Accountancy
Use the charts and information below to answer parts A, B, and C to receive full creit.
The following data information is available for Pumas Company. In order to determine ending inventory, Puma uses retail inventory method. Also, sale revenue is recorded net of employee discount, which totals $2k in the year.
Cost | Retail | |
Purchase Returns | 5,000 | 8,000 |
Purchases | 193,000 | 288,000 |
Abnormal Spoilage | 2,700 | 4,300 |
Beginning Inventory | 77,000 | 103,000 |
Amount ($) | Amount ($) | ||
Freight-in | 7,000 | Markdowns | 18,000 |
Normal Spoilage | 7,800 | Markdown Cancellations | 6,000 |
Sales Returns | 6,000 | Markups | 19,000 |
Sales Revenue | 218,000 | Markup Cancellations | 9,500 |
Now, if Puma uses the conventional retail inventory method, the ending inventory would most likely be which of the following? $103,962, $109,221, $107,110, $105,882
If Puma utilizes average cost retail inventory method, the ending inventory would most likely be which of the following? $116,745, $112,218, $110,526, $115,181
If Puma uses LIFO retail inventory method, the ending inventory is approximately which of the following:(assuming that all markups, abnormal spoilage, and markdowns are associated with purchases)? $109,312, $111,089, $110,572, $113,179
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9. (12 points) The records of Riverbed’s
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Purchases (at sales price) 88,500 Markups 10,100 Purchase returns
(at cost) 2,100 Markup cancellations 1,700 Purchase returns (at
sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost)
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price) 42,500 Freight on purchases 2,600 Compute the ending
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please help with this exercise . thanks
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9. (12 points) The records of Riverbed’s
Boutique report the following data for the month of April. Sales
revenue $106,300 Purchases (at cost) $51,500 Sales returns 2,100
Purchases (at sales price) 88,500 Markups 10,100 Purchase returns
(at cost) 2,100 Markup cancellations 1,700 Purchase returns (at
sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost)
17,564 Markdown cancellations 2,900 Beginning inventory (at sales
price) 42,500 Freight on purchases 2,600 Compute the ending
inventory as indicated below. (Round ratios for computational
purposes...
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