perpetual inventory records indicate that $382,800 of merchandise should be on hand on March 31, 2020. The physical inventory indicates that $371,000 of merchandise is actually on hand.
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A: Conventional retail inventory method is related upon the relationship between cost of product and…
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A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Castle Furnishings Company’s perpetual inventory records indicate that $675,400 of merchandise…
A: Shrinkage: The cost of difference between the recorded inventory value and physical count of…
Q: mpany using the periodic inventory system has the following account balances: Merchandise Inventory…
A: Solution: Cost of merchandise purchased is the cost of purchases which is computed as purchase cost…
Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…
A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…
Q: Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on…
A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…
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A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…
Q: At December 31, 2021, the accounting staff of Persimmon Company submitted an inventory list that…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Covid Company used a perpetual inventory system. At the end of 2020, the inventory account was…
A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…
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A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory + goods consigned with…
Q: The following is the transaction of the trading company "Mars" in December 2020 by using the…
A: Adjusting entries - those entries which are passed when the accounts have been closed, in order to…
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A: Sales Revenue in the business is made up of cost of goods sold and gross profit. Sales Revenue =…
Q: The physical inventory on December 31, 2019 of Tintin Co. showed merchandise at P172,000. You…
A: The balance of inventory on December 31, 2019 as P172,000. To find the correct amount of inventory…
Q: As of January 1, 2020, Aristotle Inc. adopted the retail method of accounting for its merchandise…
A: Retail Method of inventory It is a method to determine the cost of ending inventory balance via the…
Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…
A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…
Q: The Physical inventory on January 31, 2019 of Kamote Company showed merchandise at $300,000. As an…
A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…
Q: Inventory, January 1 Inventory on hand, December 31 Inventory out on consignment, December 31…
A: The cost of goods sold is calculated using the below given formula: Cost of Goods Sold=Opening…
Q: Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost.…
A: Cost to retail ratio = ($16,90,000 / $24,80,000) x 100 = 68%
Q: Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost…
A: LIFO- Last in first out Inventory which is last entered should be first out for sale. Sale for 85000…
Q: a. The inventory at January 1, 2019, had a retail value of $51,000 and a cost of $38,060 based on…
A: The cost-to-retail ratio, also known as the cost-to-retail percentage, reveals what proportion of…
Q: The home office of SG Company, which uses the perpetual inventory system, bills shipments of…
A: Gross profit is the amount which indicates the earnings of an entity after reducing the cost of…
Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…
A: Under FOB shipping point, the ownership of goods transfers from owner to buyer as soon as they are…
Q: The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…
A: Inventory is the current asset that is reported in the balance sheet of the company.
Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…
A: Inventory means the goods are kept by a business with an intention of further production or sale.…
Q: Chang Company took a physical inventory at December 31, 2020 and determined that RM3,950,000 of…
A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory - Goods on consignment from…
Q: The records of Earthly Goods provided the following information for the year ended December 31,…
A: Closing inventory represents the inventory that remains at the end of the accounting period.
