Homework Answers
| COST | RETAIL | |
| Cost Retail inventory(Beginning) | $252,942 | $281,000 |
| Purchases | 1383000 | 2119000 |
| (+) markups | 94300 | |
| (-) markup cancellations | -15600 | |
| (-) markdowns | 33200 | |
| (+) markdown cancellations | 5000 | |
| Total Goods available for sale | $1,635,942 | $2,516,900 |
| Sales revenue | 228000 | |
| Ending inventory | $2,288,900 | |
| Cost retail ratio = 1635942/2516900 *100 | ||
| = 65% | ||
| Ending inventory using conventional retail method | ||
| = 2288900 * 65% | ||
| = $1487785 | ||
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Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases...
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases...
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computatio decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
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Exercise 9-21 Presented below is information related to Sage Company. Cost $225,045 1,380,000 Beginning inventory Purchases...
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Exercise 9-21 Presented below is information related to Waterway Company. Cost Retail Beginning inventory Purchases Markups...
Exercise 9-21 Presented below is information related to Waterway Company. Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue $374,710 $283,000 1,393,000 2,165,000 93,800 16,500 37,300 4,500 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purpose Ending inventory using conventional retail inventory method
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Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,000...
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Presented below is information related to Oriole Company. Cost Retail Beginning inventory $201,049 $278,000 Purchases 1,388,000...
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Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computatio decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
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Exercise 9-21 Presented below is information related to Sage Company. Cost $225,045 1,380,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $279,000 2,108,000 96,100 13,800 35,000 4,500 2,167,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
Exercise 9-21 Presented below is information related to Swifty Company. Cost $225,045 1,380,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $279,000 2,108,000 96,100 13,800 35,000 4,500 2,167,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to o decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory methods
Exercise 9-21 Presented below is information related to Waterway Company. Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue $374,710 $283,000 1,393,000 2,165,000 93,800 16,500 37,300 4,500 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purpose Ending inventory using conventional retail inventory method
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Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,000 2,165,000 Markups 93,800 Markup cancellations 16,500 Markdowns 37,300 Markdown cancellations 4,500 Sales revenue 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $
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