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Homework Answers
| Cost | Retail | Cost to retail ratio | |
| Beginning inventory | $39,000 | $54,000 | |
| Plus : Net purchases | $17,290 | $32,000 | |
| Net markups | $1,600 | ||
| Less : Net markdowns | $1,000 | ||
| Goods available for sale | $56,290 | $86,600 | |
| Cost to retail percentage | 65% | ||
| Less : Net sales | $36,000 | ||
| Estimated ending inventory at retail | $50,600 | ||
| Estimated ending inventory at cost | $32,890 ($50,600*65%) | ||
| Estimated cost of goods sold | $23,400 ($39,000+$17,290-$32,890) |
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
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San Lorenzo General Store...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
San Lorenzo General Store 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 month of October 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $36,000 $51,000 13,890 31,700 1,300 850 33,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Cost Retail Cost-to-...
San Lorenzo General Store uses a periodic inventory system and the goods sold. The following data...
San Lorenzo General Store uses a periodic inventory system and the goods sold. The following data are available for the month of October 2021: Cost $42,000 12,030 Beginning inventory Net purchases Net markups Net markdowns Net Sales Retail $57,000 32,300 1.900 1,150 39.000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided Cost Retail Cost-to- Retail Ratio $ Beginning inventory Plus: Net purchases 42,000 12,030...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
San Lorenzo General Store 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 month of October 2018: Cost $50,000 17,490 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus:...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
San Lorenzo General Store 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 month of October 2021: Cost Retail Beginning inventory $35,000 $50,000 Net purchases 19,120 31,600 Net markups 1.200 Net markdowns 800 Net sales 32,000 Required: Estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Almaden Valley Variety Store...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 29,000 119,600 6,910 8,000 Retail $ 37,000 182,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 10,000 14,500 11,500 5,900 169,000 Required: Complete the table below to estimate the ending Inventory and cost of goods sold...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Crosby Company owns a...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Crosby Company owns a chain of hardware stores throughout the state. The company 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 three months ending March 31, 2021: Cost $240,000 608,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $363,000 788,000 14,000 2,000 780,000 Required: Complete the table...
San Lorenzo General Store 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 month of October 2021:
San Lorenzo General Store 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 month of October 2021: CostRetailBeginning inventory$47,000$62,000Net purchases10,48032,800Net markups2,400Net markdowns1,400Net sales44,000Required:Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Required Information LeMay Department...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Required Information LeMay Department Store uses the retall inventory method to estimate ending Inventory for its monthly financial statements. The following data pertaln to one of its largest departments for the month of March 2021: Cost Retail 59,000 79,000 Beginning inventory Purchases 226,000 15,578 9,000 419,000 Freight-in Purchase returns 11,500 7,70e 5,400 11,500 299,000 2,10e Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Campbell Corporation uses the...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Campbell Corporation uses the retail method to value Its inventory. The following information is available for the year 2021: Retail $289,000 912,000 Cost Merchandise inventory, January 1, 2021 $280,000 687,000 17,000 Purchases Freight-in Net markups 29,000 4,900 890,000 Net markdowns Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retall method using the information provided. Cost-to-Retail Cost Retail Ratio Beginning inventory Plus: Purchases Freight-in...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! On January 1, 2021, HGC Camera Store adopted the dollar...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Retail Retail Cost Cost Beginning inventory Net purchases Freight-in Net markups 51,800 74,000 101,150 3,700 125,000 $107,532 $131,70e 4,200 18,500 3,700 125,250 3,000 11,400 3,900 118,800 6,720 Net markdowns Net sales to customers Sales to...
San Lorenzo General Store 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 month of October 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $36,000 $51,000 13,890 31,700 1,300 850 33,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Cost Retail Cost-to-...
San Lorenzo General Store uses a periodic inventory system and the goods sold. The following data are available for the month of October 2021: Cost $42,000 12,030 Beginning inventory Net purchases Net markups Net markdowns Net Sales Retail $57,000 32,300 1.900 1,150 39.000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided Cost Retail Cost-to- Retail Ratio $ Beginning inventory Plus: Net purchases 42,000 12,030...
San Lorenzo General Store 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 month of October 2018: Cost $50,000 17,490 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus:...
San Lorenzo General Store 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 month of October 2021: Cost Retail Beginning inventory $35,000 $50,000 Net purchases 19,120 31,600 Net markups 1.200 Net markdowns 800 Net sales 32,000 Required: Estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 29,000 119,600 6,910 8,000 Retail $ 37,000 182,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 10,000 14,500 11,500 5,900 169,000 Required: Complete the table below to estimate the ending Inventory and cost of goods sold...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Crosby Company owns a chain of hardware stores throughout the state. The company 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 three months ending March 31, 2021: Cost $240,000 608,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $363,000 788,000 14,000 2,000 780,000 Required: Complete the table...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Required Information LeMay Department Store uses the retall inventory method to estimate ending Inventory for its monthly financial statements. The following data pertaln to one of its largest departments for the month of March 2021: Cost Retail 59,000 79,000 Beginning inventory Purchases 226,000 15,578 9,000 419,000 Freight-in Purchase returns 11,500 7,70e 5,400 11,500 299,000 2,10e Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Campbell Corporation uses the retail method to value Its inventory. The following information is available for the year 2021: Retail $289,000 912,000 Cost Merchandise inventory, January 1, 2021 $280,000 687,000 17,000 Purchases Freight-in Net markups 29,000 4,900 890,000 Net markdowns Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retall method using the information provided. Cost-to-Retail Cost Retail Ratio Beginning inventory Plus: Purchases Freight-in...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Retail Retail Cost Cost Beginning inventory Net purchases Freight-in Net markups 51,800 74,000 101,150 3,700 125,000 $107,532 $131,70e 4,200 18,500 3,700 125,250 3,000 11,400 3,900 118,800 6,720 Net markdowns Net sales to customers Sales to...
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