!Question # 2: A retailer has a beginning monthly inventory valued at $60,000 at retail and...
!Question # 2:
A retailer has a beginning monthly inventory valued at $60,000 at retail and $35,000 at cost. Net purchases during the month are $140,000 at retail and $70,000 at cost. Transportation charges are $17,000. Sales are $150,000. Markdowns and discounts equal $20,000. A physical inventory at the end of the month shows merchandise valued at $10,000 (at retail) on hand. Compute the following:
- a. Total merchandise available for sale – at cost and at retail
- b. Cost complement
- c. Ending retail book value of inventory
- d. Stock shortages
- e. Adjusted ending retail book value
- f. Gross profit
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!Question # 2:
A retailer has a beginning monthly inventory valued at $60,000
at retail and...
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...
Cullumber Sales Company uses the retail inventory method to value its merchandise inventory. The following information...
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Carla Vista Sales Company uses the retail inventory method to value its merchandise inventory. The following informatio...
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LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 47,000 $ 67,000 Purchases 214,000 407,000 Freight-in 19,680 Purchase returns 7,500 9,500 Net markups 6,500 Net markdowns 4,200 Normal breakage 9,500 Net sales 287,000 Employee discounts 2,500 Sales are recorded net of employee discounts.
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Cullumber Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail $ 42000 $57000 Beginning inventory 310000 380000 Purchases 3700 Freight-in 9700 Net markups 16000 Net markdowns 1000 Employee discounts 325000 Sales revenue If the ending inventory is to be valued at the lower öf-cost-or-market, what is the cost-to-retail ratio? $355700 $430700 $355700 + $446700 $355700$437000 $352000 $453000
Carla Vista Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail Beginning inventory $37000 $ 52000 Purchases 260000 330000 3200 Freight-in Net markups 9200 Net markdowns 13500 Employee discounts 1000 Sales revenue - 275000 If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio? $300200 = $377700 O $297000 = $395500 $300200 = $382000 $300200 = $391200
Grand Department Store, Inc., 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 2021: Inventory, October 1, 2021: At cost $ 20,000 At retail 30,000 Purchases (exclusive of freight and returns): At cost 100,151 At retail 146,495 Freight-in 5,100 (continued) Purchase returns: At cost 2,100 2,800 2,500 265 800 At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage 4,500...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2016 At Cost At Retail Merchandise inventory, January 1, 2016 Purchases Markups Markdowns Sales $90,000 $140,000 344,000 470,000 -10,000 40,000 - 500,000 Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2016, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending...
Requirement 1: ALQUIST COMPANY Conventional Retail Method $ $ Beginning inventory Plus: Purchases Freight-in Plus: Net markups Cost 100,000 1,387,000 10,000 Retail 150,000 2,000,000 . 300,000 2,450,000 Cost-to-retail percentage: 1,497,000 (150,000 2,300,000 (15.000) Related Less: Net markdowns Goods available for sale Less: Normal shrinkage Sales: Sales to customers Sales to employees Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 1,750,000 250,000 (62,500) 2.285.000 <- Try again $ 1,361,508 e-Correct
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