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2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and...
Show how you got the answer Swifty Stores uses the retail inventory method for its two...
Show how you got the answer
Swifty Stores uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes. The following information for each department is obtained. Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail Women's Shoes Men's Shoes €44,120 €53,625 149,500 136,500 182,500 180,500 45,500 63,500 185,000 190,000 Compute the estimated cost of the ending inventory for each department under the...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
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: Cost Retail Beginning inventory $ 46,000 $ 66,000 Purchases 213,000 406,000 Freight-in 15,558 Purchase returns 7,000 9,000 Net markups 6,400 Net markdowns 4,100 Normal breakage 9,000 Net sales 286,000 Employee discounts 2,400 Sales are recorded net of employee discounts. 1. Compute estimated ending inventory and cost of...
Crosby Department Store estimates inventory by using the retail inventory method. The following information was develope...
Crosby Department Store estimates inventory by using the retail
inventory method. The following information was
developed:
At Cost
At Retail
Beginning inventory
$465,000
$ 750,000
Goods purchased
900,000
1,350,000
Net sales
1,500,000
The estimated cost of the ending inventory is
$210,000.
$372,000.
$400,000.
$390,000.
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
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: Cost Retail Beginning inventory $ 47,000 $ 67,000 Purchases 214,000 407,000 Freight-in 19,680 Purchase returns 7,500 9,500 Net markups 6,500 Net markdowns 4,200 Normal breakage 9,500 Net sales 287,000 Employee discounts 2,500 Sales are recorded net of employee discounts.
Required Information LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its...
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...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows: The inventory at January 1, 2016, had a retail value of $46,000 and a cost of $29,160 based on the conventional retail method. Transactions during 2016 were as follows: Cost Retail Gross purchases $ 291,540 $ 500,000 Purchase returns 6,000 11,000 Purchase discounts 5,100 Gross sales 500,000 Sales returns 8,500 Employee discounts 3,500 Freight-in 27,000 Net markups 26,000 Net markdowns 11,000 Sales...
Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for its...
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: Cost Retail Beginning inventory $ 48,000 $ 68,000 Purchases 215,000 408,000 Freight-in 26,194 Purchase returns 8,000 6,000 Net markups 6,600 Net markdowns 4,300 Normal breakage 6,000 Net sales 288,000 Employee discounts 2,600 Sales are recorded net of employee discount
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...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
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...
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...
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Swifty Stores uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes. The following information for each department is obtained. Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail Women's Shoes Men's Shoes €44,120 €53,625 149,500 136,500 182,500 180,500 45,500 63,500 185,000 190,000 Compute the estimated cost of the ending inventory for each department under the...
Crosby Department Store estimates inventory by using the retail
inventory method. The following information was
developed:
At Cost
At Retail
Beginning inventory
$465,000
$ 750,000
Goods purchased
900,000
1,350,000
Net sales
1,500,000
The estimated cost of the ending inventory is
$210,000.
$372,000.
$400,000.
$390,000.
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...
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...
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: 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...
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