Homework Answers
Part 1
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HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO |
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| Cost | Retail | ||
| Purchases | 65200 | 100000 | |
| Add: markups (net) | 0 | 1900 | |
| Less: markdowns (net) | 0 | -40 | |
| 65200 | 101500 | ||
| Cost to retail ratio (65200/101500) | 0.642 | ||
| Beginning inventory | 28400 | 40200 | |
| Goods available for sale | 93600 | 141700 | |
| Less : sales | -80000 | ||
| Ending inventory (61700*0.642) | 39611 | 61700 | |
Part 2
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Hermes company Calculation of ending inventory by retail inventory method Average method |
|||
| Cost | retail | ||
| Beginning inventory | 28400 | 40200 | |
| Add:Purchases | 65200 | 100000 | |
| Add: markups (net) | 1900 | ||
| Less: markdowns (net) | -400 | ||
| Goods available for sale | 93600 | 141700 | |
| Cost to retail ratio (93600/141700) | 0.661 | ||
| Less: sales | -80000 | ||
| Ending inventory (61700*0.661) | 40784 | 61700 | |
Part 3
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Hermes company Calculation of ending inventory at retail inventory method LIFO |
|||
| Cost | Retail | ||
| Beginning inventory | 28400 | 4020 | |
| Cost to retail ratio (28400/40200) | 0.706 | ||
| Purchases | 65200 | 100000 | |
| Add: markups (net) | 1900 | ||
| Less: markdowns (net) | -400 | ||
| 65200 | 101500 | ||
| Cost to retail ratio (65200/101500) | 0.642 | ||
| Goods available for sale | 93600 | 141700 | |
| Less : sales | -80000 | ||
| Ending inventory | 42203 | 61700 | |
| (40200*0.706)+(21500*0.642) | |||
Part 4
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Hermes company Calculation of ending inventory at retail inventory method Lower of cost or market (based on average method) |
|||
| Cost | Retail | ||
| Beginning inventory | 28400 | 40200 | |
| Purchases | 65200 | 100000 | |
| Add: markups (net) | 1900 | ||
| 93600 | 142100 | ||
| Cost to retail ratio (93600/142100) | 0.659 | ||
| Less : markdowns (net) | -400 | ||
| Less: sales | -80000 | ||
| Ending inventory (61700*0.659) | 40660 | 61700 | |
Add Answer to:
Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...
Harmes Company is a clothing store that uses the retail inventory method. The following information relates...
Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2016: Cost Retail Inventory, January 1 $28,100 $41,400 Purchases 67,700 101,600 Markups (net) — 2,000 Markdowns (net) — 400 Sales — 86,600 Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. 1. Compute...
PLEASE explain how to get to the answer too. Retail Inventory Method Harmes Company is a clothing store that uses the re...
PLEASE explain how to get to the answer too. Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year: Cost Retail Inventory, January 1 $29,200 $41,500 Purchases 66,200 101,700 Markups (net) — 2,200 Markdowns (net) — 200 Sales — 86,500 Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal...
PLEASE explain how to get the answer. Retail Inventory Method The following information relates to the...
PLEASE explain how to get the answer. Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Cost Retail Beginning inventory $11,160 $18,000 Purchases 54,600 92,400 Freight-in 840 — Net additional markups — 600 Net markdowns — 1,144 Sales — 94,056 Required: 1 (a). Compute the ending inventory by the retail inventory method using the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to...
Cost Retail $32,500 130,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: $65,000 235,364...
Cost Retail $32,500 130,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: $65,000 235,364 4,000 3,000 180,000 - 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal p HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Cost 130.000 Purchases Add: Markups (net) Less: Markdowns (net) $130,000 2.36,364 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales HARMES COMPANY Calculation...
PLEASE explain how to get the answer Retail Inventory Method Turner Corporation uses the retail inventory...
PLEASE explain how to get the answer Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Cost Retail Cost Retail Inventory, January 1 $28,000 $44,000 Additional markups — $36,800 Purchases (gross price) 140,000 190,000 Markup cancellations — 7,360 Purchases discounts taken 3,000 — Markdowns — 14,000 Purchases returns 6,000 9,000 Markdown cancellations — 2,100 Freight-in 20,000 — Net Sales — 180,000 Employee discounts — 3,000 Required: 1. Compute the cost of the ending...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2020 Purchases 2019 Cost Retail $202,400 $430,000 20,000 - 10,000 410,000 Cost $247,500 - - 2021 Cost Retail $240,100 $500,000 - 10,000 Retail $560,000 30,000 40,000 600,000 Net additional markups Net markdowns 20,000 Sales 450,000 The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 88,000 $178,000 356,000 578,000 8,800 6,800 10,800 15,800 11,800 2,800 4,867 7,800 538,000 9,800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,800. Required: 1. Estimate Sparrow's ending inventory and cost of goods...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for i...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018 3 Inventory, october 1, 2018: s 11,00e 21,000 At cost At retail Purchases (exclusive of freight and returns): 5 points At cost At retail Freight-in Purchase returns: 96,284 137,500 4,200 1,200 1,900 1,600 200 710 3,600 126,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
7:56 Aa a A E9.20 (LO 5) (Retail Inventory Method) Presented below is information related to...
7:56 Aa a A E9.20 (LO 5) (Retail Inventory Method) Presented below is information related to Bobby Engram Company. Retail Cost Beginning 58,000 $100,000 inventory Purchases 122,000 200,000 (net) Net 10,345 markups Net 26,135 markdowns Sales 186,000 revenue Instructions Compute the ending inventory at retail. a. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions 1. Excluding markdowns both markups and 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups 4. Including both...
Cost Retail $32,500 130,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: $65,000 235,364 4,000 3,000 180,000 - 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal p HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Cost 130.000 Purchases Add: Markups (net) Less: Markdowns (net) $130,000 2.36,364 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales HARMES COMPANY Calculation...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2020 Purchases 2019 Cost Retail $202,400 $430,000 20,000 - 10,000 410,000 Cost $247,500 - - 2021 Cost Retail $240,100 $500,000 - 10,000 Retail $560,000 30,000 40,000 600,000 Net additional markups Net markdowns 20,000 Sales 450,000 The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 88,000 $178,000 356,000 578,000 8,800 6,800 10,800 15,800 11,800 2,800 4,867 7,800 538,000 9,800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,800. Required: 1. Estimate Sparrow's ending inventory and cost of goods...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018 3 Inventory, october 1, 2018: s 11,00e 21,000 At cost At retail Purchases (exclusive of freight and returns): 5 points At cost At retail Freight-in Purchase returns: 96,284 137,500 4,200 1,200 1,900 1,600 200 710 3,600 126,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal...
7:56 Aa a A E9.20 (LO 5) (Retail Inventory Method) Presented below is information related to Bobby Engram Company. Retail Cost Beginning 58,000 $100,000 inventory Purchases 122,000 200,000 (net) Net 10,345 markups Net 26,135 markdowns Sales 186,000 revenue Instructions Compute the ending inventory at retail. a. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions 1. Excluding markdowns both markups and 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups 4. Including both...
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