On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information is available:   Sales, January 1–September 28, 2019 $570,000 Inventory, January 1, 2019 $160,000 Merchandise purchases, January 1–September 28, 2019 (including $50,000 of goods in   transit on September 28, 2019, shipped FOB shipping point) $476,000 Markup percentage on cost 25%   Required: What is the estimated inventory on September 28, 2019, immediately prior to the fire? CARROLL CORPORATION Calculation of estimated inventory on September 28, 2019 (prior to the fire

Q: eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2)…

A: Weighted Average Unit Cost = Total Cost of Inventory / Total Units in Inventory   Units Unit Cost…

Q: On December 31, 2020, a fire broke out in the warehouse of Cialete Company, destroying all its…

A: Merchandising inventory is the current asset of the firm and is the goods in which is firm is…

Q: On June 30, 2021, a fire at Norianna Company's only warehouse caused severe damage to its inventory.…

A: Estimated cost of inventory destroyed by fire = Beginning inventory + Purchases - Cost of goods sold…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A:

Q: 2. Under the assumption the company took a year-end physical Inventory at marked selling prices that…

A: Year ending inventory means value of inventory held at the end.

Q: On December 31, 2020, a fire broke out in the warehouse of Cialete Company, destroying all its…

A: An income statement is known by different names as a ‘profit and loss statement’, or “earnings…

Q: On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Cost of Goods sold = Net sales - Gross profir = $550,000 - $550,000*25% = $412,500

Q: An analysis of the components of ending inventory account of Hue Company on December 31, 2020…

A: Solution: Profit portion on Merchandise out on consignment at sales price = 195000/ 130%*30% =…

Q: 9. On October 31, 2020, ABC Company reported that a flood caused severe damage to the entire…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Solution: Cost of goods available for sale = (110*$21) + (310*$25 + 310*$26 + 210*$29 + 110*$32) =…

Q: On September 30, 2020, a fire at Cherimoya Company’s warehouse caused severe damage to its entire…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

Q: On September 30, 2021, Nueve Company reported that a fire caused severe damage to the entire…

A: Cost of goods sold refers to the amount incurred by an entity in the production process relating to…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: Date No. of units Cost per unit Total cost Beginning inventory 165 units $23 $3795 March 15…

Q: Indigo Department Store converted from the conventional retail method to the LIFO retail method on…

A: Computation of 2020 and 2021 Year End Inventories Under the Dollar Value LIFO Method Computation…

Q: Davenport Department Store converted from the conventional retail method to the LIFO retail method…

A: Since there are multiple sub questions, first 2 sub-questions are answered, Please re-post this…

Q: On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Destroyed ending inventory can be calculated by deducting the estimated cost of goods sold from the…

Q: Wildhorse Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: LIFO means last in first out. Under this method of inventory valuation any the purchases which are…

Q: On September 30, 2020, a fire at Cherimoya Company’s warehouse caused severe damage to its entire…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: On January 20, 2020, Stewart Company’s records revealed the following information: Inventory, July…

A: Inventory shows the current assets reported in the balance sheet.

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: LIFO is an accounting method used for valuing inventory based on last-in-first-out model. It is…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: FIFO It is one of the inventory valuation method . Inventory that is  purchased earlier are sold…

Q: On September 30, 2020, a fire at Cherimoya Company’s warehouse caused severe damage to its entire…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: estimated cost of merchandise inventory destroyed by fire

A: Cost of goods sold = (Sales - Sales Return & Allowance) * (100% - Gross Profit Rate) Given that,…

Q: On September 28, 2019, a fire destroyed the entire merchandise inventory of the Alfonso Corporation.…

A: Cost of goods sold = Sales / (1 + Markup) = P540,000 / (1+0.20) = P450,000

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: A company's inventory was destroyed in a fire on January 28, 2020. The company's December 31, 2019…

A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit rate

Q: Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost…

A: Cost to Retail Method: The cost-to-retail ratio, sometimes termed the cost-to-retail percentage,…

Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…

A: Cost of inventory includes all cost that incurred in purchasing and carrying to the location as…

Q: On June 30, 2021, a fire at Norianna Company's only warehouse caused severe damage to its inventory.…

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

Q: On September 30, 2020, a fire at Cherimoya Company's warehouse caused severe damage to its entire…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: n September 30, 2020, a fire destroyed most of merchandise inventory of Karrie Company. All goods…

A: solution : step 1 first let us calculate average gross profit of past three years total sale =…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: Price Index = Current priceBase year price×Base year price index = 3523×100 = 152.1739

Q: The December 31, 2021, year-end inventory balance of the Raymond Corporation is $234,000. You have…

A: Notes: Consignment merchandise should be added to the inventory balance as it is part of the…

Q: Tori Amos Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: a. Determine ending inventory:

Q: . Nectarine Company lost most of its inventory in a fire in December, 2021, just before the year-…

A: The question is related to calculation of loss as a result of fire. We will first calculate the…

Q: BBM Company lost most of its inventory in a fire in December, 2021, just before the year-end…

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

Q: The inventory account of Nike Trading at December 31, 2019 included the following items: Goods…

A: Answer Calculation of Inventory account should be reduced by, at December 31, 2019 Particulars…

Q: The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have…

A: FOB Shipping point:   FOB Shipping point means that the buyer pays all costs incurred for the…

Q: On September 30, 2020, a fire at Gray Company’s warehouse caused severe damage to its entire…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: On December 31, 2020, a fire broke out in the warehouse of Cialete Company, destroying all its…

A: Goods sent on a consignment basis refers to when goods are sent by the owner (consignor) to an agent…

Q: On May 31, 2019, a fire completely destroyed the work-in-process inventory of Adler Paints. Physical…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: On September 22, 2021, a flood destroyed the entire merchandise Inventory on hand in a warehouse…

A: Cost of goods sold = Sales Revenue - Gross Profit

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: On January 15, 2020, a strong monsoon hit the country and destroyed all the inventory of Aeirron…

A: Gross profit is the profit earned by the company from their operating activities. It can be…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Formula: Price Index=Ending Inventory for the Period at Current CostEnding Inventory for the Period…

Q: On June 30, 2021, a fire at Norjanna Company’s only warehouse caused severe damage to its inventory.…

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

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: .Average cost : Cost of Goods available for sale Number of units Purchased

Q: Life Goes On Inc. was organized on January 1, 2019. On December 31, 2020, the company lost most of…

A: Net sales in 2019 = sales - sales return = 788000-16000 = P772000 Cost of goods sold in 2019 =…

Q: On December 28, 2020, INDIGO Company purchased goods costing 500,000. The terms were FOB…

A: Given Information :  Goods purchased = 500,000 Shipment = 10,000 Shipping = 15,000

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.