Q: The Kwok Company's inventory balance on December 31, 2021, was $200,000 (based on a 12/31/2021…
A: Inventory contains both raw materials utilized in manufacturing and completed commodities ready for…
Q: XYZ Company Began the year 2020 with 600 units of products in its January 1 Inventory costing BD35…
A: Date Description units cost per unit Total Cost 1Jan Opening Inventory 600 35 600*35=2100 4Jan…
Q: Tori Amos Corporation began operations on December 1, 2019. The only inventory transaction in 2019…
A: a. Determine ending inventory:
Q: MM Co. has the following information pertaining to its merchandise inventory as of December 31,…
A: Correct Answer = Option C = P 770000 Explanation Value of Inventory in 2020 Balance Sheet…
Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…
A: SOLUTION- INVENTORY- IT IS THE TERM FOR THE GOODS AVAILABLE FOR SALE AND RAW MATERIALS USED TO…
Q: Rally Wheels, Inc. had the following balances and transactions during 2018: Beginning…
A: under last in , first out method. Most recent Purchases are used in cost of goods sold or in…
Q: During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020,…
A: Particulars At Cost At Retail Beginning Inventory $ 127,600 $ 256,800 Net…
Q: Altira Corporation provides the following information related to its merchandise inventory during…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…
Q: The inventory account of Nike Trading at December 31, 2019 included the following items: Goods…
A: Answer Calculation of Inventory account should be reduced by, at December 31, 2019 Particulars…
Q: Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost.…
A: Ending inventory is the amount of goods or products that are held by an entity at the end of the…
Q: The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have…
A: FOB Shipping point: FOB Shipping point means that the buyer pays all costs incurred for the…
Q: . The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost…
A: Correct inventory that should appear in Cherry Company's statement of financial position at December…
Q: 0 What amount should YELLOW report as cost of goods sold in its 2020 income statement? a.…
A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…
Q: Lol Company’s inventory account balance on December 31, 2019 was 360,000 and 30,000 of those goods…
A: Ending inventory for 2019 = inventory account balance + goods purchased on FOB shipping point =…
Q: The following items were included in Diego Company’s inventory account on December 31, 2020:…
A: A consignment agreement is one in which items are left in the hands of a third party who is allowed…
Q: The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an…
A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…
Q: At December 31, 2021, the accounting staff of Persimmon Company submitted an inventory list that…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: On January 1, 2020, the general ledger of Global Corporation included supplies inventory of $1,000.…
A: Solution:- Calculation of the 2020 supplies expense as follows under:- Basic information:- On…
Q: Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods…
A: Included in the physical count were goods billed to a customer FOB shipping point on December 31,…
perpetual inventory records indicate that $382,800 of merchandise should be on hand on March 31, 2020. The physical inventory indicates that $371,000 of merchandise is actually on hand.
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- The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
- At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600Under the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds PayableBorys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are correct. Johnson correctly values its 2020 ending inventory. What is the effect of this error on Boryss 2019 and 2020 financial statements?
- The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $40,000 and the merchandise cost $22,000. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $20,000 and the merchandise cost $13,000. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $25,000 and the merchandise cost $12,000.…The Kwok Company's inventory balance on December 31, 2021, was $200,000 (based on a 12/31/2021 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $37,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $24,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $47,000 and the merchandise cost $29,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $27,000 and the merchandise cost $20,00o. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $32,000 and the merchandise cost…Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on hand on March 31, 2019. The physical inventory indicates that $2,734,800 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Paragon Tire Co. for the year ended March 31, 2019.
- The Kwok Company’s inventory balance on December 31, 2018, was $165,000 (based on a 12/31/2018 physicalcount) before considering the following transactions:1. Goods shipped to Kwok f.o.b. destination on December 20, 2018, were received on January 4, 2019. Theinvoice cost was $30,000.2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2018, were received on January 5, 2019. Theinvoice cost was $17,000.3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2018, were received by the customer on January 3, 2019. The sales price was $40,000 and the merchandise cost $22,000.4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2018, were received by the customer on December 30, 2018. The sales price was $20,000 and the merchandise cost $13,000.5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2018, were received by thecustomer on January 4, 2019. The sales price was $25,000 and the merchandise cost…The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of P364,000 was on hand at that date. Excluded from this amount are the following items:• Merchandise costing P30,000 held by Cherry Company on consignment.• Merchandise costing P45,000 shipped FOB shipping point to a customer on December 29, 2021. The goods are expected to be received by the customer on January 4, 2022.• Merchandise costing P62,000 shipped FOB destination to a customer on December 31, 2021. The goods were expected to be received by the customer on January 6, 2022.• Merchandise costing P78,000 shipped by a vendor FOB destination on December 30, 2021 and received by Cherry Company on January 5, 2022.• Merchandise costing P54,000 shipped by a vendor FOB seller on December 31, 2021 and received by Cherry Company on January 3, 2022.What is the correct inventory that should appear in Cherry Company’s statement of financial position at December 31, 2021?Castle Furnishings Company’s perpetual inventory records indicate that $675,400 of merchandise should be on hand on November 30, 2019. The physical inventory indicates that $663,800 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Castle Furnishings Company for the year ended November 30, 2019. Assume that the inventory shrinkage is a normal amount.