Homework Answers
The correct answer is Option C: 124,520
|
The ending inventory at retail should be |
||
| Beginning inventory | 270,000 | |
| Purchases | 1,290,000 | |
| Net markups | 78,700 | |
| Net markdowns | (54,900) | |
| Sale | (1,414,000) | |
| Ending inventory | 169,800 | |
| Ending inventory at cost would be = (198,000/270,000)*169800 | 124,520 | |
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The following data concerning the retail inventory method are taken from the financial records of Oriole...
The following data concerning the retail inventory method are taken from the financial records of Max...
The following data concerning the retail inventory method are taken from the financial records of Max Company. Cost Retail Beginning inventory $ 192000 $ 283000 Purchases 905000 1160000 Freight-in 23800 — Net markups — 81000 Net markdowns — 55200 Sales — 1294000 Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be 1. $142392. 2. $118592. 3. $132788. 4. $139961.
The following data concerning the retail inventory method are taken from the financial records of Dav...
The following data concerning the retail inventory method are taken from the financial records of Dav Company. Cost Retail Beginning inventory $ 204000 $ 288000 Purchases 904000 1360000 Freight-in 24800 — Net markups — 80800 Net markdowns — 56800 Sales — 1424000 If the ending inventory is to be valued at approximately the lower of cost or market, the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of...
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at...
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at cost, $10,950 Purchases during May, at retail, $40,500; at cost, $34,500 Freight-in, $2,000; purchase discounts, $260 Additional markups, $4,400; markup cancellations, $420; net markdowns, $1,250 Sales during May, $48,200 Calculate the estimated inventory at May 311 on a LIFO basis. (Round ratios to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5, 275.) Estimated inventory
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the...
Roberson Corporation uses a periodic inventory system and the
retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2019: Merchandise inventory, January 1, 2019 Purchases At Cost At Retail $90,000 $150,000 351,000 470,000 10,000 50,000 500,000 Markups Markdowns Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory...
The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchase...
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
Campbell Corporation uses the retail method to value its inventory. The following information is available for...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
Lowe uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Lowe uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $384000 ($588000), purchases during the current year at cost (retail) were $1935000 ($3180000), freight-in on these purchases totaled $123000, sales during the current year totaled $2880000, and net markups (markdowns) were $66000 ($102000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places. 1....
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $381000 ($585000), purchases during the current year at cost (retail) were $1875000 ($3120000), freight-in on these purchases totaled $120000, sales during $120000, sales during the current year totaled $2820000, and net markups (markdowns) were $63000 ($99000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2021: Cost Retail Beginning inventory $ 430,000 $ 565,000 Net purchases 920,000 1,340,000 Freight-in 62,550 Net markups 61,000 Net markdowns 31,000 Net sales 1,265,000 Estimate ending inventory and cost of goods sold (average cost). Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net...
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at cost, $10,950 Purchases during May, at retail, $40,500; at cost, $34,500 Freight-in, $2,000; purchase discounts, $260 Additional markups, $4,400; markup cancellations, $420; net markdowns, $1,250 Sales during May, $48,200 Calculate the estimated inventory at May 311 on a LIFO basis. (Round ratios to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5, 275.) Estimated inventory
Roberson Corporation uses a periodic inventory system and the
retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2019: Merchandise inventory, January 1, 2019 Purchases At Cost At Retail $90,000 $150,000 351,000 470,000 10,000 50,000 500,000 Markups Markdowns Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory...
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $381000 ($585000), purchases during the current year at cost (retail) were $1875000 ($3120000), freight-in on these purchases totaled $120000, sales during $120000, sales during the current year totaled $2820000, and net markups (markdowns) were $63000 ($99000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0...
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