Calculate inventory amounts at the end of each year.

A physical inventory or count of inventory should be taken around the _____ to make sure that the quantity of inventory reported in the financial statements is accurate. end of the year beginning of the year middle of the year None of these are correct.

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Estimating sales returns On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.

Would the quarter total for desired ending inventory be 16,800 or the total of all 3 months? The same question for begining inventory, would it be 42,000 or 21,000?

Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?

You are provided with the following data: inventory - to -sale conversion period = 100days Sale - to - cash conversionperiod = 46 days Purchase - to -payment conversion period30 days What is the operatingcycle?

Sunland Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Balance, 1/1/20 Purchase, 1/28/20 Per Units unit price Total $6.00 $1260 Purchase, 1/15/20 150 210 O 180 O 300 O 30 O 330 150 5.40 5.60 810 840 An end of the month (1/31/20) inventory showed that 180 units were on hand. How many units did the company sell during January, 2020?

Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end

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