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 | 430,000 | 565000 | |
Plus: Net purchases | 920,000 | 1340000 | |
Freight-in | 62,550 | ||
Net markups | 61000 | ||
Less: Net markdowns | (31000) | ||
Goods available for sale | $1412550 | $1935000 | |
Cost-to-retail percentage | 73% | ||
Less: Net sales | 1,265,000 | ||
Estimated ending inventory at retail | $670000 | ||
Estimated ending inventory at cost | 489100 | ||
Estimated cost of goods sold | $923450 |
Estimated ending inventory at cost = 670000*73% = $
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, 2018: Cost Retail Beginning inventory $ 420,000 $ 555,000 Net purchases 915,000 1,330,000 Freight-in 24,650 Net markups 60,000 Net markdowns 30,000 Net sales 1,260,000 Estimate ending inventory and cost of goods sold (LIFO). Cost Retail Cost to Retail Ratio Beginning inventory 420,000 555,000 Plus: Net Purchases 915,000 1,330,000...
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, 2018: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $360,000 $ 510,000 884,000 1,270,000 41,100 54,000 24,000 1,230,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
Brief Exercise 9-8 Retail inventory method; LIFO [LO9-3] 0.71 points 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, 2018: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $360,000 $ 510,000 884,000 1,270,000 41,100 54,000 24,000 1,230,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal...
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail Beginning inventory $ 19,000 $ 27,000 Purchases 109,600 172,000 Freight-in 7,600 Purchase returns 7,500 10,500 Net markups 9,500 Net markdowns 6,500 Normal spoilage 4,900 Net sales 159,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2018, applying the conventional retail method Cost Retail Cost-to-Retail Ratio Beginning...
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 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:...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2016 fiscal year: Cost Retail Beginning inventory $ 315,000 $ 590,000 Net purchases 716,000 1,275,000 Freight-in 14,000 Net markups 35,000 Net markdowns 8,000 Normal spoilage 5,000 Net sales 1,490,000 The company records sales to employees net of discounts. These discounts totaled $34,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Cost Retail Cost-to-...
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory $ 105,000 $ 140,000 Net purchases 335,000 550,000 Net markups 30,000 Net markdowns 45,000 Net sales 570,000 To the nearest thousand, estimated ending inventory is:
Adams Corporation 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 September 2018: Cost Retail Cost Retail Beginning inventory $ 22,400 $ 41,600 Net purchases $11,200 ? Net markups $10,900 Net markdowns $2,900 Net sales ? The company used the average cost flow method and estimated inventory at the end of September to be $17,377.50. If the company had used...