Homework Answers
2.
| Costs | Retail | |
| Beginning inventory | $59000 | $79000 |
| Add: Net purchases | 226000 | 419000 |
| Less: Purchase return | (9000) | (11500) |
| Freight in | 15578 | 0 |
| Net markup | 0 | 7700 |
| Goods available for sale | $291578 | $494200 |
| Less: net markdowns | 0 | (5400) |
| Goods available for sale(after markup) | $291578 | $488800 |
Cost to retail percentage = [Goods available for sale at cost (after markup) / Goods available for sale at retail (after markup)]*100
= (291578/488800)*100
= 59.65%
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Required Information LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Required Information LeMay Department...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Required Information LeMay Department Store uses the retall inventory method to estimate ending Inventory for its monthly financial statements. The following data pertaln to one of its largest departments for the month of March 2021: Cost Retail 59,000 79,000 Beginning inventory Purchases 226,000 15,578 9,000 419,000 Freight-in Purchase returns 11,500 7,70e 5,400 11,500 299,000 2,10e Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded...
Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for its...
Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 48,000 $ 68,000 Purchases 215,000 408,000 Freight-in 26,194 Purchase returns 8,000 6,000 Net markups 6,600 Net markdowns 4,300 Normal breakage 6,000 Net sales 288,000 Employee discounts 2,600 Sales are recorded net of employee discount
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 47,000 $ 67,000 Purchases 214,000 407,000 Freight-in 19,680 Purchase returns 7,500 9,500 Net markups 6,500 Net markdowns 4,200 Normal breakage 9,500 Net sales 287,000 Employee discounts 2,500 Sales are recorded net of employee discounts.
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 46,000 $ 66,000 Purchases 213,000 406,000 Freight-in 15,558 Purchase returns 7,000 9,000 Net markups 6,400 Net markdowns 4,100 Normal breakage 9,000 Net sales 286,000 Employee discounts 2,400 Sales are recorded net of employee discounts. 1. Compute estimated ending inventory and cost of...
Please answer Part 1 and 2. Thank you so much :) Required information LeMay Department Store...
Please answer Part 1 and 2.
Thank you so much :)
Required information LeMay Department Store uses the retail inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Cost Retail $ 58,000 $ 78,000 225,000 418,000 21,060 8,50€ 11,000 7,600 5,300 11,000 298,000 2.000 Sales are...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for i...
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...
Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, In., uses the retail inventory method...
Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, In., 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: Inventory, October 1, 2018: $ 21,000 31,000 At cost At retail Purchases (exclusive of freight and returns): At cost At retail 104,124 147,500 Freight-in Purchase returns 5,200 2,200 2,900 2,600 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly...
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 2021: Inventory, October 1, 2021: At cost $ 20,000 At retail 30,000 Purchases (exclusive of freight and returns): At cost 100,151 At retail 146,495 Freight-in 5,100 (continued) Purchase returns: At cost 2,100 2,800 2,500 265 800 At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage 4,500...
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: 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%.))
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...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Required Information LeMay Department Store uses the retall inventory method to estimate ending Inventory for its monthly financial statements. The following data pertaln to one of its largest departments for the month of March 2021: Cost Retail 59,000 79,000 Beginning inventory Purchases 226,000 15,578 9,000 419,000 Freight-in Purchase returns 11,500 7,70e 5,400 11,500 299,000 2,10e Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded...
Please answer Part 1 and 2.
Thank you so much :)
Required information LeMay Department Store uses the retail inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Cost Retail $ 58,000 $ 78,000 225,000 418,000 21,060 8,50€ 11,000 7,600 5,300 11,000 298,000 2.000 Sales are...
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...
Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, In., 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: Inventory, October 1, 2018: $ 21,000 31,000 At cost At retail Purchases (exclusive of freight and returns): At cost At retail 104,124 147,500 Freight-in Purchase returns 5,200 2,200 2,900 2,600 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
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 2021: Inventory, October 1, 2021: At cost $ 20,000 At retail 30,000 Purchases (exclusive of freight and returns): At cost 100,151 At retail 146,495 Freight-in 5,100 (continued) Purchase returns: At cost 2,100 2,800 2,500 265 800 At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage 4,500...
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%.))
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