Homework Answers
| Cost | Retail | cost to retail ratio | |
| Beginning inventory | $14000 | $22000 | |
| Plus: purchases | $104600 | $167000 | |
| freight in | $8600 | ||
| Less : purchase returns | ($5000) | ($8000) | |
| Plus: net markups | $7000 | ||
| Less : net markdowns | ($4000) | ||
| Goods available for sale | $122200 | $184000 | |
| Cost to retail percentage | 66.41% | ||
| Less: normal spoilage | ($4400) | ||
| Net sales | ($154000) | ||
| Ending inventory at retail | $25600 | ||
| Ending inventory at cost | $17001 | ||
| Cost of goods sold | $105199 |
Note : as there is no specific instruction in the question regarding rounding off cost to retail ratio, it is rounded off to two decimal places.
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En es ihm WHNIS Help Save & E Almaden Vay Vanety Store uses the retail inventory...
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of...
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...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of...
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...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Almaden Valley Variety Store...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 29,000 119,600 6,910 8,000 Retail $ 37,000 182,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 10,000 14,500 11,500 5,900 169,000 Required: Complete the table below to estimate the ending Inventory and cost of goods sold...
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Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018 3 Inventory, october 1, 2018: s 11,00e 21,000 At cost At retail Purchases (exclusive of freight and returns): 5 points At cost At retail Freight-in Purchase returns: 96,284 137,500 4,200 1,200 1,900 1,600 200 710 3,600 126,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
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...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 29,000 119,600 6,910 8,000 Retail $ 37,000 182,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 10,000 14,500 11,500 5,900 169,000 Required: Complete the table below to estimate the ending Inventory and cost of goods sold...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Product Cost $ 54 Per Unit Replacement Cost $ 49 94 Selling Price $ 74 114 94 144 44 69 Uw 54 114 34 84 Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of cost. The normal profit is 35% of selling price. Required: What unit value should Royal Decking...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: 33 Retail Cost $ 93,000 $183,000 583,000 Beginning inventory Purchases 362,000 9,300 7,300 Freight-in Purchase returns 11,300 20 Net markups 16,300 12,300 3,300 8,300 polnts Net markdowns Normal spoilage Abnormal spoilage 4,884 X 0228:31 Sales 543,000 Sales returns 10,300 The company records sales net of employee discounts. Discounts for 2018 totaled $4,300. Required: 1. Estimate Sparrow's ending inventory...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost $ 280,000 687,000 17,000 Retail $289,000 912,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 29,000 4,900 890,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale 0 0 Cost-to-retail percentage Less: Net...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018 3 Inventory, october 1, 2018: s 11,00e 21,000 At cost At retail Purchases (exclusive of freight and returns): 5 points At cost At retail Freight-in Purchase returns: 96,284 137,500 4,200 1,200 1,900 1,600 200 710 3,600 126,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
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