At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company purchased goods costing $2160000. If Bramble reported ending inventory of $ 970000 and sales of $ 3040000, their cost of goods sold and gross profit rate would be

Q: .the FIFO inventory costing method. 2.the LIFO method. 3.From the resulting data, what conclusions…

A: Requirement 1:   FIFO method:

Q: The company had beginning inventory of $1,500 and net purchases of $4,800. At the end of the year,…

A: The question is related to determination of goods available for sale for the year. It will be…

Q: During the year, Darla's Pet Shop's merchandise inventory decreased by P20,000. If the company's…

A: Purchase = Cost of goods sold for the year - Decrease in merchandise inventory

Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: For the year, your company's sales are $305,000, the gross profit is $250,000, and ending inventory…

A: Gross profit = Net sales - Cost of goods sold where, Cost of goods sold = Beginning inventory + Net…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: Brill Company reported the following year-end amounts: Beginning Inventory $7,650 Net Cost of…

A: Formula: Ending Inventory = Beginning Inventory + Net purchases - Cost of goods sold

Q: Urban Technology began the year with inventory of $320,000 and purchased $1,800,000 of goods during…

A: Cost of goods available for sale = Beginning inventory + Purchases

Q: Carrilion Company had beginning inventory of $80,000, ending inventory of $110,000, cost of goods…

A: Inventory turnover = Cost of goods sold/Average inventory

Q: During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

Q: Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at…

A: Ratio analysis is one of the important technique of management accounting. Under this, various…

Q: A company has beginning inventory for the year of $13,500. During the year, the company purchases…

A: Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory

Q: At the beginning of the year, Bryers Incorporated reports inventory of $7,600. During the year, the…

A:

Q: The Lubao Company reported the following information for the year 2009: Gross profit -P560,000;…

A: The total sales is calculated as cost of goods sold and gross profit

Q: At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Bobaflex Corporation has ending inventory of $527,156 and cost of goods sold for the year just ended…

A: Given information: Cost of goods sold for the year is $8,543,132 Ending inventory is amounted to…

Q: Milton Company reported inventory of $60,000 at the beginning of 2014. During the year, it purchased…

A: Cost of Goods Sold: The term "cost of goods sold" (COGS) refers to the direct expenses that are…

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: At the end of the year, Nancy Company had $55,000 of inventory on hand. While the perpetual records…

A: At the end of each accounting period, inventory accounts are reconciled with physical inventory in…

Q: On January 1, The Parts Store had a $370.000 inventory at cost. During the first quarter of the…

A: Closing inventory represents the inventory that remains at the end of the accounting year.

Q: Oriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the…

A: Gross Profit = Sales - Cost of goods sold   Cost of goods sold = Beginning inventory + Purchases -…

Q: Volcano Technology began the year with inventory of $275,000 and purchased $1,850,000 of goods…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Russell Retail Group begins the year with inventory of $51,000 and ends the year with inventory of…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: I'm having issue with the attached screenshot.   Thanks

A: Given information   First Purchase cost $1,180 Second Purchase cost $1,580 Ending inventory 1…

Q: Ivanhoe Inc. reported inventory at the beginning of the current year of $260000 and at the end of…

A: Average inventory = (Beginning inventory + Ending inventory) / 2 Average inventory = ($260,000 +…

Q: At the beginning of the year, Bryers Incorporated reports inventory of $7,400. During the year, the…

A: Cost of goods Sold = Beginning inventory + Net Purchases - Ending Inventory where, Net purchases =…

Q: Concord Corporation had January 1 inventory of $305000 when it adopted dollar-value LIFO. During the…

A: Gross profit measures the direct profit of the business. it is the difference between the net sales…

Q: Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to…

A: The ending inventory as per retail ratio includes cost and profit both. So for calculating ending…

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

Q: Maple Company started the year with no inventory. During the year, it purchased two identical…

A: Given the following information: Cost of first unit: $800 Cost of second unit: $700

Q: Urban Outfitters reported the following information for its most recent year of operation:…

A: Ending inventory = Beginning inventory + Purchases - Cost of goods sold

Q: If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the…

A: Cost of goods sold is calculated by adding the beginning inventory and purchases and deducting the…

Q: On January 1, The Parts Store had a $370,000 Inventory at cost. During the first quarter of the…

A: Gross Profit or Gross Margin Method is one of the methods of Calculating Closing Inventory. Under…

Q: The Blue Moon Corporation has ending inventory of $500,000, and cost of goods sold for the year just…

A: Here, Ending Inventory is $500,000 Cost of Goods Sold is $1,800,000

Q: The King Corporation has ending inventory of $386,735, and cost of goods sold for the year just…

A: Calculate the inventory turnover as follows:

Q: During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the…

A: Cost of sales = Stock brought forward + Purchases - Unsold goods

Q: During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses…

A: Operating income = Net sales - Cost of goods sold - Operating expenses   Rent revenue and loss on…

Q: United Co. had 10 units of an inventory item on hand at the beginning of the current year, each of…

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

Q: Traylor Corporation began the year with three items in beginning inventory, each costing $5. During…

A: Particulars Units Price per unit Total value Beginning inventory 3 $5 $15 Purchases 5 $6 $30…

Q: Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at…

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business…

Q: The company has beginning inventory for the year of $50,000, during the year cost of goods sold was…

A: Solution..     Cost of goods sold = $725,000  Beginning inventory = $50,000  Ending inventory =…

Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…

A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…

Q: At the beginning of the year, Paradise Co. had an inventory of $200,000. During the year, the…

A: We have the following information: Opening Inventory: $200,000 Purchases: $900,000 Ending…

Q: In December year 1, Johnny corporation produced three products that it still has in inventory at…

A: Inventory refers to the stock that the company held for resale purposes or which is not sold in the…

Q: The Red Sun Corporation has ending inventory of $250,000, and cost of goods sold for the year just…

A: The inventory turnover ratio is a financial ratio which is calculated using the amount of goods that…