Homework Answers
Answer
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Ending Inventory using conventional retail inventory method |
$ 48,300.00 |
--Working
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Conventional Retail Method |
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Cost |
Retail |
Cost to Retail Ratio |
Working |
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Beginning Inventory |
$ 53,800.00 |
$ 80,000.00 |
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Plus: Purchases |
$ 173,200.00 |
$ 223,600.00 |
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Purchase Returns |
$ (3,000.00) |
$ (3,600.00) |
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Net Markups |
$ 20,000.00 |
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$ 224,000.00 |
$ 320,000.00 |
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Less: Net MarkDowns |
$ 11,000.00 |
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Goods Available for sale |
$ 224,000.00 |
$ 309,000.00 |
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Cost to retail Percentage |
70.00% |
( 224000 / 320000 ) x 100 |
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Less: Net Sales |
$ 240,000.00 |
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Estimated ending inventory at retail |
$ 69,000.00 |
309000 - 240000 |
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|
Estimated ending Inventory at cost |
$ 48,300.00 |
69000 x 70% |
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Estimating Inventory Using Retail Inventory Method Conventional Retail-Mart values its inventory using the conventional retail inventory...
Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method....
Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Selling Price Cost Inventory, June 1 $53,800 $80,000 Markdowns 21,000 Markups 29,000 Markdown cancellations 10,000 Markup cancellations 9,000 Purchases 173,200 223,600 Sales 250,000 Purchase returns and allowances 3,000 3,600 Sales returns and allowances 10,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
Wally-Mart values its inventory using the conventional retail inventory method. It discloses the following data for...
Wally-Mart values its inventory using the conventional retail inventory method. It discloses the following data for a recent period. At Cost At Retail Beginning inventory $222,200 $330,000 Purchases 710,600 1,238,600 Purchase returns 13,200 22,000 Freight-in 17,600 Additional markups 26,400 Additional markup cancellations 11,000 Markdowns 19,800 Markdown cancellations 4,400 Sales 1,188,000 Sales returns (and restored to inventory) 13,200 Compute estimated ending inventory for the period-end using the conventional retail inventory method.
Type or paste question here Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inve...
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Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $96,840 $144,000 Markdowns 37.800 Markups 52,200 Markdown cancellations 18,000 Markup cancellations 16,200 Purchases 311,760 402.480 Sales 450,000 Purchase returns and allowances 5,400 6,480 Sales returns and allowances 18,000...
Compute the inventory by the conventional retail inventory method. E9-22 (L05) (Retail Inventory Method) The records...
Compute the inventory by the conventional retail inventory method. E9-22 (L05) (Retail Inventory Method) The records of Ellen's Boutique report the following data for the month of April Sales revenue Sales returns Markups Markup cancellations $99,000 Purchases (at cost) 2000 Puchases (at sales price) 88,000 2,000 3,000 30,000 10,000 Purchase returns (at cost) 1,500 Purchase returns (at sales price) 9,300 Beginning inventory (at cost) 2,800 Beginning inventory (at sales price) 2.400 Markdowns Freight on purchases the convel ela
Problem 5: Retail Inventory Method sented below is information related to Ricky Henderson Company. Cost Retail...
Problem 5: Retail Inventory Method sented below is information related to Ricky Henderson Company. Cost Retail Beginning inventory $ 200,000 $ 280,000 Purchases 1,375,000 2,140,000 Markups 95,000 Markup cancellations 15,000 Markdowns 35,000 Markdown cancellations 5,000 Sales revenue 2,200,000 Instructions Compute the inventory by the conventional retail inventory method.
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventor...
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/20 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000 Purchase discounts 18,000 Gross sales revenue (after employee discounts) 1,410,000 Sales returns 97,500 Markups 120,000 Markup cancellations 40,000 Markdowns 45,000 Markdown cancellations 20,000 Freight-in 42,000 Employee discounts granted 8,000 Loss from breakage (normal) 4.500 IIIIII 914,500 60,000 18,000 1,460,000 80,000 1,410,000 97.500 120,000 Purchases Purchase returns Purchase discounts Gross sales revenue (after...
ACC 304: Financial Reporting In Class Problems Chapters 7-9 Problem #4: Retail Inventory Method The records...
ACC 304: Financial Reporting In Class Problems Chapters 7-9 Problem #4: Retail Inventory Method The records of Ellen's Boutique report the following data for the month of April. Sales Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $99,000 2,000 10,000 1,500 9,300 2,800 2,400 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) $48,000 88,000 2,000 3,000 30,000 Instructions: Compute the...
Part Seven: Problem (10 points) Noa Corporations uses the retail inventory method to estimate its ending inventory....
