The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following information (in millions).   Year 2 Year 1 Cost of sales $2,276,096 $2,294,291 Inventories, net 878,646 820,118 LIFO reserve 6,518 6,141 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: Select one: a. $872,128 million b. $760,278 million c. $879,023 million d. $885,164 million e. None of these are correct.

Q: Universal Suppliers had sales of $473,000 in the month of June. Use the retail method to estimate…

A: Given, Sales= $473,000   Cost Retail Beginning Inventory $308,371 $583,900 Net Purchases…

Q: Sheridan Inc. had beginning inventory of $13,200 at cost and $22,000 at retail. Net purchases were…

A: The ending inventory is the cost of goods that remains unsold at the end of the accounting period.…

Q: The January 28 (fiscal year-end) financial statements of Collette, Inc. reported the following…

A: FIFO method of inventory costing: An inventory system known as FIFO or first in first out makes the…

Q: Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate…

A: Understanding the overall worth of a retailer's inventory at current market pricing may be gained…

Q: In Year 1 Pepper Company reported a $50,000 gross margin on $250,000 of sales revenue. In Year 2…

A: Cost of goods available for sale is the total cost of inventory that a company has ready for sale…

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

Q: Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Firth Company's annual report shows an average inventory balance of $41,500 and cost of goods of…

A: Lets understand the basics.Inventory turnover ratio shows how many times company can turned over its…

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: Suppose this information in millions) is available for the Automotive and Other Operations Divisions…

A: Ratio analysis helps to analyze the financial statements of the company. Management can make…

Q: Courtney Company uses a periodic inventory system. The following data was available: beginning…

A: An organization's sales, costs, and net income (or net loss) are part of the income statement or…

Q: SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…

A: Formulas: Estimated value of inventory at cost = Ending inventory at retail x Cost to retail ratio…

Q: Required information Use the following information for the Exercises below. [The following…

A: The inventory can be valued using various methods as LIFO, FIFO, weighted average and specific…

Q: Required information [The following information applies to the questions displayed below.) During…

A: Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be…

Q: At the end of January of the current year, the records of Donner Company showed the following for a…

A: Inventory valuation methods are used by businesses to determine the monetary value of the inventory…

Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…

A: An accounting procedure for stock appraisal that is carried out at predetermined periods is called…

Q: The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following…

A: Lets understand the basics. For calculating inventory under FIFO basis from the LIFO basis…

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A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…

A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…

Q: Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Ending inventory is the amount of inventory that an entity has in hand at the end of the period. It…

Q: CG Films generates cost of goods sold of $135,000 for the year. Inventory at the beginning and end…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS  correct answer is = (a). 3.1 working note: inventory…

Q: e the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percenta…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: [The following information applies to the questions displayed below.] Daniel Company uses a periodic…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: QP Corporated sold 5,470 units of its product at $45.30 per unit during the year and incurred…

A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…

Q: $12,500 Purchases 25,000 Sales during January 20,800 The estimated inventory at January 31, 2004, is…

A: The right option is c . $21,500

Q: The following information relates to Pharoah Kitchen Ltd's inventory transactions during the month…

A: Weighted-average method :Under the weighted-average method, to calculate a weighted average price…

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A: Fifo method is first in first out method where inventory came first will be sold first. Lifo method…

Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…

A: Under FIFO method the oldest products in inventory have been sold first.Under LIFO method the newest…

Q: interim financial statement. The rate of markup on cost is 25%. The following account balances are…

A: Solution: Cost of goods sold = sales / 125% = 744000/ 125% = $595,200

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory…

A: 1:  Lewis:Cost of goods sold: $266,200 Clark:Cost of goods sold: $173,600  2: Lewis: Inventory…

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Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Apr. 20…

A: Introduction: Ending inventory is the value of goods still offered for purchase and held by a…

Q: QP Corporated sold 5,420 units of its product at $45.80 per unit during the year and incurred…

A: First-in First-Out Method - Under the First-in First-Out Method, the company uses inventory in the…

Q: Riverbed Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Sales revenue $998,600Less: Sales returns$76,500Net sales revenue ($998,600 - $76,500)$922,100Less:…

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A: The objective of this question is to calculate the cost of ending inventory using three different…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Required information [The following information applies to the questions displayed below.] During…

A: In the given question FIFO method is used for issue of material. Under FIFO method of inventory…

Q: During the year, TRC Corporation has the following inventory transactions.    Date Transaction…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.