Homework Answers
Answer- Ending inventory at cost =$7958.
Explanation-
Cost to retail ratio = ($47190/$59480)*100
= 79.34%
Ending inventory at cost =$10030*79.34%
=$7958
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 10950 | 15000 | |
| Purchases | 34500 | 40500 | |
| Purchase discounts | -260 | ||
| Freight-in | 2000 | ||
| Total | 47190 | 55500 | |
| Add:- Net markups: | 3980 | ||
| Markups | 4400 | ||
| Markup cancellations | -420 | ||
| 47190 | 59480 | ||
| Less:-Net markdowns: | 1250 | ||
| Sales price of goods available | 58230 | ||
| Less:-Net sales | 48200 | ||
| Ending inventory at retail | 10030 |
Add Answer to:
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at...
Testbank Problem 150 The records of Cullumber Stores included the following data: Inventory, May 1, at retail, $15,500;...
Testbank Problem 150 The records of Cullumber Stores included the following data: Inventory, May 1, at retail, $15,500; at cost, $10,385 Purchases during May, at retail, $41,000; at cost, $39,500 Freight-in, $2,800; purchase discounts, $300 Additional markups, $4,000; markup cancellations, $430; net markdowns, $1,470 Sales during May, $47,300 Calculate the estimated Inventory at May 31 on a LIFO basis. (Round ratios to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5,275.) Estimated inventory s
The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchase...
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
Presented below is information related to Oriole Company. Cost Retail Beginning inventory $201,049 $278,000 Purchases 1,388,000...
Presented below is information related to Oriole Company. Cost Retail Beginning inventory $201,049 $278,000 Purchases 1,388,000 2,166,000 Markups 94,400 Markup cancellations 16,100 Markdowns 33,900 Markdown cancellations 5,100 Sales revenue 2,219,000 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 method $
Wally-Mart values its inventory using the conventional retail inventory method. It discloses the following data for...
Wally-Mart values its inventory using the conventional retail inventory method. It discloses the following data for a recent period. At Cost At Retail Beginning inventory $222,200 $330,000 Purchases 710,600 1,238,600 Purchase returns 13,200 22,000 Freight-in 17,600 Additional markups 26,400 Additional markup cancellations 11,000 Markdowns 19,800 Markdown cancellations 4,400 Sales 1,188,000 Sales returns (and restored to inventory) 13,200 Compute estimated ending inventory for the period-end using the conventional retail inventory method.
Presented below is information related to Bonita Inc. Retail Cost Inventory, 12/31/20 $251,300 $387,300 Purchases 962.468...
Presented below is information related to Bonita Inc. Retail Cost Inventory, 12/31/20 $251,300 $387,300 Purchases 962.468 1,455,600 Purchase returns 58,800 78,800 Purchase discounts 18,000 Gross sales revenue 1,421,800 98,300 Sales returns 117,600 Markups 40,500 Markup cancellations 45,700 Markdowns 20,200 Markdown cancellations Freight-in 41,400 Employee discounts granted 7,900 Loss from breakage (normal) 4,500 Assuming that Bonita Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to 0...
Presented below is information related to Company A Cost Retail Inventory, 12/31/17 $254,100 $386,700...
Presented below is information related to Company A Cost Retail Inventory, 12/31/17 $254,100 $386,700 Purchases 863,627 1,450,300 Purchase returns 59,400 79,600 Purchase discounts 17,900 — Gross sales revenue — 1,413,700 Sales returns — 99,400 Markups — 118,700 Markup cancellations — 40,800 Markdowns — 44,900 Markdown cancellations — 20,400 Freight-in 42,400 — Employee discounts granted — 8,000 Loss from breakage (normal) — 4,400 Assuming that Company A uses the conventional retail inventory method, compute the cost of its ending inventory at...
Exercise 9-22 The records of Headland's Boutique report the following data for the month of April. Purchases (at co...
Exercise 9-22 The records of Headland's Boutique report the following data for the month of April. Purchases (at cost) Sales revenue $95.600 $47,200 Sales returns Purchases (at sales price) 1,800 85.800 Markups Purchase returns (at cost) 1,800 9,500 Markup cancellations Purchase returns (at sales price) 1.400 2,800 Markdowns 8,600 Beginning inventory (at cost) 36,103 Markdown cancellations Beginning inventory (at sales price) 2,700 50,600 Freight on purchases 2,100 Compute the ending inventory by the conventional retail inventory method. (Round ratios for...
9. (12 points) The records of Riverbed’s Boutique report the following data for the month of...
9. (12 points) The records of Riverbed’s
Boutique report the following data for the month of April. Sales
revenue $106,300 Purchases (at cost) $51,500 Sales returns 2,100
Purchases (at sales price) 88,500 Markups 10,100 Purchase returns
(at cost) 2,100 Markup cancellations 1,700 Purchase returns (at
sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost)
17,564 Markdown cancellations 2,900 Beginning inventory (at sales
price) 42,500 Freight on purchases 2,600 Compute the ending
inventory as indicated below. (Round ratios for computational
purposes...
9. (12 points) The records of Riverbed’s Boutique report the following data for the month of...
