![Brief Exercise 9-12 3Your answer is incorrect. Try again. Pina Inc. had beginning inventory of $12.505 at cost and $20,500 at retail. Net purchases were $115,121 at cost and $159600 at retail. Net markips were S 10,200, markdowns were $7,200, and sales revenue was $146,600. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.) -25842] Ending inventory using LIFO retail method LINK 10 TE](http://img.homeworklib.com/questions/850b6f80-785b-11ea-b2c4-ddf66b27fbf1.png?x-oss-process=image/resize,w_560)
Homework Answers
| Cost | Retail | |
|---|---|---|
| Beginning Inventory | 12505 | 20500 |
| Add: Net purchases | 115121 | 159600 |
| Add: Net Markups | 10200 | |
| Less: Net Markdowns | (7200) | |
|
Total (excluding beginning inventory) |
115121 | 162600 |
| Ratio of cost of retail= 115121/162600*100= 71% | ||
|
Total (including beginning inventory) |
127626 | 183100 |
| Less: Net Sales | (146600) | |
| Ending inventory at retail | 36500 |
To calculate the ending inventory at cost
Subract the beginning retail inventory from the ending retail inventory which will give you the ending inventory layer
= ending inventory at retail - beginning inventory at retail
= 36500 - 20500
=16000
| Ending Inventory | layers at retail pricess | Cost of retail % | End inventory LIFO cost |
|
Retail prices 36500 |
Beginning : 20500 |
61% (12505/20500*100) |
20500 *61%= 12505 |
|
Ending : 16000 (36500-20500) |
71% 115121/162600*100) |
16000 *71%= 11360 | |
| Total: | 23865 |
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Brief Exercise 9-12 3Your answer is incorrect. Try again. Pina Inc. had beginning inventory of $12.505...
Brief Exercise 9-10 Buffalo Inc. had beginning inventory of $12,700 at cost and $20,900 at retail....
Brief Exercise 9-10 Buffalo Inc. had beginning inventory of $12,700 at cost and $20,900 at retail. Net purchases were $113,930 at cost and $158,500 at retail. Net markups were $9,600, net markdowns were $7,400, and sales revenue was $151,100. 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 o decimal places, e.g. 28,987.) Ending inventory using the conventional retail method LINK TO TEXT
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...
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
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
Exercise 9-25 Kingbird Company began operations late in 2016 and adopted the conventional retail inventory method....
Exercise 9-25
Kingbird Company began operations late in 2016 and adopted the
conventional retail inventory method. Because there was no
beginning inventory for 2016 and no markdowns during 2016, the
ending inventory for 2016 was $14,110 under both the conventional
retail method and the LIFO retail method. At the end of 2017,
management wants to compare the results of applying the
conventional and LIFO retail methods. There was no change in the
price level during 2017. The following data are...
Exercise 9-25 Marigold Company began operations late in 2016 and adopted the conventional retail inventory method....
Exercise 9-25
Marigold Company began operations late in 2016 and adopted the
conventional retail inventory method. Because there was no
beginning inventory for 2016 and no markdowns during 2016, the
ending inventory for 2016 was $13,737 under both the conventional
retail method and the LIFO retail method. At the end of 2017,
management wants to compare the results of applying the
conventional and LIFO retail methods. There was no change in the
price level during 2017. The following data are...
Exercise 9-25 Marin Company began operations late in 2016 and adopted the conventional retail inventory method. Because...
Exercise 9-25
Marin Company began operations late in 2016 and adopted the
conventional retail inventory method. Because there was no
beginning inventory for 2016 and no markdowns during 2016, the
ending inventory for 2016 was $12,016 under both the conventional
retail method and the LIFO retail method. At the end of 2017,
management wants to compare the results of applying the
conventional and LIFO retail methods. There was no change in the
price level during 2017. The following data are...
Concord Company began operations late in 2019 and adopted the conventional retail inventory method. Because there...
Concord Company began operations late in 2019 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2019 and no markdowns during 2019, the ending inventory for 2019 was $15,409 under both the conventional retail method and the LIFO retail method. At the end of 2020, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2020. The following data are available for...
Crane Company began operations late in 2019 and adopted the conventional retail inventory method. Because there...
Crane Company began operations late in 2019 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2019 and no markdowns during 2019, the ending inventory for 2019 was $13,202 under both the conventional retail method and the LIFO retail method. At the end of 2020, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2020. The following data are available for...
Brief Exercise 9-10 Buffalo Inc. had beginning inventory of $12,700 at cost and $20,900 at retail. Net purchases were $113,930 at cost and $158,500 at retail. Net markups were $9,600, net markdowns were $7,400, and sales revenue was $151,100. 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 o decimal places, e.g. 28,987.) Ending inventory using the conventional retail method LINK TO TEXT
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...
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 9-25
Kingbird Company began operations late in 2016 and adopted the
conventional retail inventory method. Because there was no
beginning inventory for 2016 and no markdowns during 2016, the
ending inventory for 2016 was $14,110 under both the conventional
retail method and the LIFO retail method. At the end of 2017,
management wants to compare the results of applying the
conventional and LIFO retail methods. There was no change in the
price level during 2017. The following data are...
Exercise 9-25
Marigold Company began operations late in 2016 and adopted the
conventional retail inventory method. Because there was no
beginning inventory for 2016 and no markdowns during 2016, the
ending inventory for 2016 was $13,737 under both the conventional
retail method and the LIFO retail method. At the end of 2017,
management wants to compare the results of applying the
conventional and LIFO retail methods. There was no change in the
price level during 2017. The following data are...
Exercise 9-25
Marin Company began operations late in 2016 and adopted the
conventional retail inventory method. Because there was no
beginning inventory for 2016 and no markdowns during 2016, the
ending inventory for 2016 was $12,016 under both the conventional
retail method and the LIFO retail method. At the end of 2017,
management wants to compare the results of applying the
conventional and LIFO retail methods. There was no change in the
price level during 2017. The following data are...
Crane Company began operations late in 2019 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2019 and no markdowns during 2019, the ending inventory for 2019 was $13,202 under both the conventional retail method and the LIFO retail method. At the end of 2020, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2020. The following data are available for...
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