The home office ships merchandise to the branch at 25 percent above cost. If the balance before closing in the Intracompany Inventory Profit account is 66,000 and Shipments from Home Office amounted to 300,000, what was the cost of the branch's beginning inventory? A. P96,000 B. P30,000 C. P80,000 D. P24,000

Q: The following information applied to RYXBonus Company for the current year:   Merchandise…

A: Inventoriable cost of the purchase = Merchandise purchased for resale - Purchase returns  + Freight…

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Beginning Inventory + Purchases - Purchase discounts + freight in…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Formula: Overvaluation of branch inventory account = Cost of goods sold x Mark up percentage

Q: Honesty Corporation’s shipments to and from its Quezon City branch are billed at 125% of cost. On…

A: Adjusted branch net income is an income actually earned by the branch. It is calculated after…

Q: Based on the following data, estimate the cost of the ending merchandise inventory: Sales $9,250,000…

A: The cost of ending merchandise inventory is calculated as follows:

Q: ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases…

A: Cost of sales refers to the total amount incurred by an entity for producing the product and selling…

Q: The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales…

A: Ending Inventory = Cost of Goods Sold + Gross profit - Net Sales   Note : Net Sales = Sales - Sales…

Q: Judy Company uses the retail inventory method to approximate its ending inventory. The following…

A: Introduction inventory refers to current assets of company and are goods and services that helps in…

Q: The ABC Boutique had the following information at June 30, 20X1: Inventory increased by…

A: Gross Purchases - Gross Purchase is the purchases before deducting returns and allowances. This is…

Q: Presented below is information pertaining to ABC Co.:   Cost Retail Inventory, January 1 21,750…

A: FIFO cost method- It is a method to calculate cost of inventory of the entity. In it, the goods…

Q: Judy Company uses the retail inventory method to approximate its ending inventory. The following…

A: It is one of the inventory valuation method to determine the value of inventory at store. This…

Q: The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory…

A: Inventory represents the current asset of the company that is reported in the balance sheet.

Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…

A: The goods when are bought first and sold first, it is treated as FIFO method. Here the ending…

Q: Hola Corporation’s shipments to and from its Manila branch are billed at 125% of cost. On December…

A: Generally, the head office sends goods to a branch at a price above the cost that is at a markup.…

Q: Allison Co. has a beginning inventory costing $90,000 and an ending inventory costing $120,000.…

A: Inventory Turnover Ratio = (Cost of merchandise Sold / Average Inventory)

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

Q: Presented below is information pertaining to ABC Co.:   Cost Retail Inventory, January 1 21,750…

A: The method of costing inventory where the retail cost ratio is to be obtained in order to have the…

Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in…

A: Cost of goods sold = Beginning inventory  + Purchases - Purchase returns and allowances  +…

Q: For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory…

A: The conventional retail inventories technique is focused on the cost-retail price connection of a…

Q: Given the following information calculate: Value B. gross cost of merch sold: Cost Retail $80,000.00…

A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses incurred by a…

Q: Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were…

A: Working: Cost to retail Percentage = Goods Available for sale (before MarkDowns) at cost / Goods…

Q: The Kansas Company provided the following data for its December 31, 2004, inventory maintained on…

A: Estimated ending inventory at cost = ( Goods available for sale - Cost of sales ) * Cost to retail…

Q: he following information was developed for Oriole Department Store:     At Cost   At Retail…

A:

Q: Blue Company has the following data for the year: $140,000 Beginning inventory Net sales revenue…

A: Cost of goods sold is the actual cost of goods that are being sold to the customers. This is…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: >Gross Profit is the excess of Net Sales over Cost of Goods Sold. >Also, if we deduct the…

Q: Kemuning Jaya store had a beginning merchandise inventory of RM30,000. During the period, purchases…

A: Cost of goods available for sale = Beginning inventory +Purchases -Purchase return+ carriage inwards…

Q: Sarasota Inc. had beginning inventory of $20,600 at cost and $30,600 at retail. Net purchases were…

A: Retail method: One of the accounting method where the value of the merchandise or goods sold is…

Q: 16. ABC transferred merchandise inventory from its home office to its branch and the average gross…

A:

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: home office transfer to branch @50% above cost beginning inventory = 15000 shipments from home…

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: The ending inventory is calculated as difference between units available for sale and units sold.

Q: Presented below is information related to Waveland Inc.      Cost    Retail Inventory, 12/31/20…

A:

Q: Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase…

A: Gross profit = net sales ×25% = 452000 ×25% = 113000

Q: SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net…

A: In the given question, the ending inventory will be determined using the retail inventory method.…

Q: Presented below is information related to Marin, Inc. Cost Retail Beginning inventory $ 527,000 $…

A: The value of products still available for sale and kept by a corporation at the end of an accounting…

Q: Ace Company reported the following information for the current year:   Sales $ 416,000 Cost of…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: Ebasan Company used the average cost retail inventory method. The entity provided the following…

A: Cost Retail Beginning Inventory                   15,00,000                   22,00,000 Net…

Q: The home office ships merchandise to the branch at 25 percent above cost. If the balance before…

A: Particulars   Amount Inter-company inventory profit before closing   66,000  Less: Inter-company…

Q: Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000;…

A: Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in…

Q: Presented below is information related to Kingbird, Inc.     Cost   Retail Beginning inventory…

A: Working Note: Cost to retail ratio = Cost of goods available for sale at Cost / Cost of goods…

Q: 9. The following data is for the J.M Paculan Corporation: P600,000 42,000 77,000 Sales revenue…

A: *The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…

Q: he following information was derived from the 20x1 accounting record of Clem Co   Good in warehouse…

A: Total beginning inventory=Warehouse+Consignee=110,000+12,000=122,000

Q: Boyne Inc. had beginning inventory of $24,000 at cost and $20,000 at retail. Net purchases were…

A: Formulas: Cost to retail ratio=Balance at costBalance at retail

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: Inventory: The inventory is an asset to the business. The asset is a benefit or resource that has a…

Q: Karen Company repoted the following information for the current year: Beginning inventory…

A: 1) Calculation of Cost of goods available for sale   Particulars P P       Beginning…

Q: ventory, February 1, 20X0            P70,800                   P  98,500 Markdo

A: FIFO-: FIFO is used for “First-In, First-Out”. It is a procedure utilized for cost flow hypothesis…

Q: Epsilon Corp. reported the following information for the current year: Beginning inventory..…

A: Working note: Computation of cost of inventory out on consignment: Inventory out on…

Q: ABC Corp showed the following information: Beginning inventory, 60,000 Purchases, 500,000 Purchase…

A: Cost of goods sold equals sum total of beginning inventory and purchases less the ending inventory ,…

Q: What was Good Buy​'s cost of​ inventory?

A: Cost of Inventory = Purchase price + Freight in + Purchase Return + Discount.