XYZ Corporation's inventory balance for the beginning of the month was $25,000. Over the course of...
XYZ Corporation's inventory balance for the beginning of the month was $25,000. Over the course of the month, XYZ purchased $10,000 in inventory and its cost of goods sold was $17000. Find XYZ's end of the month inventory value. Do not use the dollar sign or words when entering your response.
Homework Answers
Cost of goods sold = Begining inventory + purchases - Ending inventory
17000 = 25000 + 10000 - Ending inventory
Ending inventory = 35000 - 17000
= 18000
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XYZ Corporation's inventory balance for the beginning of the
month was $25,000. Over the course of...
Q1: XYZ Company uses a periodic inventory system. The beginning balance of inventory and the purchases...
Q1:
XYZ Company uses a periodic inventory system. The beginning
balance of inventory and the purchases made by XYZ during the month
of July are given below:
Date
Description
Units
Unit cost
Total cost
July 01
Beginning inventory
500
$20
$10,000
July 18
Inventory purchased
800
$24
$19,200
July 25
Inventory purchased
700
$26
$18,200
Total
2,000
$47,400
The XYZ Company sold 1,400 units during the month of July.
Required: Compute inventory on 31st July and
cost of goods sold...
Question 2 Inventory of finished goods at beginning 20,000 Inventory of finished goods at end 25,000...
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ignment 0 Saved A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 Unit Cost $ 2.00 2.20 52.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method....
Q1:
XYZ Company uses a periodic inventory system. The beginning
balance of inventory and the purchases made by XYZ during the month
of July are given below:
Date
Description
Units
Unit cost
Total cost
July 01
Beginning inventory
500
$20
$10,000
July 18
Inventory purchased
800
$24
$19,200
July 25
Inventory purchased
700
$26
$18,200
Total
2,000
$47,400
The XYZ Company sold 1,400 units during the month of July.
Required: Compute inventory on 31st July and
cost of goods sold...
MC Qu. 80 Robertson Corporation's inventory balance... Robertson Corporation's inventory balance was $35,100 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 4.6 and the gross profit ratio 35%. What were net sales for the year? (Round your answer to the nearest dollar amount.) Multiple Choice O $194969 $194,969 O $92.000
company XYZ manufactures a tangible product and sells the product at wnolesale in its first year of operations, XYZ manufacturea 1,100 units of product and incurred $220,000 direct material cost and $129,250 direct labor costs. For financial statement purposes, XYZ capitalized $84,250 indirect costs to inventory. For tax purposes, it had to capitalize $115,250 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 110 units in inventory. In its second year of...
Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,900 units of product and incurred $456,000 direct material cost and $299,250 direct labor costs. For financial statement purposes, XYZ capitalized $254,250 indirect costs to inventory. For tax purposes, it had to capitalize $285,250 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 475 units in inventory. In its second year of...
Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales. Compute the cost of goods sold Mason Towel uses the units-of-production method of depreciation. A new knitting machine was purchased for $22,500. It will produce an estimated 800,000 units in its life and has an estimated scrap value of $2,500. It...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $ 2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO:...
ignment 0 Saved A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 Unit Cost $ 2.00 2.20 52.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method....
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