Raleigh Department
Store uses the conventional retail method for the year ended
December 31, 2016. Available information follows:
Cost | Retail | |||||
Gross purchases | $ | 390,900 | $ | 590,000 | ||
Purchase returns | 6,900 | 20,000 | ||||
Purchase discounts | 6,000 | |||||
Gross sales | 570,000 | |||||
Sales returns | 8,000 | |||||
Employee discounts | 4,000 | |||||
Freight-in | 31,500 | |||||
Net markups | 35,000 | |||||
Net markdowns | 20,000 | |||||
Sales to employees are recorded net of discounts.
Required:
1. Estimate ending inventory for 2016 using the
conventional retail method.
2. Estimate ending inventory for 2016 assuming
Raleigh Department Store used the LIFO retail method.
3. Assume Raleigh Department Store adopts the
dollar-value LIFO retail method on January 1, 2017. Estimating
ending inventory for 2017 and 2018.
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available...
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 $55,000 and a cost of $45,900 based on the conventional retail method. Transactions during 2016 were as follows: Cost Retail Gross purchases $ 390,900 $ 590,000 Purchase returns 6,900 20,000 Purchase discounts 6,000 Gross sales 570,000 Sales returns 8,000 Employee discounts 4,000 Freight-in 31,500 Net markups 35,000 Net markdowns 20,000 Sales...
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...
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: The inventory at January 1, 2019, had a retail value of $31,000 and a cost of $11,000 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 570,000 $ 953,000 Purchase returns 6,000 4,000 Purchase discounts 5,000 Gross sales 958,000 Sales returns 5,000 Employee discounts 3,000 Freight-in 20,000 Net markups 20,000 Net markdowns 4,000 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 $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 568,000 7,500 2,000 30, 500 33,000 18,000...
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...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 249,510 $ 470,000 Purchase returns 6,300 22,000 Purchase discounts 4,800 Gross sales 446,500 Sales returns 8,000 Employee discounts 4,500 Freight-in 26,500 Net markups 23,000 Net markdowns 22,000 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 $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Retail Gross purchases $154,950 $390, 000 Purchase returns 5,500 4,000 30,000 Purchase discounts Gross sales Sales returns 341,000 5,000 Employee discounts Freight-in Net markups Net markdowns 4,000 30,500 15,000 30,000...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 249,510 $ 470,000 Purchase returns 6,300 22,000 Purchase discounts 4,800 Gross sales 446,500 Sales returns 8,000 Employee discounts 4,500 Freight-in 26,500 Net markups 23,000 Net markdowns 22,000 Sales...