Homework Answers
The correct answer is:
$142470.80
Notes
The method to calculate the ending inventory will be as under:
| $ Millions | |||
| Particulars | Cost Method | Retail Method | |
| Beginning Inventory | 78 | 123 | |
| Add: | Net Purchases | 668 | 1002 |
| Add: | Freight Inward | 28 | |
| Add: | Mark up | 5 | |
| = | Goods available for sale before markdown | 774 | 1130 |
| Less: | Net Markdowns | 8 | |
| = | Goods available for sale after markdown | 774 | 1122 |
| Less: | Sales | 914 | |
| = | Estimated Ending Inventory | 1,42,470.80 | 208 |
Ending inventory at cost = (Goods available for sale before markdown (AT COST) / Goods available for sale before markdown (AT RETAIL))* ending inventory at retail
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Required Information [The following information applies to the questions displayed below.) SmithKline Company maintains inventory records...
Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records...
Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 85 $ 130 Purchases 676 1,011 Freight-in on purchases 35 Purchase returns 1 2 Net markups 3 Net markdowns 7 Net sales 921 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method....
Help Save w SmithKline Company maintains inventory records at selling prices as well as at cost...
Help Save w SmithKline Company maintains inventory records at selling prices as well as at cost For 2018, the records indicate the following data Beginning inventory $ 845120 632 . Freight in on purchases Required: Assuming the price level increased from 1 at January 1 to 165 at December 31, 2018, use the dollar value LIFO retail method to approximate cost of ending inventory and cost of goods sold (Do not round Intermediate calculations. Round final answers to the nearest...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data $ in 000s Cost Retail $ 71 $116 662 997 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 21 2 907 Required Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2...
Help Save & TWO SmithKline Company maintains inventory records at selling prices as well as at...
Help Save & TWO SmithKline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data Bezinnin Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands Round your cost-to-retail percentage calculation and final answers to 2 decimal places.) 1. Average cost 2 Conventional < Prev 6 of 10 Next >
ter 9 Homework + Smith-Kline Company maintains inventory records at selling prices as well as at...
ter 9 Homework + Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: 5 in Bees) Cost Retail $91 $10 SIR 905 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net warkdowns Net sales Required: Assuming the price level increased from 1.00 at January 1 to 1.50 at December 31, 2021, use the dollar value LIFO retail method to approximate cost of ending inventory and cost...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 82 $ 127 Purchases 673 1,008 Freight-in on purchases 32 Purchase returns 1 2 Net markups 3 Net markdowns 8 Net sales 916 Use the retail method to approximate cost of ending inventory valued under Average cost method
Problem 9-9 Retail method-average cost and conventional (LO9-3, 9-4] Smith-Kline Company maintains inventory records at selling...
Problem 9-9 Retail method-average cost and conventional (LO9-3, 9-4] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: ($ in 000s) Cost Retail $ 72 $117 663 998 22 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 908 Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 124 $ 155 Purchases 700 1,056 Freight-in on purchases 36 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 922 Required: Assuming the price level increased from 1.00 at January 1 to 1.40 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....
Help Save w SmithKline Company maintains inventory records at selling prices as well as at cost For 2018, the records indicate the following data Beginning inventory $ 845120 632 . Freight in on purchases Required: Assuming the price level increased from 1 at January 1 to 165 at December 31, 2018, use the dollar value LIFO retail method to approximate cost of ending inventory and cost of goods sold (Do not round Intermediate calculations. Round final answers to the nearest...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data $ in 000s Cost Retail $ 71 $116 662 997 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 21 2 907 Required Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2...
Help Save & TWO SmithKline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data Bezinnin Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands Round your cost-to-retail percentage calculation and final answers to 2 decimal places.) 1. Average cost 2 Conventional < Prev 6 of 10 Next >
ter 9 Homework + Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: 5 in Bees) Cost Retail $91 $10 SIR 905 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net warkdowns Net sales Required: Assuming the price level increased from 1.00 at January 1 to 1.50 at December 31, 2021, use the dollar value LIFO retail method to approximate cost of ending inventory and cost...
Problem 9-9 Retail method-average cost and conventional (LO9-3, 9-4] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: ($ in 000s) Cost Retail $ 72 $117 663 998 22 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 908 Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....
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