On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the year, Bulldogs Inc. purchased P2,950,000 additional merchandise. On December 31, 2022, the inventory was counted and determined to have a balance of P925,000. What is the inventory turnover for 2022? *
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- The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?Use the following information relating to Medinas Company to calculate the inventory turnover ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023.
- On December 31, Pitts Manufacturing Company reports the following assets: What is the total amount of Pitts inventory at year-end?Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
- The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) SalesThe balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- The following information was available for the year ended December 31, 2019: Net sales $821,250 Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end 602, 250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) a. Inventory turnover b. Number of days' sales in Inventory c. Accounts receivable turnover d. Number of days' sales in accounts receivable times days times daysOn January 1, 2022, Twice Inc. has an inventory account has a balance of P450,000. During the year, Twice Inc. purchased P2,950,000 additional merchandise. On December 31, 2022, the inventory was counted and determined to have a balance of P925,000. What is the inventory turnover for 2022?The December 31, 2024, year-end inventory balance of the Almond Corporation is $224,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $37,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $21,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,700 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $22,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024…