Novak Inc., a retail store
chain, had the following information in its general ledger for the
year 2018.
Homework Answers
Solution :-
Calculation of Inventories cost for 2018
Merchandise purchased for resale $956,069
Purchase returns -$17,650
Freight-in $21,610
Cash discounts on purchases -$6,582
Novak’s inventoriable cost for 2018 =$953,447
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Novak Inc., a retail store
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Problem 8-01
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Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
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Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
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Skysong Co. purchased goods with a list price of $185,700,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Skysong Co. record as the cost of these
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$enter the Cost of goods purchased in dollars
LINK TO TEXT
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LINK TO TEXT
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end...
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Purchase returns Marketing expense Freight-in Interest on notes payable to vendors Freight-out (delivery expense on sales) Cash discounts on purchases $537,500 9,500 6,200 19,600 4,800 21.450 5,130 What is Cullumber's inventoriable cost for 2018? Cullumber's inventoriable cost for 2018 $ Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical...
Required Information LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Cost Retail $ 59,600 $ 79,000 226,000 419,000 15,578 9,000 11,500 7,700 5,400 11,500 299,000 2,100 Sales are recorded net of employee discounts. 2. Recompute the cost-to-retail percentage using...
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