For each of the following, determine the cost of inventory reported on the balance sheet. The total inventory on hand at the end of the year as determined by taking a physical inventory is $62,000. Of the $62,000, $8,000 has been sold FOB destination and is awaiting pickup by the carrier.

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A company has beginning inventory for the year of $14,500. During the year, the company purchases inventory for $190,000 and ends the year with $21,000 of inventory. The company will report cost of goods sold equal to:   Multiple Choice   $211,000.   $190,000.   $196,500.   $183,500.

The following purchase transactions occurred during the last few days of Whilczel Company's business year, which ends October 31, or in the first few days after that date. A periodic inventory system is used.   ·         An invoice for P6,000, terms FOB shipping point, was received and entered November 1. The invoice shows that the material was shipped October 29, but the receiving report indicates receipt of goods on November 3.   ·         An invoice for P2,700, terms FOB destination, was received and entered November 2. The receiving report indicates that the goods were received October 29.   ·         An invoice for P3,150, terms, FOB shipping point, was received October 15, but never entered. Attached to it is a receiving report indicating that the goods were received October 18. Across the face of the receiving report is the following notation: "Merchandise not of the same quality as ordered - returned for credit October 19".   ·         An invoice for P3,600 terms FOB shipping…

The records for the Flagstaff Company showed the following for the one item they sell during the year ended December 31, 2022: Date of Transactions Units Unit Costs Inventory 1/1 40 $20 Purchase 3/5 120 $24 Sale 5/15 80 Purchase 7/11 40 $22 Sale 9/24 30 Purchase 10/23 50 $26 Sale 11/5 40 Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents): 1) Weighted-average cost (Average cost method the book calls it) 2) First-in, First-out (FIFO) 3) Last-in, First-out (LIFO)

Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending Inventory Information about the four major Items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Raaliable Quantity on Hand 34 69 49 Value (Market) at Year-End $ 14 Unit Cont When Acquired (FIFO) $ 19 Item 48 44 59 36 61 24 31 Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net realizable value on cost of goods sold for the year ended December 31, current year?

Tariq Fisher Company uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of Rs 450,000. Tariq engaged in the following transactions during the year:Prepare all necessary transaction as General Entries and answer given below option. Purchased merchandise inventory for Rs 500,000. Generated net sales of Rs 600,000. Recorded inventory shrinkage of Rs 10,000 after taking a physical inventory at year-end. Reported gross profit for the year of Rs 180,000 in its income statement. At what amount was Cost of Goods Sold reported in the company’s year-end income statement? At what amount was Merchandise Inventory reported in the company’s year-end balance sheet? Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account? d- Calculate the Gross profit margin ratio