Show how you got the answerHomework Answers
| Women's Shoe | Men's Shoe | ||||||
| Estimated Cost of ending inventory | $ 40,320 | $ 54,750 | |||||
| Workings: | Women's Shoe | Men's Shoe | |||||
| Cost | Retail | Cost to retail Percentage | Cost | Retail | Cost to retail Percentage | ||
| Beginning Inventory | $ 44,120 | $ 45,500 | $ 53,625 | $ 63,500 | |||
| Add: | Cost of goods purchased | $ 1,49,500 | $ 1,85,000 | $ 1,36,500 | $ 1,90,000 | ||
| Goods available for sale | $ 1,93,620 | $ 2,30,500 | 84.00% | $ 1,90,125 | $ 2,53,500 | 75.00% | |
| Less: | Net Sales | $ -1,82,500 | ($193620 / $230500) | $ -1,80,500 | ($190125 / $253500) | ||
| Ending Inventory at retail | $ 48,000 | $ 73,000 | |||||
| Ending Inventory at cost | $ 40,320 | $ 54,750 | |||||
| ($48000 X 84%) | ($73000 X 75%) | ||||||
Add Answer to:
Show how you got the answer
Swifty Stores uses the retail inventory method for its two...
2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and...
2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and Men's Shoes. The following information for each department is obtained. Women'sMens Shoes Item Shoes Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail 25,000 45,000 110,000 136,300 178,000 185,000 60,000 46,000 179,000185,000 Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of...
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: 16 Beginning inventory Net purchases Net sales Cost $40,000 240,000 Retail $ 77,888 423,000 395, eee Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.) Estimated ending inventory (At Retail) Estimated onding inventory (At Cost)
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Retail Reta...
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Retail Retail Cost Cost Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: $162,500 250,000 800,000 1,084,000 $680,000 $1,063,000 4,300 7,000 12,500 2,000 2,000 12,150 6,900 4,750 950,000 22,500 4,200 11,800 8,000 722,000...
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both...
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2018 December 31, 2018 December 31, 2019 Cost Retail $152,750 $235,000 537,000 770,000 5,000 3, 150 6,300 6,750 4,600 600,000...
On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both...
On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2022 2021 Retail Retail Cost Cost $ 90,000 $150,000 478,000 2,500 6,960 Beginning inventory Purchases $511,000 $760,000 2,200 ৪, ০০০ 730,000 3,500 4,000 Purchase returns Freight-in Net markups Net markdowns 10,000 6,000 8,500 4,000 650,000 14,000 5,000 680,000 Net sales to customers 17,500 6,600 Sales to employees (net of 30% di...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for i...
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 2018 3 Inventory, october 1, 2018: s 11,00e 21,000 At cost At retail Purchases (exclusive of freight and returns): 5 points At cost At retail Freight-in Purchase returns: 96,284 137,500 4,200 1,200 1,900 1,600 200 710 3,600 126,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
Crosby Department Store estimates inventory by using the retail inventory method. The following information was develope...
Crosby Department Store estimates inventory by using the retail
inventory method. The following information was
developed:
At Cost
At Retail
Beginning inventory
$465,000
$ 750,000
Goods purchased
900,000
1,350,000
Net sales
1,500,000
The estimated cost of the ending inventory is
$210,000.
$372,000.
$400,000.
$390,000.
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...
Show me the process for the third part please. Problem 6-11A Marigold Books uses the retail...
Show me the process for the third part please.
Problem 6-11A Marigold Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2019. Beginning inventory Purchases Freight-in Purchase discounts Net sales Hardcovers Cost Retail $357,000 $595,000 1,814,750 2.720,000 20,400 37,400 2,635,000 Paperbacks Cost Retail $238,000 $306,000 9 81,750 1,309,000 10,200 18,700 1,334,500 At December 31, Marigold Books takes a physical inventory at retail. The actual...
Cheyenne Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO...
Cheyenne Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2020. Amounts as shown below appear on the store’s books before adjustment. Cost Retail Inventory, January 1, 2020 $14,537 $25,200 Purchases in 2020 116,088 199,800 Markups in 2020 12,500 Markdowns in 2020 5,000 Sales revenue in 2020 189,700 You are to assume that all markups and markdowns apply to 2020 purchases, and that it...
2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and Men's Shoes. The following information for each department is obtained. Women'sMens Shoes Item Shoes Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail 25,000 45,000 110,000 136,300 178,000 185,000 60,000 46,000 179,000185,000 Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: 16 Beginning inventory Net purchases Net sales Cost $40,000 240,000 Retail $ 77,888 423,000 395, eee Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.) Estimated ending inventory (At Retail) Estimated onding inventory (At Cost)
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Retail Retail Cost Cost Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: $162,500 250,000 800,000 1,084,000 $680,000 $1,063,000 4,300 7,000 12,500 2,000 2,000 12,150 6,900 4,750 950,000 22,500 4,200 11,800 8,000 722,000...
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2018 December 31, 2018 December 31, 2019 Cost Retail $152,750 $235,000 537,000 770,000 5,000 3, 150 6,300 6,750 4,600 600,000...
On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2022 2021 Retail Retail Cost Cost $ 90,000 $150,000 478,000 2,500 6,960 Beginning inventory Purchases $511,000 $760,000 2,200 ৪, ০০০ 730,000 3,500 4,000 Purchase returns Freight-in Net markups Net markdowns 10,000 6,000 8,500 4,000 650,000 14,000 5,000 680,000 Net sales to customers 17,500 6,600 Sales to employees (net of 30% di...
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 2018 3 Inventory, october 1, 2018: s 11,00e 21,000 At cost At retail Purchases (exclusive of freight and returns): 5 points At cost At retail Freight-in Purchase returns: 96,284 137,500 4,200 1,200 1,900 1,600 200 710 3,600 126,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
Crosby Department Store estimates inventory by using the retail
inventory method. The following information was
developed:
At Cost
At Retail
Beginning inventory
$465,000
$ 750,000
Goods purchased
900,000
1,350,000
Net sales
1,500,000
The estimated cost of the ending inventory is
$210,000.
$372,000.
$400,000.
$390,000.
Show me the process for the third part please.
Problem 6-11A Marigold Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2019. Beginning inventory Purchases Freight-in Purchase discounts Net sales Hardcovers Cost Retail $357,000 $595,000 1,814,750 2.720,000 20,400 37,400 2,635,000 Paperbacks Cost Retail $238,000 $306,000 9 81,750 1,309,000 10,200 18,700 1,334,500 At December 31, Marigold Books takes a physical inventory at retail. The actual...
Most questions answered within 3 hours.
-
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 39 minutes ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 2 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 2 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 2 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 2 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 2 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 2 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 2 hours ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 2 hours ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 3 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 3 hours ago