Homework Answers
| Cost | Retail | |
| Beginning inventory | 60000 | 120000 |
| Net purchases | 312000 | 480000 |
| Goods available for sale | 372000 | 600000 |
| Cost to retail ratio = 372000 / 600000 | 0.62 | |
| Ending inventory at retail = Goods available for sale at retail - Sales = 600000 - 490000 | 110000 | |
| Ending inventory at cost = Ending inventory at retail * Cost to retail ratio = 110000*0.62 | 68200 | A) |
| If you have any doubt then please ask |
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Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first...
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)
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has...
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021 Cost $ 53,000 322,360 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $ 78,000 466,000 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2021. Estimated ending inventory at retail Estimated ending inventory at cost
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending...
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory $ 105,000 $ 140,000 Net purchases 335,000 550,000 Net markups 30,000 Net markdowns 45,000 Net sales 570,000 To the nearest thousand, estimated ending inventory is:
HELP Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its...
HELP
Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021: Cost $120,000 360,119 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $169,000 542,000 15,200 9,400 526,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.) Estimated ending...
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...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Problem 4- Comhusker Can Co. uses the conventional retail method to estimate ending inventories. The following...
Problem 4- Comhusker Can Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2021: Cost $ 80,000 166,000 Inventory, January 1 Purchases Net markups Net markdowns Normal spoilage Employee discounts Net sales Retail $126,000 244,000 9,100 8,200 13,200 15,600 238,000 Required: Estimate the cost of ending inventory applying the conventional retail method. Assume that sales are recorded net of employee discounts.
Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method....
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. Selling Price Cost Inventory, June 1 $53,800 $80,000 Markdowns 21,000 Markups 29,000 Markdown cancellations 10,000 Markup cancellations 9,000 Purchases 173,200 223,600 Sales 250,000 Purchase returns and allowances 3,000 3,600 Sales returns and allowances 10,000 Compute estimated inventory at June 30, 2020, using the conventional 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 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...
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...
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)
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021 Cost $ 53,000 322,360 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $ 78,000 466,000 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2021. Estimated ending inventory at retail Estimated ending inventory at cost
HELP
Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021: Cost $120,000 360,119 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $169,000 542,000 15,200 9,400 526,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.) Estimated ending...
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...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Problem 4- Comhusker Can Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2021: Cost $ 80,000 166,000 Inventory, January 1 Purchases Net markups Net markdowns Normal spoilage Employee discounts Net sales Retail $126,000 244,000 9,100 8,200 13,200 15,600 238,000 Required: Estimate the cost of ending inventory applying the conventional retail method. Assume that sales are recorded net of employee discounts.
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. Selling Price Cost Inventory, June 1 $53,800 $80,000 Markdowns 21,000 Markups 29,000 Markdown cancellations 10,000 Markup cancellations 9,000 Purchases 173,200 223,600 Sales 250,000 Purchase returns and allowances 3,000 3,600 Sales returns and allowances 10,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
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...
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