The following information applies to Alberta, Inc for 2020: Products acquired for resale, P400,000; Products acquired for use in the business, P1,000,000; Freight in, P10,000; Freight out, P5,000. How much is Alberta’s inventoriable cost of inventory?  The unadjusted inventory of Kalayaan Company at December 31, 2020 was P6,000,000. Other information follows: How much should Kalayaan report as inventory in its December 31, 2020 balance sheet?

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A: In this question, we have been asked to calculate net income for which we have been given the cost…

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a…

A: Allowance method: It  is also known as loss method because a loss on inventory write down is debited…

Q: sole proprietor had the following data for the year 2020. Sales P500,000; Beginning inventory,…

A: Supplies expense is the amount of expense which is debited to income statement.

Q: Purple company had determined its December 31, 2019 inventory on a FIFO basis at P200,000.…

A: Stock is to be valued at cost or net realizable value which every is lower. Prudence concepts says…

Q: IJUN Company sells five kinds of products and reports its inveory at Lower of Cost and Net…

A: Answer:-  In the lower of cost and net realizable value which can be treated in the inventory price…

Q: Upon reviewing the draft of the financial statements for the year ended, December 31, 2022, Alocasia…

A: Following is the correct option.

Q: At 31 December 2019, Alpha Ltd still had the same three different products in its inventory. The…

A:

Q: During 2022, Bamboo Inc. decided to change from FIFO method of inventory valuation to the weighted…

A: The FIFO method implies that the inventory first purchased is to be sold first.  The weighted…

Q: Assume that the company had switched from the average cost method to the FIFO method with net income…

A: If the company changed its method of inventory pricing from LIFO to FIFO, then the net income that…

Q: On December 20, 2020, Guijo Company purchased goods with a list price of P810,000 from a supplier.…

A: If the purchase is settled within 20 days, the customer is eligible to avail discount at 1%.  In the…

Q: Moss Company has determined its December 31,2019 inventory on a FIFO basis to be P4,000,000.…

A: LCM or the lower of cost or market method is used to value a company’s inventory. The inventory is…

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Inventory is one of the important current asset being held by the business. This is reported under…

Q: In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method…

A: Change in the method of inventory valuation: Changing the method of inventory valuation is a change…

Q: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2019,…

A: Income per year = (Value under FIFO Method - Value Under Cost Method) / No.of year

Q: A company adopted dollar-value LIFO on January 1, 2020, when the inventory value was $365,000 and…

A: The dollar-value method of valuing LIFO inventories is a method of determining cost by using…

Q: Bilboa, Inc. bought $82,000 of inventory during 2020. During the year the company sold inventory for…

A: Gross Profit Gross profit is the sum of total sales revenue minus cost of goods sold.  The…

Q: During 2022, Emerald Inc. decided to change from FIFO method of inventory valuation to the weighted…

A: Retained earnings- Retained earnings are the accumulated portion of a company's income in a fiscal…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A:

Q: The inventory of Oheto Company on December 31, 2020, consists of the following items. Part…

A: Solution: Part No. Quantity Per Unit Cost Market Total Cost Total Market Lower of Cost or Market…

Q: During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS  Prepare the journal entry at the beginning of 2013…

Q: REQUIRED: What is the amount of loss that Purple Company should recognize at December 31, 2019?

A: Given, Cost of inventory under FIFO method: 200000 Estimated Selling price : 204000 Estimated cost…

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a…

A: Net realisable value means value at which inventory can be sold or replaced by the business.…

Q: net income of

A: To find the net income of 2021 presented as ,

Q: On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A:

Q: Diesel fuel held as inventory at 1 November 2020 was P125,000 and there were invoices awaited for…

A: Total inventory on Oct 31 2021 = inventory value + delivery yet to be invoiced = 98000+13000 =…

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: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: Last in First out (LIFO) is one of the inventory valuation methods in which the latest inventory…

Q: In 2022, Kimberly Corporation changed its method of inventory pricing from LIFO to FIFO. Net income…

A: Explanation: If the company changed its method of inventory pricing from LIFO to FIFO, then the net…

Q: Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and an allowance for inventory…

A: Historical cost is the cost or the original cost of the Product which we used to own that.. Net…

Q: In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to…

A: Increase/(Decrease) in inventory value = Inventory cost at per FIFO - Current inventory value = $64…

Q: the value of ending inventory

A: Net sales $1,659,000 Less Gross profit ($768,225) Cost of goods sold $890,775

Q: On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs…

A: As per our Q&A guidelines we are supposed to solve only question at once please post it as…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: On January 1, 2021, ABC Co. purchased 50,000 units at P100 per unit. During 2021, the entity sold…

A: On January 1, 2021, ABC Co. purchased 50,000 units at P100 per unit. During 2021, the entity sold…

Q: During 2020, a parent 'sold' inventory priced at $15000 to its subsidiary. The parent's cost of…

A: Intercompany profit = Sale value of Inventory - Cost of goods = $15000 - $8000 = $7000

Q: What adjustment should be made to the net income of 2022? A. 1,200,000 increase B. 3,000,000…

A: Alocasia Company decided that market conditions were such that the provision for inventory…

Q: Study the information provided below and calculate the expected value of closing inventory as at 31…

A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…

Q: During 2021, Stan Company purchased P 1.92M of inventory. The cost of goods sold for the year was P…

A: Beginning inventory = Cost of goods sold + ending inventory - purchases = P1800000+360000-1920000 =…

Q: On December 31, 2021, an entity experienced a decline in the value of inventory resulting in a…

A: Cost of Goods Sold or Cost of Sales: The direct expenses of manufacturing the items sold by a firm…

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Cost of inventory includes Purchase cost, transportation cost of bring the inventory from seller to…

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Cost of inventory includes Purchase cost, transportation cost of bring the inventory from seller to…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: The cost of goods sold is the difference between total units available for sale and ending…

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: Computation of Change in Inventory Value Particular FIFO LIFO Opening Inventory $ 137,000 $…

Q: During 2021, Sheridan Company purchased $4100000 of inventory. The cost of goods sold for 2021 was…

A: Solution: beginning inventory = cost of goods sold + ending inventory - purchases =4049000 + 410000…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the cost of initial purchased items are…

Q: During 2022, Emerald Inc. decided to change from FIFO method of inventory valuation to the weighted…

A: First in first out is also written as FIFO. It is the method for valuing inventory on the assumption…

Q: Cheyenne Corp. had the following inventory transactions occur during 2022:         Units…

A: Under LIFO method, newer units are sold first and old units are sold later.