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.
Homework Answers
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The Hawkins Company had beginning inventory of $4,500 at cost
and $5,000 at retail, purchases of...
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 $132,700. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail method
Presented below is information related to Luzon SA. Cost Retail Beginning inventory R$ 58,000 R$100,000 Purchases...
Presented below is information related to Luzon SA.
Cost Retail
Beginning inventory R$ 58,000 R$100,000
Purchases (net) 122,000 200,000
Net markups 20,000
Net markdowns 30,000
Good available for sale 180,000 290,000
Sales 186,000
Ending inventory 104,000
Instructions
a. Compute the ending inventory at retail.
b. Compute a cost-to-retail percentage (round to two decimals)
under the
following conditions.
1. Excluding both markups and markdowns.
2. Excluding markups but including markdowns.
3. Excluding markdowns but including markups.
4. Including both markdowns and...
1. Cheyenne Inc. had beginning inventory of $10,602 at cost and $18,600 at retail. Net purchases...
1. Cheyenne Inc. had beginning inventory of $10,602 at cost and
$18,600 at retail. Net purchases were $118,014 at cost and $175,500
at retail. Net markups were $9,300, net markdowns were $6,800, and
sales revenue was $149,800. Compute ending inventory at cost using
the LIFO retail method. (Round ratios for computational
purposes to 1 decimal place, e.g. 78.7% and final answer to 0
decimal places, e.g. 28,987.)
Ending inventory using LIFO
retail method
$
2. Nash Inc. had beginning inventory...
Cost Retail $32,500 130,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: $65,000 235,364...
Cost Retail $32,500 130,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: $65,000 235,364 4,000 3,000 180,000 - 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal p HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Cost 130.000 Purchases Add: Markups (net) Less: Markdowns (net) $130,000 2.36,364 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales HARMES COMPANY Calculation...
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...
Brief Exercise 9-10 Sandhill Inc. had beginning inventory of $12,400 at cost and $21,700 at retail....
Brief Exercise 9-10 Sandhill Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 at retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to o decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail method g
Bridgeport Inc. had beginning inventory of $12,320 at cost and $22,000 at retail. Net purchases were...
Bridgeport Inc. had beginning inventory of $12,320 at cost and $22,000 at retail. Net purchases were $110,544 at cost and $164,500 at retail. Net markups were $10,700, net markdowns were $7,200, and sales revenue was $148,800. Assume the price level increased from 100 at the beginning of the year to 120 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method
Exercise 9-21 Presented below is information related to Waterway Company. Cost Retail Beginning inventory Purchases Markups...
Exercise 9-21 Presented below is information related to Waterway Company. Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue $374,710 $283,000 1,393,000 2,165,000 93,800 16,500 37,300 4,500 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purpose Ending inventory using conventional retail inventory method
Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $ 61,600 $107,300 Purchases...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $ 61,600 $107,300 Purchases...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
Presented below is information related to Luzon SA.
Cost Retail
Beginning inventory R$ 58,000 R$100,000
Purchases (net) 122,000 200,000
Net markups 20,000
Net markdowns 30,000
Good available for sale 180,000 290,000
Sales 186,000
Ending inventory 104,000
Instructions
a. Compute the ending inventory at retail.
b. Compute a cost-to-retail percentage (round to two decimals)
under the
following conditions.
1. Excluding both markups and markdowns.
2. Excluding markups but including markdowns.
3. Excluding markdowns but including markups.
4. Including both markdowns and...
1. Cheyenne Inc. had beginning inventory of $10,602 at cost and
$18,600 at retail. Net purchases were $118,014 at cost and $175,500
at retail. Net markups were $9,300, net markdowns were $6,800, and
sales revenue was $149,800. Compute ending inventory at cost using
the LIFO retail method. (Round ratios for computational
purposes to 1 decimal place, e.g. 78.7% and final answer to 0
decimal places, e.g. 28,987.)
Ending inventory using LIFO
retail method
$
2. Nash Inc. had beginning inventory...
Cost Retail $32,500 130,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: $65,000 235,364 4,000 3,000 180,000 - 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal p HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Cost 130.000 Purchases Add: Markups (net) Less: Markdowns (net) $130,000 2.36,364 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales HARMES COMPANY Calculation...
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...
Brief Exercise 9-10 Sandhill Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 at retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to o decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail method g
Exercise 9-21 Presented below is information related to Waterway Company. Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue $374,710 $283,000 1,393,000 2,165,000 93,800 16,500 37,300 4,500 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purpose Ending inventory using conventional retail inventory method
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
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