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7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening...
16. 2 Calculate the closing book inventory given the following information: Retail opening inventory $150,000.00 gr...
16. 2 Calculate the closing book inventory given the following information: Retail opening inventory $150,000.00 gross purchases $125,000.00 returns to vendors $20,000.00 net purchases transfers in $35,000.00 transfers out $10,000.00 additional markup $2,000.00 total merch handled net sales $112,000.00 markdowns $18,000.00 markdown cancellations $3,000.00 employee discounts $3,000.00 total retail deductions closing book inventory
59 60 7. 61 Calculate the total merchandise handled given the following information. 62 You may...
59 60 7. 61 Calculate the total merchandise handled given the following information. 62 You may not need all of the information you have been provided: 63 Retail opening inventory $235,000.00 gross purchases $160,000.00 returns to vendors $35,000.00 net purchases transfers out $15,000.00 additional markup $5,000.00 total merch handled gross sales $65,000.00 customer returns $13,000.00 net markdowns $17,000.00 employee discounts $3,500.00 total retail deductions closing book inventory
Cost 227 221 18. 222 Given the following information, calculate the maintained markup %: 223 Retail...
Cost 227 221 18. 222 Given the following information, calculate the maintained markup %: 223 Retail 224 opening inventory $69,600.00 $145,000.00 225 gross purchases $36,000.00 $75,000.00 returns to vendors $7,200.00 $15,000.00 net purchases $98,400.00 freight $2,000.00 229 total merch handled $100,400.00 CMU = 230 net sales $80,000.00 cost % = 231 net markdowns $12,000.00 232 employee discounts $2,000.00 233 total retail deductions 234 closing book inventory 235 gross cost of merch sold 236 alterations costs $3,000.00 cash discounts $5,500.00 238...
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is...
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is there an inventory shortage or overage? 85 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions closing book inventory 100 closing physical inventory $350,000.00 shortage /overage $ shortage / overage...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The in...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchase...
3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchases Customer returns Gross sales Transfers in Transfers out Markdowns Markdown cancellations Employee discounts Closing physical inventory $64,280 $960 $123,645 $9,780 $105,420 $9,769 $12,219 $15,290 $940 $670 $65,700
6. Given the following information, determine the book value of the closing inventory: issues: $300 opening...
6. Given the following information, determine the book value of the closing inventory: issues: $300 opening inventory: $800 purchases: $200 a. $700 b. $900 c. $1300 Answer:
ACC 304: Financial Reporting In Class Problems Chapters 7-9 Problem #4: Retail Inventory Method The records...
ACC 304: Financial Reporting In Class Problems Chapters 7-9 Problem #4: Retail Inventory Method The records of Ellen's Boutique report the following data for the month of April. Sales Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $99,000 2,000 10,000 1,500 9,300 2,800 2,400 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) $48,000 88,000 2,000 3,000 30,000 Instructions: Compute the...
Compute the inventory by the conventional retail inventory method. E9-22 (L05) (Retail Inventory Method) The records...
Compute the inventory by the conventional retail inventory method. E9-22 (L05) (Retail Inventory Method) The records of Ellen's Boutique report the following data for the month of April Sales revenue Sales returns Markups Markup cancellations $99,000 Purchases (at cost) 2000 Puchases (at sales price) 88,000 2,000 3,000 30,000 10,000 Purchase returns (at cost) 1,500 Purchase returns (at sales price) 9,300 Beginning inventory (at cost) 2,800 Beginning inventory (at sales price) 2.400 Markdowns Freight on purchases the convel ela
Estimating Inventory Using Retail Inventory Method Conventional Retail-Mart values its inventory using the conventional retail inventory...
Estimating Inventory Using Retail Inventory Method Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost $53,800 Inventory, June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances Sales returns and allowances Selling Price $80,000 21,000 29,000 10,000 9,000 223,600 250,000 3,600 10,000 173,200 3,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
16. 2 Calculate the closing book inventory given the following information: Retail opening inventory $150,000.00 gross purchases $125,000.00 returns to vendors $20,000.00 net purchases transfers in $35,000.00 transfers out $10,000.00 additional markup $2,000.00 total merch handled net sales $112,000.00 markdowns $18,000.00 markdown cancellations $3,000.00 employee discounts $3,000.00 total retail deductions closing book inventory
59 60 7. 61 Calculate the total merchandise handled given the following information. 62 You may not need all of the information you have been provided: 63 Retail opening inventory $235,000.00 gross purchases $160,000.00 returns to vendors $35,000.00 net purchases transfers out $15,000.00 additional markup $5,000.00 total merch handled gross sales $65,000.00 customer returns $13,000.00 net markdowns $17,000.00 employee discounts $3,500.00 total retail deductions closing book inventory
Cost 227 221 18. 222 Given the following information, calculate the maintained markup %: 223 Retail 224 opening inventory $69,600.00 $145,000.00 225 gross purchases $36,000.00 $75,000.00 returns to vendors $7,200.00 $15,000.00 net purchases $98,400.00 freight $2,000.00 229 total merch handled $100,400.00 CMU = 230 net sales $80,000.00 cost % = 231 net markdowns $12,000.00 232 employee discounts $2,000.00 233 total retail deductions 234 closing book inventory 235 gross cost of merch sold 236 alterations costs $3,000.00 cash discounts $5,500.00 238...
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is there an inventory shortage or overage? 85 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions closing book inventory 100 closing physical inventory $350,000.00 shortage /overage $ shortage / overage...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchases Customer returns Gross sales Transfers in Transfers out Markdowns Markdown cancellations Employee discounts Closing physical inventory $64,280 $960 $123,645 $9,780 $105,420 $9,769 $12,219 $15,290 $940 $670 $65,700
6. Given the following information, determine the book value of the closing inventory: issues: $300 opening inventory: $800 purchases: $200 a. $700 b. $900 c. $1300 Answer:
ACC 304: Financial Reporting In Class Problems Chapters 7-9 Problem #4: Retail Inventory Method The records of Ellen's Boutique report the following data for the month of April. Sales Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $99,000 2,000 10,000 1,500 9,300 2,800 2,400 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) $48,000 88,000 2,000 3,000 30,000 Instructions: Compute the...
Compute the inventory by the conventional retail inventory method. E9-22 (L05) (Retail Inventory Method) The records of Ellen's Boutique report the following data for the month of April Sales revenue Sales returns Markups Markup cancellations $99,000 Purchases (at cost) 2000 Puchases (at sales price) 88,000 2,000 3,000 30,000 10,000 Purchase returns (at cost) 1,500 Purchase returns (at sales price) 9,300 Beginning inventory (at cost) 2,800 Beginning inventory (at sales price) 2.400 Markdowns Freight on purchases the convel ela
Estimating Inventory Using Retail Inventory Method Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost $53,800 Inventory, June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances Sales returns and allowances Selling Price $80,000 21,000 29,000 10,000 9,000 223,600 250,000 3,600 10,000 173,200 3,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
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