A retail company has goods available for sale of $210,000 at cost and $350,000 at retail price. It also had sales of $300,000 for the period. What is the estimated cost of ending inventory using the retail method?
$35,000 |
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$30,000 |
||
$50,000 |
||
$170,000 |
A company has $75,000 (at cost) of goods available for sale. Sales are $80,000, and the gross profit (markup) rate is 30%. What is estimated cost of ending inventory, using the gross profit method?
$19,000 |
||
$42,000 |
||
$24,000 |
||
$51,000 |
An overstatement of ending inventory at the end of the year results in:
no effect on net income for the current year. |
||
an understatement of net income for the following year. |
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an understatement of net income for the current year. |
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A retail company has goods available for sale of $210,000 at cost and $350,000 at retail...
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A company has cost of goods available for sale of $250,000, sales of \$287,000 , and a gross profit percentage of 30 percent. Using the gross profit method, what is the ending inventory? a. $49.100 b. $50,000 c. $113,000 d. \$163,900
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $59,400. The following information for the month of November was available from company records: Purchases $ 119,000 Freight-in 3,900 Sales 225,000 Sales returns 9,500 Purchases returns 8,500 In addition, the controller is aware of $12,500 of inventory that was stolen during November from one of...
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...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Retail Gross purchases $154,950 $390, 000 Purchase returns 5,500 4,000 30,000 Purchase discounts Gross sales Sales returns 341,000 5,000 Employee discounts Freight-in Net markups Net markdowns 4,000 30,500 15,000 30,000...
If net sales are $390,000. cost of goods available for sale is $340,000, and gross profit percentage is 35% What is the amount of ending inventory? Ending inventory
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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
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