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On the basis of the following data, what is the estimated cost of the merchandise inventory...
On the basis of the following data, estimate the cost of the merchandise inventory at June...
On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: Cost Retail June 1 Merchandise Inventory $ 170,000 $ 266,000 June 1-30 Purchases (net) 2,357,740 3,811,000 June 1-30 Sales 3,540,000 Estimated cost of merchandise sold Less estimated gross profit Merchandise available for sale Merchandise inventory, June 1 Merchandise inventory, June 30, at estimated cost Merchandise inventory, June 30, at retail Purchases in June (net) Ratio of cost to retail...
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as...
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $223,000 $328,000 Transactions during August: Purchases (net) 2,565,000 3,772,000 Sales 3,880,000 Ranchworks Co. Merchandise inventory, March 1 $234,000 Transactions during March through November: Purchases (net) 3,104,000 Sales 4,705,000 Estimated gross profit rate 33% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details...
on the basis of the following data Cost Retail June 1 Inventory $ 155.000 5 272.000...
on the basis of the following data Cost Retail June 1 Inventory $ 155.000 5 272.000 June 1-30 Purchases (net) 2 380 180 3.817 ogo June 1-30 Sales 3.555.000 provided for the exact wording of me answer chorces for extentes Enferrabos as Estimate the cost of the merchandise inventory afune 30 by the reafmethod Refer to the Amount Descriptions percentages rounded to one decimal place Estimate the cost of the merchandise inventory at June 30 by the retal method Refer...
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;...
Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan...
Retail Method; Gross Profit Method
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:
1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method.
2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method.
2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of merchandise...
Dy the average cost method iS 5. A purchase order for $7,000 of merchandise was mailed to a suppl...
Dy the average cost method iS 5. A purchase order for $7,000 of merchandise was mailed to a supplier on December 22, 2008. The merchandise was shipped by the supplier on December 29, 2008, under terms of FOB shipping point, and the merchandise was received on January 3, 2009. If 50% is added to its cost by the purchaser to determine selling price, the amount to be included in the inventory of the purchaser on December 31, 2008, is.. Beginning...
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was...
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was $271,000. During the year, its purchases were $291,000 and net sales were $722,000. What was its ending inventory?
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
5 Based upon the following data, determine the cost of merchandise sold for May Merchandise Inventory,...
5 Based upon the following data, determine the cost of merchandise sold for May Merchandise Inventory, May 1 $132,200 152,000 875,000 20,000 Merchandise Inventory, May 31 Purchases Purchases Discounts Transportation In 15,300 (10 percent)
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
on the basis of the following data Cost Retail June 1 Inventory $ 155.000 5 272.000 June 1-30 Purchases (net) 2 380 180 3.817 ogo June 1-30 Sales 3.555.000 provided for the exact wording of me answer chorces for extentes Enferrabos as Estimate the cost of the merchandise inventory afune 30 by the reafmethod Refer to the Amount Descriptions percentages rounded to one decimal place Estimate the cost of the merchandise inventory at June 30 by the retal method Refer...
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;...
Retail Method; Gross Profit Method
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:
1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method.
2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method.
2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of merchandise...
Dy the average cost method iS 5. A purchase order for $7,000 of merchandise was mailed to a supplier on December 22, 2008. The merchandise was shipped by the supplier on December 29, 2008, under terms of FOB shipping point, and the merchandise was received on January 3, 2009. If 50% is added to its cost by the purchaser to determine selling price, the amount to be included in the inventory of the purchaser on December 31, 2008, is.. Beginning...
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was $271,000. During the year, its purchases were $291,000 and net sales were $722,000. What was its ending inventory?
An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
5 Based upon the following data, determine the cost of merchandise sold for May Merchandise Inventory, May 1 $132,200 152,000 875,000 20,000 Merchandise Inventory, May 31 Purchases Purchases Discounts Transportation In 15,300 (10 percent)
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
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