he following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory, Dec 31 P50,000 There was an decrease of the inventory by 6,000 at year end How much was the inventory at Jan 1, 20X2? 6,000 44,000 50,000 56,000

he following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory, Dec 31 P50,000 There was an decrease of the inventory by 6,000 at year end How much was the inventory at Jan 1, 20X2? 6,000 44,000 50,000 56,000

Name: 6.The following data were available for ABC Corp at Dec 31, 20X2:Net p
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Description: 6.The following data were available for ABC Corp at Dec 31, 20X2:Net purchases P345,000Inventory, Dec 31 P50,000There was an decrease of the inventory by 6,000 at year endHow much was the inventory at Jan 1, 20X2? 6,00044,00050,00056,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6.
A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000
20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
P palace provided the following Information:Ending inventory, previous period$95,500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the Inventory turnover for current period, assuming that gross profit for $195,405.3.43 times2.99 times3.27 times3.61 times
Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 A. P1,400,000 D. P 1,900,000
Ending Inventory?
The following information was taken from the inventory records of Earland Company for January of the current year: Balance at January 1 50,000 units @ 8.024 Purchases: January 10 20,000 units @ 8.50 January 25 January 12 48,000 units @ 8.75 Sales: 30,000 January 30 53,000 Earland company does not maintain perpetual inventory records. 11.)What should be the inventory on January 31, using the weighted average method? 12.)The cost of sales during the period under FIFO method is
Ma1.
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Presented below is information related to Kingbird Company. Cost Beginning inventory $ 53,940 Purchases (net) Net markups Net markdowns Sales revenue (a) 129,370 Ending inventory Retail $107,000 $ 189,700 Compute the ending inventory at retail. 10,527 27,056 202,490
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
10. The Kansas Company provided the following data for its December 31, 2020, inventory maintained on the retail basis. At Cost At Retail Beginning inventory Purchases $120,000 $224,000 280,000 396,000 20,000 Markups (net) Markdowns (net) Sales (40,000) 520,000 What is the estimated inventory at December 31, 2020, valued at lower of average cost or market? a. $53,333 b. $75,000 c. $56,000 d. $50,000