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Homework Answers
Answer- Ending inventory at cost using the retail method =$140.06.
Explanation-
Cost to retail ratio = ($775/$1119)*100
= 69.26%
Ending inventory at cost using the retail method =$203*69.26%
=$140.06
| Particulars | Cost | Retail |
| $ in 000s | $ in 000s | |
| Beginning Inventory | 72 | 117 |
| Purchases | 663 | 998 |
| Purchases returns | -2 | |
| Freight-in | 22 | |
| Total | 755 | 1115 |
| Add:- Net markups: | 4 | |
| 775 | 1119 | |
| Less:-Net markdowns: | 8 | |
| Sales price of goods available | 1111 | |
| Less:-Net sales | 908 | |
| Ending inventory at retail | 203 |
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Problem 9-9 Retail method-average cost and conventional (LO9-3, 9-4] Smith-Kline Company maintains inventory records at selling...
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Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records...
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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...
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