On January 1, 2020, the general ledger of Global Corporation included supplies inventory of $1,000. During 2020, supplies purchases amounted to $5,000. A physical count of inventory on hand at December 31, 2020 determined that the supplies inventory was $1,200. How much is the 2020 supplies expense? Group of answer choices A)$6,000 B)$5,200 c)$4,800 d)$1,000

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,300. During 2021, the company…

A: Cost of Goods Sold: When the inventories are sold for the accounting period, the cost incurred in…

Q: During 2021, a company sells 374 units of inventory for $95 each. The company has the following…

A: Last- in-First-out(LIFO) is one of the method to know the records of the inventory accounts which…

Q: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: The following accounts are taken from the accounting records of Dory Company at December 31, 2020…

A: An organization can prepare their Income statement either in a single step format or a multi-step…

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: The Numerical has covered the concept of the Moving Average method For Estimating Ending Inventory…

Q: On January 2020, Roel Corp. Has th following inventory…

A: Inventory valuation method: First in First out Last in First out Weighted average method In the…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

Q: The following information was taken from the accounting records of Chicoutimi Ltée. and Jonquière…

A: Formula: Average inventory=Opening inventory+Closing inventory2

Q: On January 2020, Roel Corp. Has th following inventory…

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: During the course of your examination of the financial statements of H Co., a new client, for the…

A: The question is based on the concept of Financial Accounting.

Q: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…

A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit.  Sales Revenue =…

Q: Skysong, Inc. reported these income statement data for a 2-year period. 2022 2021 Sales revenue…

A: Skysong Inco. Income Statement. 2021, 2022.   Particulars 2022 2021 A Sales Revenue 255500…

Q: During 2021, a company sells 500 units of inventory for $88 each. The company has the following…

A: The inventory valuation is based on the flow of inventory. The firm can adopt the LIFO method, FIFO…

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: LIFO (LIFO stands for Last-in Last-Out) refers to the process of inventory valuation on the basis of…

Q: The following selected accounts and the current balances apper in the ledger of Anderson Co., for…

A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…

Q: . The inventory at January 1, 2019, had a retail value of $39,000 and a cost of $31,130 based on the…

A: Solution: Raleigh Department Store LIFO Retail Method   Cost   Retail Cost to Retail ratio…

Q: Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at…

A: a. As per Conventional Retail Method, ending inventory is as follows: Formulation as below:…

Q: The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending…

A: Inventory turnover ratio = Cost of goods sold / average inventory

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: products reports Company Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and…

A: As per accounting standard of inventory valuation Inventory should be values at cost of Ner…

Q: Presented below are selected account balances for Waterway Co. as of December 31, 2020. Inventory…

A: The closing entries are prepared to close the temporary accounts to income summary account.

Q: Corporation is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory…

A: Inventory is that the term used to refer to the products that are available for sale and therefore…

Q: On January 1, 2019, the general ledger of Global Corporation included supplies of $1,600. During…

A: Supplies expense can be calculated by adding up the value of inventory purchased during the year and…

Q: The inventory value for the financial statements of Z for the year ended 31st March 2022 was based…

A:

Q: The following additional information was made available before the year-end closing: 1. Inventory as…

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: On January 1, 2029, the general ledger of PRO Corporation included supplies of $15,000. During 2029,…

A: Supplies available during the period=Supplies expense+Closing supplies=$35,000+$20,000=$55,000

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $1,780…

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: 1. 2021: Out of Beginning Inventory 1,000 (11000- 10000)           $ 16 $16,000 Out of…

Q: At December 31, 2020, the following information was available from HIBISCUS Company's accounting…

A: The retail Inventory Method is an accounting method used to ascertain the value of the Closing…

Q: During 2021, a company sells 260 units of inventory for $90 each. The company has the following…

A: FIFO method of inventory computation makes the management assume that the goods which have been sold…

Q: Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost…

A: Introduction: Ending inventory is the cost of goods on hand just at end of a reporting period. A…

Q: The following are selected 2020 transactions of Teal Corporation. Purchased inventory from Ripken…

A: Balance Sheet is the part of financial statement which shows the financial position of the Company…

Q: "On January 1, 2019, the general ledger of Global Corporation included supplies of $1,000. During…

A: SUPPLIES EXPENSE FOR THE YEAR :  = OPENING BALANCE OF SUPPLIES + PURCHASED SUPPLIES DURING THE YEAR…

Q: On January 1, 2020, Temple Company adopted the dollar-value LIFO method for its one inventory pool.…

A: The question is based on the concept of Financial Accounting.

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Liquidated units = 85,000 - 80,000 = 5,000 units

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory = P450000 + 2950000 - 925000…

Q: Following information is available for Nick Company for the year ended 2020:     Additional…

A: Ratio analysis is used by organizations to evaluate the performance of the organization. It also…

Q: Presented below are selected account balances for Johnson Co. as of December 31, 2020.…

A: Record closing entries for Johnson Co. on December 31, 2020 as shown below:

Q: Whitelands Inc. had the following operating transactions during January 2020, its first month of…

A: Balance sheet is the financial statement which is useful for knowing the financial position of an…

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,000. During 2021, the company…

A: The cost of goods sold is calculated as purchases plus change in inventory

Q: mile JungkookCompany reported the following balances at the end of each year: 2020 2019…

A: Solution Given   2020 2019 Inventory 2600000 2900000 Accounts payable 750000…

Q: Lol Company’s inventory account balance on December 31, 2019 was 360,000 and 30,000 of those goods…

A: Ending inventory for 2019 = inventory account balance + goods purchased on FOB shipping point =…

Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: In its 2019 annual report, Kingbird, Inc. reported inventory of $ 626 million on January 31, 2020,…

A: Inventory turnover is an accounting turnover ratio that determines the number of times inventory is…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Last-In, First-Out (LIFO):   In Last-in-First-Out method, the cost of last purchased items are sold…

Q: The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory…

A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory:…