Homework Answers
1.
Net purchases = Purchases + Transportation in - Purchase returns - Purchase discount
= 420,000 + 10,000 - 5,000 - 2,000
= $423,000
2.
Cost of goods available for sale = Beginning inventory + Net purchases
= 33,000 + 423,000
= $456,000
3.
Cost of goods sold = Cost of goods available for sale - Ending inventory
= 456,000 - 37,000
= $419,000
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Beginning inventory
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Net markups
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Net markdowns
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retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
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