9. (12 points) The records of Riverbed’s
Boutique report the following data for the month of April. Sales
revenue $106,300 Purchases (at cost) $51,500 Sales returns 2,100
Purchases (at sales price) 88,500 Markups 10,100 Purchase returns
(at cost) 2,100 Markup cancellations 1,700 Purchase returns (at
sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost)
17,564 Markdown cancellations 2,900 Beginning inventory (at sales
price) 42,500 Freight on purchases 2,600 Compute the ending
inventory as indicated below. (Round ratios for computational
purposes...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $381000 ($585000), purchases during the current year at cost (retail) were $1875000 ($3120000), freight-in on these purchases totaled $120000, sales during $120000, sales during the current year totaled $2820000, and net markups (markdowns) were $63000 ($99000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0...
Testbank Problem 150 The records of Cullumber Stores included the following data: Inventory, May 1, at retail, $15,500; at cost, $10,385 Purchases during May, at retail, $41,000; at cost, $39,500 Freight-in, $2,800; purchase discounts, $300 Additional markups, $4,000; markup cancellations, $430; net markdowns, $1,470 Sales during May, $47,300 Calculate the estimated Inventory at May 31 on a LIFO basis. (Round ratios to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5,275.) Estimated inventory s
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
Presented below is information related to Oriole Company. Cost Retail Beginning inventory $201,049 $278,000 Purchases 1,388,000 2,166,000 Markups 94,400 Markup cancellations 16,100 Markdowns 33,900 Markdown cancellations 5,100 Sales revenue 2,219,000 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 method $
Presented below is information related to Bonita Inc. Retail Cost Inventory, 12/31/20 $251,300 $387,300 Purchases 962.468 1,455,600 Purchase returns 58,800 78,800 Purchase discounts 18,000 Gross sales revenue 1,421,800 98,300 Sales returns 117,600 Markups 40,500 Markup cancellations 45,700 Markdowns 20,200 Markdown cancellations Freight-in 41,400 Employee discounts granted 7,900 Loss from breakage (normal) 4,500 Assuming that Bonita Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to 0...
Exercise 9-22 The records of Headland's Boutique report the following data for the month of April. Purchases (at cost) Sales revenue $95.600 $47,200 Sales returns Purchases (at sales price) 1,800 85.800 Markups Purchase returns (at cost) 1,800 9,500 Markup cancellations Purchase returns (at sales price) 1.400 2,800 Markdowns 8,600 Beginning inventory (at cost) 36,103 Markdown cancellations Beginning inventory (at sales price) 2,700 50,600 Freight on purchases 2,100 Compute the ending inventory by the conventional retail inventory method. (Round ratios for...
9. (12 points) The records of Riverbed’s
Boutique report the following data for the month of April. Sales
revenue $106,300 Purchases (at cost) $51,500 Sales returns 2,100
Purchases (at sales price) 88,500 Markups 10,100 Purchase returns
(at cost) 2,100 Markup cancellations 1,700 Purchase returns (at
sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost)
17,564 Markdown cancellations 2,900 Beginning inventory (at sales
price) 42,500 Freight on purchases 2,600 Compute the ending
inventory as indicated below. (Round ratios for computational
purposes...
9. (12 points) The records of Riverbed’s
Boutique report the following data for the month of April. Sales
revenue $106,300 Purchases (at cost) $51,500 Sales returns 2,100
Purchases (at sales price) 88,500 Markups 10,100 Purchase returns
(at cost) 2,100 Markup cancellations 1,700 Purchase returns (at
sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost)
17,564 Markdown cancellations 2,900 Beginning inventory (at sales
price) 42,500 Freight on purchases 2,600 Compute the ending
inventory as indicated below. (Round ratios for computational
purposes...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $381000 ($585000), purchases during the current year at cost (retail) were $1875000 ($3120000), freight-in on these purchases totaled $120000, sales during $120000, sales during the current year totaled $2820000, and net markups (markdowns) were $63000 ($99000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0...
Most questions answered within 3 hours.
-
Derive ground state term symbols. Use notation 2S(1/2) for state
2S1/2
a) d5
b) f3
c)...
asked 13 minutes ago -
A sample of size 31 will be drawn from a population with mean 39
and standard...
asked 53 minutes ago -
What is the effect on the P-value when a test is changed from a
two-tailed hypothesis...
asked 57 minutes ago -
I wish to estimate µ, the mean of a population. After I collect
and an-
alyze...
asked 1 hour ago -
At a local university, you poll a group of 115 students and find
that 37 of...
asked 1 hour ago -
Gladstone company tracks the number of units purchased and sold
throughout each accounting period but applies...
asked 1 hour ago -
When determining if a molecule's configuration is E or Z, what
determines the higher priority groups?
asked 1 hour ago -
13. What is the amount
of conversion cost transferred to finished goods? (Round
your intermediate calculations...
asked 1 hour ago -
Sulfuric Acid is a "strong" acid, but only releases a single
proton when it dissolves. What...
asked 1 hour ago -
The
second floor of a house is 6 m above the street level. How much
work...
asked 1 hour ago -
What uncontrollable factor(s) contributed to Hong Kong Disney’s
poor performance during its first year?
asked 1 hour ago -
You are interested in whether students that have a male
instructors perform differently on exams. To...
asked 1 hour ago