Homework Answers
Retail Cost MEthod: This is a method of valuation of inventory, Mostly in the retail business this kind of valuation is done because always valuaing the cost price of the all product is not possible.
Retail cost price is a cost price + markup (100% in the given case) is taken for valuation method.
At the time of ending of period physical count is taken and retail price of the product is taken and profit margin is reduced from there retail price.
So Ending inventory Estimated Cost = $ 80,000 X 100/ 200 = $ 40,000
Answer = Option 3 = $ 40,000
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QUESTION 11 Garrison Company uses the retail method of inventory costing. They started the year with...
Garrison Company uses the retail method of inventory costing. It started the year with an inventory...
Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail cost of $30,351.00. During the year they purchased an inventory with a retail cost of $758,124.00. After performing a physical inventory, they calculated their inventory cost at retail to be $73,202.00. The mark up is 100% of cost. Determine the ending inventory at its estimated cost.
The president of Luna Sea Corporation is concened that the year-end inventory of the company is...
The president of Luna Sea Corporation is concened that the year-end inventory of the company is less than it should be. A physical count was made at year-end and the costing was accurately calculated using FIFO. The president asks you to estimae the year-end inventory from the following information: 1. Retail inventory method At retail At c should be Sales Less: Sales returns Net sales Cost of goods sold Opening inventory Purchases Less: Purchases returns Transportation-in Cost of goods available...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year...
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows: January 1, 2018, beginning inventory had a cost of $220,000 and a retail value of $350,000. Purchases during 2018 cost $2,130,000 with an original retail value of $3,500,000. Freight costs were $30,000 for incoming merchandise. Net additional markups were $400,000 and net markdowns were $300,000. Based on prior experience, shrinkage due to shoplifting was estimated to be $35,000 of...
Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...
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 Purchases $28,400 $40,200 $5,200 100,000 1,900 Markups (net) Markdowns (net) 400 Sales 80,000 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. HARMES...
2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and...
2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and Men's Shoes. The following information for each department is obtained. Women'sMens Shoes Item Shoes Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail 25,000 45,000 110,000 136,300 178,000 185,000 60,000 46,000 179,000185,000 Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.
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...
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 2018 are as follows: 33 Retail Cost $ 93,000 $183,000 583,000 Beginning inventory Purchases 362,000 9,300 7,300 Freight-in Purchase returns 11,300 20 Net markups 16,300 12,300 3,300 8,300 polnts Net markdowns Normal spoilage Abnormal spoilage 4,884 X 0228:31 Sales 543,000 Sales returns 10,300 The company records sales net of employee discounts. Discounts for 2018 totaled $4,300. Required: 1. Estimate Sparrow's ending inventory...
Mathews Company uses the weighted average process costing method. The company had no units in beginning...
Mathews Company uses the weighted average process costing method. The company had no units in beginning WIP Inventory. Mathews has calculated that 45,000 total equivalent units were completed during the year. If 53,000 units were started in the current period and 10,000 units were in ending WIP Inventory, what percentage of completion existed in the ending inventory units? Group of answer choices 20% 22% 56% 81%
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of...
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: 16 Beginning inventory Net purchases Net sales Cost $40,000 240,000 Retail $ 77,888 423,000 395, eee Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.) Estimated ending inventory (At Retail) Estimated onding inventory (At Cost)
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 2018 are as follows: Cost Retail COST RETAIL Beginning inventory $ 89,000 $ 179,000 Purchases 352,000 579,000 Freight-in 8,900 Purchase returns 6,900 10,900 Net markups 15,900 Net markdowns 11,900 Normal spoilage 2,900 Abnormal spoilage 4,512 7,900 Sales 539,000 Sales returns 9,900 The company records sales net of employee discounts. Discounts for 2018 totaled $3,900. Required: 1. Estimate Sparrow’s ending inventory and cost...
The president of Luna Sea Corporation is concened that the year-end inventory of the company is less than it should be. A physical count was made at year-end and the costing was accurately calculated using FIFO. The president asks you to estimae the year-end inventory from the following information: 1. Retail inventory method At retail At c should be Sales Less: Sales returns Net sales Cost of goods sold Opening inventory Purchases Less: Purchases returns Transportation-in Cost of goods available...
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 Purchases $28,400 $40,200 $5,200 100,000 1,900 Markups (net) Markdowns (net) 400 Sales 80,000 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. HARMES...
2Kicks Shoe Store uses the retail inventory method for its two departments, Women's D Shoes and Men's Shoes. The following information for each department is obtained. Women'sMens Shoes Item Shoes Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail 25,000 45,000 110,000 136,300 178,000 185,000 60,000 46,000 179,000185,000 Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.
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...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: 33 Retail Cost $ 93,000 $183,000 583,000 Beginning inventory Purchases 362,000 9,300 7,300 Freight-in Purchase returns 11,300 20 Net markups 16,300 12,300 3,300 8,300 polnts Net markdowns Normal spoilage Abnormal spoilage 4,884 X 0228:31 Sales 543,000 Sales returns 10,300 The company records sales net of employee discounts. Discounts for 2018 totaled $4,300. Required: 1. Estimate Sparrow's ending inventory...
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: 16 Beginning inventory Net purchases Net sales Cost $40,000 240,000 Retail $ 77,888 423,000 395, eee Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.) Estimated ending inventory (At Retail) Estimated onding inventory (At Cost)
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