Inventory was taken and the count was $2,316,000. Is there a shortage or overage and by how much in dollars if the net sales are $13,350,000?
January sales are $688,000
January markdowns are 75.0%
January receipts are $1,155,000
January returns to vendor are $136,000
January BOM is $2,956,000
Solution:
January closing BOM = January BOM + january receipts - january sales - january markdowns - january returns to vendor
= $2956000 + $1155000 - $688000 - (2956000*75%) - $136000
= $1,070,000
Physical count = $2316,000
There is overage of = $2316000 - $1070000 = $1,246,000
Inventory was taken and the count was $2,316,000. Is there a shortage or overage and by...
Inventory was taken and the count was $2,316,000. Is there a shortage or overage and by how much in percentage if the net sales are $13,350,000? January sales are $688,000 January markdowns are 75.0% January receipts are $1,155,000 January returns to vendor are $136,000 January BOM is $2,956,000
Calculate the February book BOM for the shoe department if: January sales are $688,000 January markdowns are 75.0% January receipts are $1,155,000 January returns to vendor are $136,000 January BOM is $2,956,000
If a physical inventory was taken in January and the actual inventory is $209,400, is there a shortage or overage and by how much in dollars? Net sales for the year is $153,800. January BOM $215,480 January Sales $26,675 January Markdowns $24,485 January Receipts $48,500
If a physical inventory was taken in January and the actual inventory is $209,400. Net sales for the year is $153,800. What is the shortage or overage percentage? January BOM $215,480 January Sales $26,675 January Markdowns $24,485 January Receipts $48,500
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
Net sales for the misses' sportswear department were $359,000. Physical inventory was taken and the amount is $636,000. Book inventory shows S625,648. Was there a shortage or overage, and by how much in dollars? What is the shortage or overage 96? 8.
3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchases Customer returns Gross sales Transfers in Transfers out Markdowns Markdown cancellations Employee discounts Closing physical inventory $64,280 $960 $123,645 $9,780 $105,420 $9,769 $12,219 $15,290 $940 $670 $65,700
Toyland wishes to produce quarterly financial statements, but it takes a physical count of Inventory only at year-end. The following historical data were taken from the Year 1 and Year 2 accounting records: Year Year Net sales Cost of goods sold $15e,88 19e,808 89,288 76,888 At the end of the first quarter of Year 3, Toyland's ledger had the followIng account balances: Sales Purchases Beginning inventory 1/1/Year 3 Ending inventory 3/31/Year 3 $218,806e 98,888 32,180 16,888 Based on purchases and...
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
Corp. f.o.b. shipping point on December 31, 2020. The carrier
picked...
Max's Co.'s inventory on December 31, 2005 was $1,500,000, based on a physical count priced at cost, and before any necessary adjustment for the following: • Merchandise costing $90,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. • Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005,...