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| Sanderson Variety | ||||
| For 2021 | Cost | Retail | ||
| Beginning Inventory | 47,850.00 | 87,000.00 | ||
| Plus: Net Purchases | 192,390.00 | 365,000.00 | ||
| Net Markups | 7,000.00 | |||
| Less: Net Markdowns | (9,000.00) | |||
| Goods available for sale (excluding Beginning Inventory) | 192,390.00 | 363,000.00 | ||
| Goods available for sale (including Beginning Inventory) | 240,240.00 | 450,000.00 | ||
| Less: Net sales | 342,000.00 | |||
| Estimated Ending Inventory at current year Retail Prices | 108,000.00 | |||
| Estimated Ending Inventory at cost (calculated below) | 56,778.00 | |||
| Estimated Cost of goods sold | 183,462.00 | |||
| Ending Inventory at Year end Retail Prices | Ending Inventory at Base Year Retail Prices | Inventory layers at Base Year Retail Prices | Inventory layers converted to cost | |
| 108,000.00 | 108,000/1.04= 103,846 | 87,000.00 | 87000*1*55%= | 47,850.00 |
| 16,846.00 | 16846*1*53%= | 8,928.00 | ||
| Total ending inventory at dollar value retail method | 56,778.00 | |||
| Base layer cost to retail percentage | 47,850/87,000= 55% | |||
| Current layer cost to retail percentage | 192,390/363,000= 53% | |||
| Sanderson Variety | ||||
| For 2022 | Cost | Retail | ||
| Beginning Inventory | 56,778.00 | 108,000.00 | ||
| Plus: Net Purchases | 239,000.00 | 478,000.00 | ||
| Net Markups | 6,000.00 | |||
| Less: Net Markdowns | (7,000.00) | |||
| Goods available for sale (excluding Beginning Inventory) | 239,000.00 | 477,000.00 | ||
| Goods available for sale (including Beginning Inventory) | 295,778.00 | 585,000.00 | ||
| Less: Net sales | 375,000.00 | |||
| Estimated Ending Inventory at current year Retail Prices | 210,000.00 | |||
| Estimated Ending Inventory at cost (calculated below) | 102,874.00 | |||
| Estimated Cost of goods sold | 192,904.00 | |||
| Ending Inventory at Year end Retail Prices | Ending Inventory at Base Year Retail Prices | Inventory layers at Base Year Retail Prices | Inventory layers converted to cost | |
| 210,000.00 | 210,000/1.05= 200,000 | 108,000.00 | 108000*1*52.57%= | 56,778.00 |
| 92,000.00 | 92000*1*50.10%= | 46,096.00 | ||
| Total ending inventory at dollar value retail method | 102,874.00 | |||
| Base layer cost to retail percentage | 56,778/108,000= 52.57% | |||
| Current layer cost to retail percentage | 239,000/477,000= 50.10% |
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On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
HELP PLEASE DUE IN 3 HOURS !!! On January 1, 2018, Sanderson Variety Store adopted the...
HELP PLEASE DUE IN 3 HOURS !!! On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 47,850 $ 87,000 Net purchases 192,390 365,000 Net markups 7,000 Net markdowns 9,000 Net sales 342,000 Retail price index, end of year 1.04 During 2019, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000,...
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted...
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 0.71 polnts Cost Retail $ 57,200 $ 88,000 Beginning inventory Net purchases Net markups 231,840 370,000 8,000 10,000 347,000 1.04 Net markdowns Net sales Retail price index, end of year During 2019, purchases at cost and retail were $293,580 and $489,300, respectively. Net markups, net markdowns, and net sales for the year...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 37,700 $ 58,000 Net purchases 87,120 117,000 $ 93,886 $ 123,300 Freight-in 2,900 3,400 Net markups 14,500 9,800 Net markdowns 2,900 3,100 Net sales to customers 115,790 112,000 Sales to employees (net of 20% discount) 3,400 5,440 Price Index: January...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 57,000 $ 76,000 Net purchases 109,160 126,000 $ 115,150 $ 132,400 Freight-in 3,800 4,300 Net markups 19,000 11,600 Net markdowns 3,800 4,000 Net sales to customers 124,460 120,440 Sales to employees (net of 10% discount) 4,500 5,850 Price Index: January...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at b...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $ 48,000 $ 64,000 103,040 120,000 $115,150 $133,000 3,200 3,700 16,000 10,400...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at b...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $ 58,500 $ 78,000 110,180 127,000 $115,808 $133,100 3,900 4,400 19,500 11,800...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January...
Check my work On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory...
Check my work On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $34,500 $ 46,000 93,860 111,000 $106,834 $123,900 2,300 2,800...
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 0.71 polnts Cost Retail $ 57,200 $ 88,000 Beginning inventory Net purchases Net markups 231,840 370,000 8,000 10,000 347,000 1.04 Net markdowns Net sales Retail price index, end of year During 2019, purchases at cost and retail were $293,580 and $489,300, respectively. Net markups, net markdowns, and net sales for the year...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $ 48,000 $ 64,000 103,040 120,000 $115,150 $133,000 3,200 3,700 16,000 10,400...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $ 58,500 $ 78,000 110,180 127,000 $115,808 $133,100 3,900 4,400 19,500 11,800...
Check my work On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $34,500 $ 46,000 93,860 111,000 $106,834 $123,900 2,300 2,800...
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