FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net purchases, P216,000 Cost of goods sold, P144,000.arrow_forwardBrief Exercise 6-17 (Algo) Calculate inventory ratios (LO6-7) Use the following information: Net sales $215,000 Cost of goods sold 152,000 Beginning inventory 48,000 Ending inventory 38,000 a. Calculate the inventory turnover ratio.b. Calculate the average days in inventory.c. Calculate the gross profit ratio.arrow_forwardA 95.arrow_forward
- 2arrow_forwardPA11. LO 10.3 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Number of Units Unit Cost Sales 240 Beginning inventory Sold $100 160 $140 Purchased Sold 520 103 400 142 Purchased Sold Ending inventory 400 110 370 144 230 Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.arrow_forwardOn the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.arrow_forward
- On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Raven 10 1,200 $115 $112 Dove 23 6,500 17 22 Determine the value of the inventory at the lower of cost or market. (Note: Apply lower of cost or market to each inventory item, as shown in Exhibit 9.)Exhibit 9arrow_forwardPlease do not give solution in image format thankuarrow_forwardLower-of-Cost-or-Market Method On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) IA17 80 $39 $42 O5T4 150 20 16 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $arrow_forward
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