1. Inventory, end. ₱162,000; Net purchases, ₱216,000; Cost of goods sold, ₱144,000. How much is the Inventory, beg.? a. 90,000 b. 120,000 c. 144,000 d. 80,000 2. At the beginning of the period, Entity A’s notes payable had a balance of ₱1,200. During the period, Entity A obtained an additional loan of ₱800 and made total payments of ₱500. How much is the ending balance of Entity A’s notes payable? a. 1,800 b. 1,500 c. 1,200 d. 900

Q: The information which follows, was obtained from the accounting records of Vista Traders on 29…

A: SOLUTION-   COST OF SALES REFERS TO THE TOTAL COST INCURRED TO MANUFACTURE THE PRODUCT OR SERVICE…

Q: Using the FIFO method, the values of purchases and COGS after accounting for the transaction on May…

A: COGS using the FIFO method can be determined by the oldest inventory units sold.

Q: . Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending 1. inventory is P4,000. If…

A: The cost of goods sold can be calculated by adding up net purchase and freight and deducting closing…

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Formula: Discount amount = Invoice amount x Discount rate

Q: Cathy Company reported the following information on its comparative balance sheets: Ending Balance…

A: The cost of goods sold (COGS) is determined by subtracting the closing balance of inventory from the…

Q: Name: Date: When the calculations for Net sales, Cost of goods sold, and Net income are correct, the…

A: •Accounts Receivable Turnover = Net Sales  / Average Accounts Receivable 8 = Net Sales / $6,250 Net…

Q: At the end of the reporting period, the balance of inventory account of an entity was P502,000. The…

A: The question is related to the Inventory Valuation. As per Valuation of Inventory Inventories will…

Q: The following information is available for Cheyenne Corp.:   2022 2021 Accounts receivable $…

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

Q: Ford Motor Company uses FIFO and LIFO to acc statements indicated that if FIFO had been used fo…

A: (a) Indicating the impact of given financial measurements: (1) The gross profit would be higher…

Q: On May 14, HK Company purchases inventory of 80.000 TL + 10% VAT on account with terms of 2/10…

A: At time of purchase, inventory is debited with the purchase price for inventory and VAT account is…

Q: Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count…

A: We’ll answer the second question since the exact one wasn’t specified and the first question is…

Q: The records of a business show the following information: Sales, P724,200; Sales discounts, P10,000;…

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

Q: celvable, of credit baland ers' account of P25,000 se inventory, excluding goods

A: As per standard accounting practices a liability which is…

Q: The following information was reported by three companies. When completing the requirements, assume…

A: working note: 1. $224 + $220 =$444

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Formula: Discount amount = Invoice amount x Discount rate.

Q: Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending what were purchase returns…

A: Since there are multiple questions, we will answer only the first question. If you want the…

Q: *E5-21 Presented below is information related to Chung Co. 1. On April 5, purchased merchandise from…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Determine net income for Kein using the following information. Accumulated depreciation Beginning…

A:

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: Record these business transactions in debit and credit format a) The Company purchased Inventory on…

A: Allowance for doubtful account is created to record bad debt under allowance method, and it is a…

Q: The following information is available for Cheyenne Corp.:   2022 2021 Accounts receivable $…

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

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: Determine amounts a, b, and c. Additional information follows: ∙ Return on total assets is 16%…

A: Return on Total Assets  = Net income/Average total assets Inventory turnover = Cost of goods…

Q: pare the nature of expense SCI for the following accounts below:    Account titles Balance…

A: solution : nature of expense statement of comprehensive income is prepared below Revenue…

Q: Walang Kayo Company provided the following data: 12/31/2019 P 600,000 4,000,000 2,400,000 1,200,000…

A: As per Accrual concept every income and expense should be recognise in the books of accounts as and…

Q: The partial income statements of five different companies are as follows: 1 2 4. Net Sales…

A: Net cost of purchases refers to the amount of purchases after deducting purchase returns and…

Q: Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: goods were on hand. In addition, the entity determined that P240,000 of goods purchased ere in…

A: Solution: Under FOB destination terms, ownership of goods belong to seller of goods.  Under FOB…

Q: Perpetual Inventory Method

A: If there is a difference in book value and value asper physical count of the inventory, it should be…

Q: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: On April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10…

A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…

Q: Potatong Nacorner purchased an inventory from Kawang-gawa Co for Php75,000. The sale is on account…

A: The question is related to Journal Entries

Q: If a company purchased an inventory item for $1,200 and can sell it for $2,000 and can replace the…

A: As per the rule of lower of cost or market rule, inventory should be valued at lower of cost and…

Q: Home Office Books P 1,060,000 Branch Books P 315,000 Sales Shipments to branch Beginning inventory…

A: Expenses incurred by the HO is P382,000 Expenses incurred by the Branch is P101,500 Home Office…

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Invoice Price = 22,000 Credit Terms = 1/10,n/15 1% discount will be Provided if payment has made…

Q: 13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in…

A: Given, Merchandise inventories sold = RM100,000 in cash and RM1,000,000 on account. The cost of…

Q: Indicate the transaction price for this situation and when revenue will be recognized Groupo sells…

A: As per IFRS 15 ( Revenue from contracts with customers ) Under IFRS 15 revenue has to be recognized…

Q: gkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related…

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it…

Q: An entity included the following items in inventory at year-end: Goods out on consignment at sales…

A: An entity included the following items in inventory at year-end: Goods out on consignment at sales…

Q: Selected information from the accounting records of the Bulldogs Inc. is as follows: | Net Accounts…

A: Gross Margin=Net Sales−COGS   Given, Inventory turnover =3.5 to 1 Inventory turnover ratio = Cost of…

Q: The information which follows, was obtained from the accounting records of Vista Traders on 29…

A: This question is deals with the calculation of cost of sales. Lets first understand the meaning of…

Q: 3. The following records were taken from the books of the Company and its branch on December 31,…

A: Expenses of HO = P382,000 Expenses of Branch = P101,500 HO Billed the branch at 120% of the cost.…

Q: The following information are available for ABC Corp at May 31, 20X1: Cost of goods sold, 170,000…

A: In the given question, increase in inventory is given as 3,000. Increase in inventory means that…

Q: The following items were taken from the records of FDN Trading: Purchases, P30,000; Purchase Returns…

A: Cost of goods sold = Purchases - Purchase returns + Freight on merchandise purchased = P30,000 -…

Q: FDN Company sold goods amounting to P5,000 on account. Freight is on terms FOB shipping point,…

A: FOB shipping point is a point where the liability of the seller ends and he is not responsible for…

Q: A business buys E1,000 of inventory on credit. What is the dual effect of this transactio n?

A: The portion of current assets which is held by the business organization for the purpose of…

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.