Sunland Inc. had beginning inventory of $11,400 at cost and $19,500 at retail. Net purchases were $124,328 at cost and $169,900 at retail. Net markups were $10,200, net markdowns were $7,000, and sales revenue was $132,900. Compute ending inventory at cost using the conventional retail 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 the conventional retail method
Answer
Conventional Retail Method |
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Cost |
Retail |
Cost to Retail Ratio |
Working |
|
Beginning Inventory |
$ 11,400.00 |
$ 19,500.00 |
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Plus: Purchases |
$ 124,328.00 |
$ 169,900.00 |
||
Net Markups |
$ 10,200.00 |
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$ 135,728.00 |
$ 199,600.00 |
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Less: Net MarkDowns |
$ 7,000.00 |
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Goods Available for sale |
$ 135,728.00 |
$ 192,600.00 |
||
Cost to retail Percentage |
68.00% |
( 135728 / 199600 ) x 100 |
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Less: Net Sales |
$ 132,900.00 |
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Estimated ending inventory at retail |
$ 59,700.00 |
192600 - 132900 |
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Estimated ending Inventory at cost |
$ 40,596.00 Answer |
59700 x 68% = $ 40596 Answer |
Sunland Inc. had beginning inventory of $11,400 at cost and $19,500 at retail. Net purchases were...
Concord Inc. had beginning inventory of $11,900 at cost and $21,000 at retail. Net purchases were $140,679 at cost and $183,000 at retail. Net markups were $10,900, net markdowns were $7,500, and sales revenue was $132,700. Compute ending inventory at cost using the conventional retail 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 the conventional retail method
Brief Exercise 9-10 Sandhill Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 at retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail 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 the conventional retail method g
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