Part Seven: Problem (10 points) Noa Corporations uses the retail inventory method to estimate its ending inventory. The following information relates to Noa Corporation's inventory at both cost and retail for the current year. Description Beginning Inventory Purchases Purchase discount Cost $55,000 250,000 10,000 Retail $78,500 325,000 Freight-In Additional markups Markup cancellations Markdowns Markdown cancellations Sales 5,000 24,000 7.000 12,000 3,500 400,000 Instructions: Answer each of the following questions. A. What is the ending inventory at retail? B. If the...
Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, In., uses the retail inventory method...
Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, In., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018: Inventory, October 1, 2018: $ 21,000 31,000 At cost At retail Purchases (exclusive of freight and returns): At cost At retail 104,124 147,500 Freight-in Purchase returns 5,200 2,200 2,900 2,600 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
please help with this exercise . thanks o April E9-22 (L05) (Retail Inventory e Retail Inventory...
please help with this exercise . thanks
o April E9-22 (L05) (Retail Inventory e Retail Inventory Method) The records of Ellen's Boutique report the following t Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $99,000 2.000 10.000 1,500 9,300 2.800 2.400 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) $48,000 88,000 2,000 3,000 30,000 46,500 Instructions pute the...
Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Selling Price Cost Inventory, June 1 $53,800 $80,000 Markdowns 21,000 Markups 29,000 Markdown cancellations 10,000 Markup cancellations 9,000 Purchases 173,200 223,600 Sales 250,000 Purchase returns and allowances 3,000 3,600 Sales returns and allowances 10,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
Type or paste question
here
Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $96,840 $144,000 Markdowns 37.800 Markups 52,200 Markdown cancellations 18,000 Markup cancellations 16,200 Purchases 311,760 402.480 Sales 450,000 Purchase returns and allowances 5,400 6,480 Sales returns and allowances 18,000...
Compute the inventory by the conventional retail inventory method. E9-22 (L05) (Retail Inventory Method) The records of Ellen's Boutique report the following data for the month of April Sales revenue Sales returns Markups Markup cancellations $99,000 Purchases (at cost) 2000 Puchases (at sales price) 88,000 2,000 3,000 30,000 10,000 Purchase returns (at cost) 1,500 Purchase returns (at sales price) 9,300 Beginning inventory (at cost) 2,800 Beginning inventory (at sales price) 2.400 Markdowns Freight on purchases the convel ela
Problem 5: Retail Inventory Method sented below is information related to Ricky Henderson Company. Cost Retail Beginning inventory $ 200,000 $ 280,000 Purchases 1,375,000 2,140,000 Markups 95,000 Markup cancellations 15,000 Markdowns 35,000 Markdown cancellations 5,000 Sales revenue 2,200,000 Instructions Compute the inventory by the conventional retail inventory method.
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/20 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000 Purchase discounts 18,000 Gross sales revenue (after employee discounts) 1,410,000 Sales returns 97,500 Markups 120,000 Markup cancellations 40,000 Markdowns 45,000 Markdown cancellations 20,000 Freight-in 42,000 Employee discounts granted 8,000 Loss from breakage (normal) 4.500 IIIIII 914,500 60,000 18,000 1,460,000 80,000 1,410,000 97.500 120,000 Purchases Purchase returns Purchase discounts Gross sales revenue (after...
ACC 304: Financial Reporting In Class Problems Chapters 7-9 Problem #4: Retail Inventory Method The records of Ellen's Boutique report the following data for the month of April. Sales Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $99,000 2,000 10,000 1,500 9,300 2,800 2,400 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) $48,000 88,000 2,000 3,000 30,000 Instructions: Compute the...
Part Seven: Problem (10 points) Noa Corporations uses the retail inventory method to estimate its ending inventory. The following information relates to Noa Corporation's inventory at both cost and retail for the current year. Description Beginning Inventory Purchases Purchase discount Cost $55,000 250,000 10,000 Retail $78,500 325,000 Freight-In Additional markups Markup cancellations Markdowns Markdown cancellations Sales 5,000 24,000 7.000 12,000 3,500 400,000 Instructions: Answer each of the following questions. A. What is the ending inventory at retail? B. If the...
Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, In., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018: Inventory, October 1, 2018: $ 21,000 31,000 At cost At retail Purchases (exclusive of freight and returns): At cost At retail 104,124 147,500 Freight-in Purchase returns 5,200 2,200 2,900 2,600 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
please help with this exercise . thanks
o April E9-22 (L05) (Retail Inventory e Retail Inventory Method) The records of Ellen's Boutique report the following t Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $99,000 2.000 10.000 1,500 9,300 2.800 2.400 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) $48,000 88,000 2,000 3,000 30,000 46,500 Instructions pute the...
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