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Given the following October 2017 data for the Paquette Company: At Cost $1,000 Beginning Inventory Mark...
1.Given the following October 2017 data for the Paquette Company: Using the Retail method, the inventory...
1.Given the following October 2017 data for the Paquette
Company:
Using the Retail method, the inventory cost estimate at 10/31/17
is:
Select one:
a. $2,900
b. $2,354
c. $2,278
d. $2,250
e. $3,000
2.Given the following March 2016 data for the Werthmann
Company:
The estimated inventory at 3/31/16 is:
Select one:
a. $500
b. $1,200
c. $720
d. $800
e. $320
At Cost $1,000 Beginning Inventory Mark ups Mark-up Cancellations Net Sales Net Purchases At Retail $1,250 $250 $150 $5,000...
6) The records of Ellen's boutique report the following data for the month of October: Sales...
6) The records of Ellen's boutique report the following data for the month of October: Sales $297,000 Sales returns 6,000 Additional markups 30,000 Markup cancellations 4,500 Markdowns 27,900 Markdown cancellations 8,400 Freight of purchases 7,200 Loss due to breakage (retail) 1,000 Purchases (cost) Purchases (retail) Purchase returns (cost) Purchase returns (retail) Beg. Inventory (cost) Beg. Inventory (retail) Employee Discounts $144,000 264,000 6,000 9,000 90,000 139,500 1,500 Using the conventional retail inventory method, compute the cost of their ending inventory. (14...
The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchase...
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
The Hawkins Company had beginning inventory of $4,500 at cost and $5,000 at retail, purchases of...
The Hawkins Company had beginning inventory of $4,500 at cost and $5,000 at retail, purchases of $30,000 at cost and $40,000 at retail, retail sales of $36,000, markups of $2,000, and markdowns of $1,000. The cost of ending inventory using average cost under the retail method is: a) $7,700. b) $4,000. c) $34,500. d) $7,500.
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...
Based on the following information in scrambled order),compute the ending inventory at cost using: (1) the...
Based on the following information in scrambled order),compute the ending inventory at cost using: (1) the conventional retail method and (2) the cost retail method. You should round the cost-to-retail ratios to four decimal places, e.g. 0.345678-0.3457 or 34.57%. In your final answer, separately indicate (a) ending inventory at retail, (b) cost-to-retail ratio, and (c) ending inventory at cost. Summarize your answers on the bottom of page. At cost $5,200 At retail $19,000 800 3,700 Inventory, Beginning Markup cancellations Freight-in...
San Lorenzo General Store 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 month of October 2021:
San Lorenzo General Store 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 month of October 2021: CostRetailBeginning inventory$47,000$62,000Net purchases10,48032,800Net markups2,400Net markdowns1,400Net sales44,000Required:Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided.
The financial statements for Telfer Company at January 31, 2017, the following data were available:  ...
The financial statements for Telfer Company at January 31, 2017, the following data were available: At Cost At Retail Inventory, February 1, 2017 $70,800 $ 98,500 Markdowns 35,000 Markups 63,000 Markdown cancellations 20,000 Markup cancellations 10,000 Purchases (net) 215,200 288,500 Sales revenue 335,000 Sales returns and allowances 10,000 Required Compute the ending inventory at cost as of January 31, 2017, using the conventional...
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases...
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computatio decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases...
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computatio decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
1.Given the following October 2017 data for the Paquette
Company:
Using the Retail method, the inventory cost estimate at 10/31/17
is:
Select one:
a. $2,900
b. $2,354
c. $2,278
d. $2,250
e. $3,000
2.Given the following March 2016 data for the Werthmann
Company:
The estimated inventory at 3/31/16 is:
Select one:
a. $500
b. $1,200
c. $720
d. $800
e. $320
At Cost $1,000 Beginning Inventory Mark ups Mark-up Cancellations Net Sales Net Purchases At Retail $1,250 $250 $150 $5,000...
6) The records of Ellen's boutique report the following data for the month of October: Sales $297,000 Sales returns 6,000 Additional markups 30,000 Markup cancellations 4,500 Markdowns 27,900 Markdown cancellations 8,400 Freight of purchases 7,200 Loss due to breakage (retail) 1,000 Purchases (cost) Purchases (retail) Purchase returns (cost) Purchase returns (retail) Beg. Inventory (cost) Beg. Inventory (retail) Employee Discounts $144,000 264,000 6,000 9,000 90,000 139,500 1,500 Using the conventional retail inventory method, compute the cost of their ending inventory. (14...
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
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...
Based on the following information in scrambled order),compute the ending inventory at cost using: (1) the conventional retail method and (2) the cost retail method. You should round the cost-to-retail ratios to four decimal places, e.g. 0.345678-0.3457 or 34.57%. In your final answer, separately indicate (a) ending inventory at retail, (b) cost-to-retail ratio, and (c) ending inventory at cost. Summarize your answers on the bottom of page. At cost $5,200 At retail $19,000 800 3,700 Inventory, Beginning Markup cancellations Freight-in...
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computatio decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
Exercise 9-21 Presented below is information related to Ivanhoe Company. Cost $252,942 1,383,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computatio decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method
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