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Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of Hawkins Company had a cost of $71,000 and a retail value of $106.000. During August, merchandise was purchased for $93.910 and marked to sell for $133.000. August sales totaled $117.000 Required: 1. Compute the retail value of the ending Inventory as of August 31 2. Compute the approximate cost of the ending Inventory 3. Compute the cost of goods sold during August Analyte: What...
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Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
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Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,719,000 nces Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 120,000 1,200,000 1,320,000 142,875 1.172.125 $ 541,875 Investigation...
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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...
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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...
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Problem 5-4AA Perpetual: Alternative cost flows LO P3 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 660 units @ $60 per unit 330 units @ $57 per unit 110 units @ $45 per unit Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 715 units @ $70 per...
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Problem 17.6A Applying the correct method of evaluating inventory. LO 17-1, 17-2 Paulson Sailing Company sells boats as a supplement to its boat storage operations. Data for its boat sales for August 2019 are given Cost Retail 28' Starfish $35,000 $47.000 30' Perch 55,000 75.000 24 Sea King 21.000 25,000 30' Holiday 41,00 50,000 20' Lake King 23,000 29,500 Sales during the month were the 30' Holiday and the 20' Lake King, sold at the retail values shown on August...
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Exercise 17.1 Using the various costing methods of inventory valuation. LO 17-1 Information about Vinzant Company's inventory of one item follows. Number of eBook Explanation Units 165 Unit Cost Beginning inventory, January 1 Purchases: April August October Ending inventory, December 31 $300 eterences 205 305 225 310 175 165 312 1. Compute the cost of the ending inventory under the average cost method. 2. Compute the cost of the ending inventory under the FIFO method. 3. Compute the cost of...
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LILL er 9 w Help Seve ! Raleigh Department Store uses the conventional read method for the year ended December 31, 2016. Available information follows a. The inventory at January 1, 2016, had a retail value of $37000 and a cost of $30,090 based on the conventional retail method b. Transactions during 2016 were as follows: 345,00 Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Sales to employees are recorded net of discounts The retail value of...
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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 700 units @ $50 per unit 350 units @ $44 per unit 150 units @ $32 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 705 units @ $80 per unit 190 units @ $55 per unit...
Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of Hawkins Company had a cost of $71,000 and a retail value of $106.000. During August, merchandise was purchased for $93.910 and marked to sell for $133.000. August sales totaled $117.000 Required: 1. Compute the retail value of the ending Inventory as of August 31 2. Compute the approximate cost of the ending Inventory 3. Compute the cost of goods sold during August Analyte: What...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,719,000 nces Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 120,000 1,200,000 1,320,000 142,875 1.172.125 $ 541,875 Investigation...
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, 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...
Problem 5-4AA Perpetual: Alternative cost flows LO P3 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 660 units @ $60 per unit 330 units @ $57 per unit 110 units @ $45 per unit Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 715 units @ $70 per...
Problem 17.6A Applying the correct method of evaluating inventory. LO 17-1, 17-2 Paulson Sailing Company sells boats as a supplement to its boat storage operations. Data for its boat sales for August 2019 are given Cost Retail 28' Starfish $35,000 $47.000 30' Perch 55,000 75.000 24 Sea King 21.000 25,000 30' Holiday 41,00 50,000 20' Lake King 23,000 29,500 Sales during the month were the 30' Holiday and the 20' Lake King, sold at the retail values shown on August...
Exercise 17.1 Using the various costing methods of inventory valuation. LO 17-1 Information about Vinzant Company's inventory of one item follows. Number of eBook Explanation Units 165 Unit Cost Beginning inventory, January 1 Purchases: April August October Ending inventory, December 31 $300 eterences 205 305 225 310 175 165 312 1. Compute the cost of the ending inventory under the average cost method. 2. Compute the cost of the ending inventory under the FIFO method. 3. Compute the cost of...
LILL er 9 w Help Seve ! Raleigh Department Store uses the conventional read method for the year ended December 31, 2016. Available information follows a. The inventory at January 1, 2016, had a retail value of $37000 and a cost of $30,090 based on the conventional retail method b. Transactions during 2016 were as follows: 345,00 Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Sales to employees are recorded net of discounts The retail value of...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 700 units @ $50 per unit 350 units @ $44 per unit 150 units @ $32 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 705 units @ $80 per unit 190 units @ $55 per unit...