Answers
Average Cost Retail Method |
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Cost |
Retail |
Cost to Retail Ratio |
Working |
|
Beginning Inventory |
$ 71.00 |
$ 116.00 |
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Plus: Purchases |
$ 660.00 |
$ 994.00 |
||
Freight In |
$ 21.00 |
$ - |
||
Net Markups |
$ - |
$ 5.00 |
||
Less: Net MarkDowns |
$ 9.00 |
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$ 681.00 |
$ 990.00 |
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Goods Available for sale |
$ 752.00 |
$ 1,106.00 |
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Cost to retial Percentage |
67.99% |
( 681 / 1106 ) x 100 |
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Less: Net Sales |
$ 907.00 |
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Estimated ending inventory at retail |
$ 199.00 |
$ 1106 - $ 907 |
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Estimated ending Inventory at cost |
$ 135.30 = Answer |
$ 199 x 67.99% |
Conventional Retail Method |
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Cost |
Retail |
Cost to Retail Ratio |
Working |
|
Beginning Inventory |
$ 71.00 |
$ 116.00 |
||
Plus: Purchases |
$ 660.00 |
$ 994.00 |
||
Freight In |
$ 21.00 |
|||
Net Markups |
$ 5.00 |
|||
$ 752.00 |
$ 1,115.00 |
|||
Less: Net MarkDowns |
$ 9.00 |
|||
Goods Available for sale |
$ 752.00 |
$ 1,106.00 |
||
Cost to retail Percentage |
67.44% |
( 752 / 1115 ) x 100 |
||
Less: Net Sales |
$ 907.00 |
|||
Estimated ending inventory at retail |
$ 199.00 |
$ 1106 - $ 907 |
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Estimated ending Inventory at cost |
$ 134.21 = Answer |
$ 199 x 67.44% |
--Average Cost = $135.30
--Conventional = $ 134.21
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 124 $ 155 Purchases 700 1,056 Freight-in on purchases 36 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 922 Required: Assuming the price level increased from 1 at January 1 to 1.40 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 82 $ 127 Purchases 673 1,008 Freight-in on purchases 32 Purchase returns 1 2 Net markups 3 Net markdowns 8 Net sales 916 Use the retail method to approximate cost of ending inventory valued under Average cost method
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 124 $ 155 Purchases 700 1,056 Freight-in on purchases 36 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 922 Required: Assuming the price level increased from 1.00 at January 1 to 1.40 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 105 $ 175 Purchases 833 1,097 Freight-in on purchases 40 Purchase returns 1 3 Net markups 5 Net markdowns 9 Net sales 926 Required: Assuming the price level increased from 1.00 at January 1 to 1.60 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 2005) Cost Retail $ 36 $ 60 638 956 28 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 1 N700 Required: Assuming the price level increased from 1.00 at January 1 to 1.70 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost...
Problem 9-9 Retail method-average cost and conventional (LO9-3, 9-4] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: ($ in 000s) Cost Retail $ 72 $117 663 998 22 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 908 Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your...
ter 9 Homework + Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: 5 in Bees) Cost Retail $91 $10 SIR 905 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net warkdowns Net sales Required: Assuming the price level increased from 1.00 at January 1 to 1.50 at December 31, 2021, use the dollar value LIFO retail method to approximate cost of ending inventory and cost...
Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 85 $ 130 Purchases 676 1,011 Freight-in on purchases 35 Purchase returns 1 2 Net markups 3 Net markdowns 7 Net sales 921 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method....
Problem 9-10 Dollar-value LIFO retail method [L09-51 Smith-Kline Compan y maintains inventory records at selling prices as well as at cost For 2018, the records indicate the following data Cost Retail 99 $165 684 887 inning Freight-in on purchases Net markups Net markdowns Net sales Required Assuming the price level increased from 1 at January 1 to 1.60 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do...
Saved Check my work maintains Inventory records at selling prices as well as at cost. For 2021, the records indicate the following data ($ in 000) Cost Retail $ 77 $ 140 682 1.026 bed Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net Sales Required: Assuming the price level increased from 100 at January 1 to 125 at December 31, 2021. use the dollar value UFO retail method to approximate cost of ending inventory and...