The records of Nuisance Co. shows the followig information: Inventory, beginning                     36,000 Purchases                                      320,000 Purchase discounts                        3,000 freight in                                         18,000 Sales                                                454,000 sales return                                        2,000 Ending inventory ar sale price is $ 78,000. How muh os the ending inventory cost? a. 54,600         b. 55, 800            c. 56,400             d. 54,50

Q: Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods…

A: The monetary value connected with the products in inventory at the conclusion of an accounting…

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

A: Formula: Cost to retail ratio = Total cost / Total retail   Total cost gets divided with total…

Q: The following information is given about ZEE Company: Beginning inventory $120,000 Purchases 450,000…

A: As per the gross profit method, estimated inventory can be calculated by deducting the cost of goods…

Q: Presented below is information related to Ricky Henderson Company.     Cost   Retail Beginning…

A: Inventory refers to the goods held by the business either for selling or for further production so…

Q: XYZ Corporation had reported the following amounts at December 31, 2014: beginning inventory…

A: Following is the answer to given question

Q: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…

A:

Q: 20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000…

A: Total cost of goods available for sale = Beginning inventory + net purchase + freight in Where,  Net…

Q: Jane Company used the retail inventory method to estimate inventory at year end.     Cost Retail…

A: Under the conservative retail method Goods available for Sale- Retail = Beginning Inventory +…

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: a. Determine the ending inventory under the conventional retail method for the furniture department…

A:

Q: Information on Loud Co.'s inventory is as follows: Inventory beg.              80 ,000 Purchases…

A: Cost of goods sold(COGS) is the direct cost incurred in production of goods. It is derived by adding…

Q: The records of Nuisance Co. show the following information: Inventory, beg. 36,000 Purchases 320,000…

A: In order to determine the ratio of cost to sales. the total cost of purchases is required to be…

Q: A home office ships inventory to its branch at 125% of cost.  The required balance of the Deferred…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: Apparal Co. has the following information for March 2021: Beginning inventory (at cost) = 50,000…

A: Cost to Retail Ratio The purpose of calculating the cost to retail ratio to know the details of the…

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: COMPANY K USES THE RETAIL INVENTORY METHOD. BELOW ARE THE RELEVANT INFORMATION FOR THE CURRENT YEAR.…

A: >Ending Inventory at retail is the amount of inventory available of sale in excess of net sales…

Q: A. Macarty Company's records indicate the following information for the year: Merchandise inventory,…

A: Cost of goods sold = sales - sales x gross profit ratio = $3100000 - 3100000*30% = $2170000

Q: The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the…

Q: Headache Co.'s records show the following information: 15. Purchases Purchase returns Purchase…

A: Gross Profit = Net Sales - Cost of Goods Sold Net Sales = Gross Sales - (Sales discounts + Sales…

Q: Empress Company used the retail inventory method to approximate the ending inventory. The following…

A: Retail inventory method is used by the retail operations like department stores to value the…

Q: Empress Company used the retail inventory method to approximate the ending inventory. The following…

A: FIFO:-FIFO means first in first out basis. It means an inventory which comes earlier is sold out…

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

A: UNDER FIFO (FISRT IN , FIRST OUT) METHOD THE ASSETS PURCHASED OR ACQUIRED FIRST ARE DISPOSED OF…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: >Under the Retail Inventory method, the Inventory at the end is first calculated at Retail value.…

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Net sales = Sales - Sales return - Sales allowance - Sales discount  =…

Q: Aquarius Corporation used the conventional retail inventory method. Cost Retail Beginning inventory…

A: All amounts are in (P).

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: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

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

A:

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

A: Cost of goods available for sale = Opening Inventory + Net Purchases + Freight-in Cost of goods sold…

Q: The following information is available from Goodyear Company’s 2022 accounting records:…

A: COST OF GOODS SOLD IS THE TOTAL AMOUNT OF COST DIRECTLY RELATED TO PRODUCTION OF GOODS AND SERVICES.

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: Inventory, Ja Purchases, Jan. 1 to Nov. 30 (includes P56,000 goods in 162,000 transit shipped FOB…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

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

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: Presented below is information related to Bobby Engram Company.   00Cost00 0 Retail0…

A:

Q: The following information is available for November 2018, for Golden Company. Beginning inventory S…

A: Gross profit=Net sale×Profit %=$500,000-$50,000×25%=$112,500

Q: The following infomation is available for November 2018, for Golden Company. Beginning inventory S…

A: Estimated ending inventory using the gross profit method is determined by calculating the balancing…

Q: Presented below is information related to Stellar Company. Cost Retail Beginning inventory $53,940…

A: Ending inventory at retail = Beginning Inventory + Purchases + Net markups - Net Markdowns - Sales…

Q: Emeritus Company which used the FIFO retail inventory method provided the following information for…

A: Cost to retail ratio = (7,200,000/ 10,400,000) x 100                               = 69%

Q: how much is the ending inventory if the gross profit rate is 25%

A: Beginning Inventory + Purchases - Purchase Discount + Freight in + Gross profit = Closing inventory…

Q: Question

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Given the following information for Miller, Inc.:   Cost Retail Markdown cancellations   $950…

A: This method is used to estimate the value of inventory by measuring the cost of inventory relative…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: Ending inventory is the amount of inventory unsold at the end of the period. It is inventory carried…

Q: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,…

A: Formula: Net purchases = Purchases - Purchase returns + Freight - Purchase discount

Q: Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year,…

A: Given:  Beginning inventory -  $94,000 Purchase of merchandise - $435,000 Discount rate - 1% Freight…

Q: Webster Company uses the average retail method of inventory valuation. Following are the information…

A: Cost to retail ratio = P143000/ P300000) * 100 = 47.6667%

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.