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Problem 1 On July 5, 2018, a fire destroyed the entire inventory of Kinard Music Mart....
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has...
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021 Cost $ 53,000 322,360 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $ 78,000 466,000 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2021. Estimated ending inventory at retail Estimated ending inventory at cost
ALLSIUNCUCUIULL HLOUD 17) Billingsly Products uses the conventional retail method to estimate its ending inventories. The...
ALLSIUNCUCUIULL HLOUD 17) Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2018: Cost $ 53,000 322,360 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $ 78,000 466,000 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2018. (3 pts) Show your work or you will lose 1 point. 18) Charleston Company has elected to use the dollar-value LIFO retail method to...
13) On March 17, 2018, a flood destroyed the entire inventory of Beatty Co. The touwing...
13) On March 17, 2018, a flood destroyed the entire inventory of Beatty Co. The touwing LLULUM is available from its accounting records: Inventory, January 1, 2018 Purchases, Jan. 1 - Mar. 17 Sales, Jan. 1 - Mar. 17 Normal gross margin $ 208,000 420,000 600,000 40% Required: Compute the estimated cost of inventory lost in the flood. (3 pts) Show your work or you will lose 1 point. 14) Andover Stores uses the average cost retail method to estimate...
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation....
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Sales, January 1 through July 8 $ 700,000 Inventory, January 1 132,000 Purchases, January 1 through July 8 642,000 Gross profit ratio 22 % What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $141,240. $546,000. $229,200. $228,000.
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and ret...
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory $ 172,500 $ 230,000 Purchases 460,000 580,000 $ 670,000 $ 937,000 Purchase returns 3,600 3,150 3,800 5,400 Freight-in 6,000 7,000 Net markups 5,750 11,000 Net markdowns 4,600 7,600 Net sales to customers 450,000 682,000 Sales to employees (net of 20% discount) 24,000 24,000...
Looking for a solution to this question Confucius Bookstore's inventory is destroyed by a fire on...
Looking for a solution to this question
Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $190,000 $352,000 $685,000 448 Estimate the cost of the inventory destroyed. Beginning inventory $ 190,000 Estimated September 5 inventory destroyed
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,800,000. From January 1 through the time of the fire, the company made purchases of $2,500,000 , and had sales of $2,820,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Cost Retail Beginning inventory $ 81,400 $ 148,000 Net purchases 101,200 261,000 Net markups 6,000 Net markdowns 14,000 Net sales 233,000 Retail price index, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,300,000. From January 1 through the time of the fire, the company made purchases of $1,366,000, incurred freight-in of $156,000, and had sales of $2,420,000. Assuming the rate of gross profit to selling price is 30%, what is the approximate value of the inventory that was destroyed?
15) Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its...
15) Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost Retail $ 116,000 $ 165,000 355,000 540,000 15,600 9,800 522,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (4 pts) Show your work or you will lose 1 point. 16) Harley Inc. uses the...
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021 Cost $ 53,000 322,360 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $ 78,000 466,000 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2021. Estimated ending inventory at retail Estimated ending inventory at cost
ALLSIUNCUCUIULL HLOUD 17) Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2018: Cost $ 53,000 322,360 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $ 78,000 466,000 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2018. (3 pts) Show your work or you will lose 1 point. 18) Charleston Company has elected to use the dollar-value LIFO retail method to...
13) On March 17, 2018, a flood destroyed the entire inventory of Beatty Co. The touwing LLULUM is available from its accounting records: Inventory, January 1, 2018 Purchases, Jan. 1 - Mar. 17 Sales, Jan. 1 - Mar. 17 Normal gross margin $ 208,000 420,000 600,000 40% Required: Compute the estimated cost of inventory lost in the flood. (3 pts) Show your work or you will lose 1 point. 14) Andover Stores uses the average cost retail method to estimate...
Looking for a solution to this question
Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $190,000 $352,000 $685,000 448 Estimate the cost of the inventory destroyed. Beginning inventory $ 190,000 Estimated September 5 inventory destroyed
15) Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost Retail $ 116,000 $ 165,000 355,000 540,000 15,600 9,800 522,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (4 pts) Show your work or you will lose 1 point. 16) Harley Inc. uses the...
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