The inventory on hand at the end of 2019 for Reddall Company is valued at a cost of $94,550. The following items were not included in this inventory: 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,100, freight costs $220. 2. Goods out on consignment to Marlman Company, sales price $4,200, shipping costs of $250. 3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 which included $178 freight charges to deliver the goods. Goods are in transit.  4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190. Required: Determine the cost of the ending inventory that Reddall should report on its December 31, 2019, balance sheet, assuming that its selling price is 140% of the cost of the inventory.

Problem 1A physical count of inventory on December 31, 2019 revealed that Grapes Company had inventory on hand at that date with a cost of P5,900,000. The annual examination identified that the following items were excluded from this amount: ➢Merchandise of P390,000 is held by Grapes on consignment.➢Merchandise costing P330,000 was shipped by Grapes FOB Destination to a customer on December 31, 2019. The customer was expected to receive the goods on January 5, 2020. ➢Merchandise costing P460,000 was shipped by Grapes FOB Shipping Point to a customer on December 29, 2019. The customer was expected to receive the goods on January 5, 2020. ➢Merchandise costing P930,000 shipped by a vendor Grapes Destination on December 31, 2019 was received by Grapes on Jan. 5, 2020 .➢Merchandise costing P410,000 purchased FOB Shipping Point was shipped by the supplier on December 31, 2019 and received by Grapes on January 5, 2020. What amount should appear for inventory on December 31, 2019?

11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:*Goods purchased in transit, FOB shipping point, P130,000*Goods held on consignment, P56,000*Goods out on approval, at sales price of P32,500 (cost is P25,000)What is the correct amount of inventory at December 31, 2021?

Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…

The inventory of Wildhorse Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 660 1,040 540 210 410 1,700 280 Show Transcribed Text Cost per Unit Net Realizable Value Show Transcribed Text Sales revenue Markdowns $128.00 Sales returns Inventory as of December 31, 2025 81.00 108.00 Markups Markup cancellations 229.50 277.00 Freight on purchases 22.00 324.00 aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 $ Markdown cancellations $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. The records of Oriole's Boutique report the following data for the month of April. $100,800 1,800 10,300 $135.00 1,500 8,700 70.00 2,700 103.00 243.00 2,100 281.00 1.00 317.00 Purchases (at cost) Purchases (at sales price) Purchase…

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Swifty Corporation began operations on December 1, 2022. The only inventory transaction in 2022 was the purchase of inventory on December 10, 2022, at a cost of $23 per unit. None of this inventory was sold in 2022. Relevant information for fiscal 2023 is as follows: Ending inventory units: Dec. 31, 2022 Dec. 31, 2023, by purchase date Dec. 2, 2023 July 20, 2023 Mar. 15. July Sept. Dec. 2 During 2023, the following purchases and sales were made: Purchases 20. (a1) 4 320 units at $26 320 units at $27 240 units at $29 120 units at $32 120 31 Ending inventory $ 120 Nov. 151 Dec. Sales Apr. Aug. 20 310 10 18 The company uses the periodic inventory method. 12 200 180 279 Determine ending inventory under specific identification.

41. What is the ending inventory at estimated cost using the First-in, First-out inventory method?

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