Question

Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 3000 Purchases $ 139000 Purchase returns

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Beginning Inventory             3,000
Purchases        139,000
Purchase Retruns           -5,400
Sales Revenue         -71,000
Sales Returns             1,500
Net Markups           15,000
Net Markdowns           -2,200
Abnormal Shortage           -3,400
Normal Shortage           -2,300
Employee Discounts           -1,300
          72,900
Add a comment
Know the answer?
Add Answer to:
Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 3000 Purchases $ 139000...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400...

    BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400 Purchases $ 153000 Purchase returns 6800 Net markups 22000 Abnormal shortage 4800 Net markdowns 3600 Sales revenue 85000 2200 Sales returns Normal shortage Employee discounts 2000 3000 What is Sandhill's ending inventory at retail using the conventional retail method? $81200, $78400. $80400 $76400

  • Sunland Inc. had beginning inventory of $11,400 at cost and $19,500 at retail. Net purchases were...

    Sunland Inc. had beginning inventory of $11,400 at cost and $19,500 at retail. Net purchases were $124,328 at cost and $169,900 at retail. Net markups were $10,200, net markdowns were $7,000, and sales revenue was $132,900. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail method Brief Exercise 9-10 x Your answer is...

  • Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....

    Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail COST RETAIL Beginning inventory $ 89,000 $ 179,000 Purchases 352,000 579,000 Freight-in 8,900 Purchase returns 6,900 10,900 Net markups 15,900 Net markdowns 11,900 Normal spoilage 2,900 Abnormal spoilage 4,512 7,900 Sales 539,000 Sales returns 9,900 The company records sales net of employee discounts. Discounts for 2018 totaled $3,900. Required: 1. Estimate Sparrow’s ending inventory and cost...

  • Concord Inc. had beginning inventory of $11,900 at cost and $21,000 at retail. Net purchases were...

    Concord Inc. had beginning inventory of $11,900 at cost and $21,000 at retail. Net purchases were $140,679 at cost and $183,000 at retail. Net markups were $10,900, net markdowns were $7,500, and sales revenue was $132,700. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail method

  • Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....

    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...

  • Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...

    Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 1,400 16,400 12,400 3,400 8,480 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...

  • Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the...

    Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2016 fiscal year: Cost Retail   Beginning inventory $ 315,000 $ 590,000   Net purchases 716,000 1,275,000   Freight-in 14,000   Net markups 35,000   Net markdowns 8,000   Normal spoilage 5,000   Net sales 1,490,000 The company records sales to employees net of discounts. These discounts totaled $34,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Cost Retail Cost-to-...

  • Requirement 1: ALQUIST COMPANY Conventional Retail Method $ $ Beginning inventory Plus: Purchases Freight-in Plus: Net...

    Requirement 1: ALQUIST COMPANY Conventional Retail Method $ $ Beginning inventory Plus: Purchases Freight-in Plus: Net markups Cost 100,000 1,387,000 10,000 Retail 150,000 2,000,000 . 300,000 2,450,000 Cost-to-retail percentage: 1,497,000 (150,000 2,300,000 (15.000) Related Less: Net markdowns Goods available for sale Less: Normal shrinkage Sales: Sales to customers Sales to employees Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 1,750,000 250,000 (62,500) 2.285.000 <- Try again $ 1,361,508 e-Correct

  • Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...

    Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...

  • Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail...

    Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT