Question 29 Not yet answered Points out of 2.50 P Flag question Keen Company's accounting records indicated the following information: Inventory, beginning-of-year $ 1,800,000 Purchases during the year 9,000,000 Sales during the year 11,400,000 A physical inventory taken on year-end reported an ending inventory of $2,100,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At year-end, what is the estimated cost of missing inventory? Select one: O a. $150,000. O b. $600,000. c. $450,000. d. $750,000.

View Policies Current Attempt in Progress Whispering Winds Corporation uses a perpetual inventory system and had inventory worth $88,500 at the beginning of the year. Purchases were made during the year for $393,000; however, 10% of these goods were returned to the supplier, and a 3% discount was taken on the remaining balance owing. Whispering Winds paid $3,500 cash for freight to ship the inventory to its location during the year. Whispering Winds reported cost of goods sold for the year of $295,000. Whispering Winds has a calendar year end. What is the balance in the inventory account at the end of the year? Balance If Whispering Winds counted its actual inventory balance as $118,000 at the end of the year, what adjusting entry, if any, would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit…

Inventory turnover________ times Days in invitory __________ days

Item 13   A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?