Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending...
Marilee's Electronics uses a periodic inventory system and the
average cost retail method to estimate ending inventory and cost of
goods sold. The following data is available from the company
records for the month of June 2021:
| Cost | Retail | ||||||
| Beginning inventory | $ | 105,000 | $ | 140,000 | |||
| Net purchases | 335,000 | 550,000 | |||||
| Net markups | 30,000 | ||||||
| Net markdowns | 45,000 | ||||||
| Net sales | 570,000 | ||||||
To the nearest thousand, estimated ending inventory is:
Homework Answers
| Cost | Retail | |
| Beginning inventory | $105,000 | $140,000 |
| Add: Net Purchase | $335,000 | $550,000 |
| Add: Net markups | $30,000 | |
| Less: Net markdowns | ($45,000) | |
| Goods available for sale | $440,000 | 675,000 |
| Sale | $570,000 | |
| Ending inventory | $105,000 |
Cost to retail = $440,000 / $675,000 = 65.19%
Ending inventory at cost = $105,000 X 65.19% = $68,450
Note: There are no instructions regarding the number of decimal places to be taken for cost to retail percentage. 2 decimal places for cost to retail percentage is taken for calculation.
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Marilee's Electronics uses a periodic inventory system and the
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Retail
Beginning inventory
$
315,000
$
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14,000
Net markups
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Net markdowns
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conventional method.
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Cost
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Beginning inventory
$
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$
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Net purchases
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Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
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Net sales
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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.
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