Homework Answers
| Solution | ||||
| Estimated cost of ending inventory | ||||
| Particular | Cost | Retail | wichever in lower | |
| Beginning Inventory | 12,000 | 30,000 | 12000 | |
| Purchases | 60,000 | 1,10,000 | 60000 | |
| Net markups | 10,000 | 10000 | ||
| Net markdowns | 20,000 | 20000 | ||
| Sales Revenue | 90,000 | 90000 | ||
| COST | 192000 | |||
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Union Corp. uses the retail method of inventory valuation. The following information is available: Cost Retail...
Campbell Corporation uses the retail method to value its inventory. The following information is available for...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $230,000 $284,000 584,000 872,000 12,000 24,000 4,400 840,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. Cost Retail Cost-to- Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns Goods available for sale Cost-to-retail...
Campbell Corporation uses the retail method to value its inventory. The following information is available for...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost $ 280,000 687,000 17,000 Retail $289,000 912,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 29,000 4,900 890,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale 0 0 Cost-to-retail percentage Less: Net...
Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for...
Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for the year 2016: Merchandise inventory $370,000 $298,000 726,000 984,000 January 1, 2016 Purchases Freight-In Net markups Net markdowns Net sales 26,000 38,000 5,800 980,000 Required: Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value. Cost-to-Retail Ratio Retail Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales...
Plank Co. uses the retail inventory method. The following information is available for the current year....
Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $78,000 $122,000 Purchases 295,000 415,000 Freight-in 5,000 — Employee discounts — 2,000 Net markups — 15,000 Net Markdowns — 20,000 Sales — 390,000 The approximate cost of the ending inventory by the conventional retail method is a. $95,900. b. $94,920. c. $98,000. d. $102,480.
Presented below is information related to Luzon SA. Cost Retail Beginning inventory R$ 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...
Campbell Corporation uses the retail method to value its inventory. The following information is available for...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
provided Campbell Corporation uses the retail method to value its inventory. The following information is available...
provided Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Retail Cost $190,000 $280,000 Merchandise inventory, January 1, 2021 Purchases 600,000 840,000 8,000 Freight-in Net markups 20,000 4,000 Net markdowns 800,000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided.
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2018: Cost Retail Beginning inventory $ 420,000 $ 555,000 Net purchases 915,000 1,330,000 Freight-in 24,650 Net markups 60,000 Net markdowns 30,000 Net sales 1,260,000 Estimate ending inventory and cost of goods sold (LIFO). Cost Retail Cost to Retail Ratio Beginning inventory 420,000 555,000 Plus: Net Purchases 915,000 1,330,000...
Hutch, Inc., uses the conventional retail inventory method to account for inventory. The following information relates...
Hutch, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: Average Cost Retail $600,000$920,000 Beginning inventory and purchases Net markups Net markdowns Sales 40,000 60,000 780,000 What amount should be reported as cost of sales for the year?
Presented below is information related to Luzon SA. Cost Retail Beginning inventory R$ 58,000 R$100,000 -...
Presented below is information related to Luzon SA. Cost Retail Beginning inventory R$ 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...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $230,000 $284,000 584,000 872,000 12,000 24,000 4,400 840,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. Cost Retail Cost-to- Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns Goods available for sale Cost-to-retail...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost $ 280,000 687,000 17,000 Retail $289,000 912,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 29,000 4,900 890,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale 0 0 Cost-to-retail percentage Less: Net...
Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for the year 2016: Merchandise inventory $370,000 $298,000 726,000 984,000 January 1, 2016 Purchases Freight-In Net markups Net markdowns Net sales 26,000 38,000 5,800 980,000 Required: Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value. Cost-to-Retail Ratio Retail Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales...
Presented below is information related to Luzon SA.
Cost Retail
Beginning inventory R$ 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...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
provided Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Retail Cost $190,000 $280,000 Merchandise inventory, January 1, 2021 Purchases 600,000 840,000 8,000 Freight-in Net markups 20,000 4,000 Net markdowns 800,000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided.
Hutch, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: Average Cost Retail $600,000$920,000 Beginning inventory and purchases Net markups Net markdowns Sales 40,000 60,000 780,000 What amount should be reported as cost of sales for the year?
Presented below is information related to Luzon SA. Cost Retail Beginning inventory R$ 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...
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