the value of ending inventory
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In 2021, Heather Corporation had net sales of $1,659,000, gross profit of $768,225, and net income of $268,499. Assuming the cost of goods available for sale was $1,462,000, what is the value of ending inventory?
Question 11 options:
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$890,775 |
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$693,775 |
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$571,225 |
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$499,726 |
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- The following information relates to the George Robinson Company. Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2021 $71,500 100 December 31, 2022 113,400 126 December 31, 2023 122,181 139 December 31, 2024 139,104 144 December 31, 2025 130,800 150 Use the dollar-value LIFO method to compute the ending inventory for Robinson Company for 2021 through 2025. Ending Inventory 2021 $ 2022 2023 2024 2025 71,500 +A $ 113,400 +A +A +A 125,100 139,104 144,900Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47 May 1, 2022 Purchase 132 $49 The company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)1. Details of OCC Corp inventory balance and Cost of Good Sold are given below: $ Million 2022 2021 Inventory Balance 2032 1940 Cost of Goods Sold 22344 21998 OCC uses LIFO for valuation of approximately 60% of its inventory, and FIFO for the rest. LIFO reserve for 2022 and 2021 are respectively $ 205 and $212. What would be inventory values respectively for 2022 and 2021 if FIFO was being used for inventory valuation? a. $ 2237 and $ 2152 b. $ 1424 and $ 1376 c. $ 1827 and $1728 d. $ 2155 and $ 2067 e. None of the above
- Based on the information involving the changes in inventory and its relationship to goods available for sale as shown below, please calculate Cost of Goods Sold for 2021: Year 2021 Year 2022 10,000 25,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 7,000 16,000 7,000 8,500 Your Answer:The cost of Product E sold for the year ended July 31,2021 is: d. P1,350,000 b. P1,440,000 c. P990,000 a. P1,470,000 The cost of ending inventory for Product D is: c. P180,000 b. PP225,000 a. P270,000 d. P540,000 The Gross Profit (Loss) of Product F is: b. P101,250 c. P1,226,250 d. P(483,750) a. P168,7503. ABC Company provided the following data for 2021: Inventory - December 31, 2020: P3,000,000 2,800,000 7,500,000 Cost Net realizable value Cost of goods purchased Inventory - December 31, 2021: Cost 4,000,000 3,700,000 Net realizable value Any inventory write-downs are considered by ABC Company as immaterial. What amount should be reported as cost of goods sold?
- 2020 2021 Ending inventory at FIFO Cost $21,640 $31,060 Ending inventory at LIFO Cost 10,250 19,500 Cost of goods sold at FIFO Cost $89,590 Cost of goods sold at LIFO Cost 101,150 Sales revenue 144,500 FIFO LIFO Gross profit percentage % %Company P has the following inventory information: Date December 31, 2021 December 31, 2022 A. $89,684 Ending Inventory (End-of-Year Prices) O B. $112,884 O C. $99,684 O D. $109,884 $ 85,600 99,100 Price Index 100 Use the dollar-value LIFO method to compute the ending inventory for 2022. 111Presented below is information related to Bonita Company. Price Index Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 2026 2027 $ $ Ending Inventory (End-of-Year Prices) $ $78,300 115,154 114,696 Compute the ending inventory for Bonita Company for 2022 through 2027 using the dollar-value LIFO method. 128,651 152,755 182,044 Ending Inventory 78300 112805 112800 118012 131986 100 155700 103 118 127 137 142
- Concord Corporation had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 86 $36 Mar. 14, 2022 Purchase 149 $38 May 1, 2022 Purchase 106 $39 The company sold 245 units at $50 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? O $9416 O $3102 O $2834 O $9148During 2020, Liberty Company has the following inventory transactions. Date Transaction Units Cost Total Cost Jan. 1 Beginning inventory 10 $430 $4,300 Apr. 9 Purchase 22 470 10,340 Oct. 4 Purchase 18 400 7,200 Total Purchases 50 $21,840 Total Sales Jan. 1-Dec. 31 Sales for 2020 44 $30,580 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold and gross profit. 2. Using LIFO, calculate ending inventory, cost of goods sold and gross profit. 3. Using Weighted Average, calculate ending inventory, cost of goods sold and gross profit. 4. At the end of 2020, Liberty Company determines the remaining 6 units only have a market value of $300 per unit using the lower of cost or market (LCM) procedure under FIFO. Create a journal entry to record the necessary adjustment.1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales b v a-200UU - 230000 150000 2- Which of the following is a product cost as it relates to inventory? a Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.