

Q: Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were…

A: Inventory: The current asset directly used to generate revenue is disclosed as inventory under…

Q: Blossom Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The…

A: In lower of cost or market method of valuing inventory, inventory is write down to lower of cost or…

Q: The CHS Company has provided the following information: • Accounts receivable written-off as…

A: 1. Accounts Receivable - Accounts Receivables is a ledger created to record that customer who…

Q: The cost of Product E sold for the year ended July 31,2021 is: d. P1,350,000 b. P1,440,000 c.…

A: As per NRV method, the net realizable value at split off point is used to allocate the joint cost.

Q: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: Whispering Winds Corp. purchased merchandise inventory with an invoice price of $11700 and credit…

A: The inventory purchased on credit is recorded as purchases against account payable.

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: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: There are different method which are applicable to Calculation of Ending inventory cost by using…

Q: How much is the VAT Payable?

A: VAT payable is the amount of vat tax which is to be paid to the tax authority of the country and…

Q: omith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Calculation of Ending Inventory In  cost to retail method there are different method which are…

Q: what were purchase returns and allowances? Cost of goods sold is P7,400, Beginning inventory is…

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

Q: Banana Company uses the retail method of inventory valuation. The following information is…

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for First in First…

Q: the cost of goods sold is

A:

Q: Peterson Manufacturing purchased inventory for $4,600 and also paid a $420 freight bill. Peterson…

A: Lets understand the basics. When goods are purchased from seller  then seller for the attracting…

Q: Ballard Company uses the perpetual inventory system. The company purchased $8,300 of merchandise…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: Old Oak Winery sold inventory for $260,000, terms 5/10, n/30. Cost of goods sold was $151,000. How…

A: Lets understand the basics. Seller in order to atrack early payment gives discount term to purchase.…

Q: E5.7 (LO 4), AP Juan Morales Company had the following account balances at year-end: Cost of Goods…

A: The adjustment entry for inventory is required at year-end under the periodic inventory system. The…

Q: Crane Company purchased merchandise inventory with an invoice price of $13100 and creat of the goods…

A: The discount period is the last time to make payment with discounts allowed.  The payment made…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.