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An S Art Shop kept all inventory and sales records on the basis of retail prices it recorded purchases at cost and marked up its merchandise at 117% of cost. On January 1 its inventory of art was...
The records for Uptown Pet Shop showed the following: Sales Beginning merchandise inventory Purchases Cost of...
The records for Uptown Pet Shop showed the following: Sales Beginning merchandise inventory Purchases Cost of goods sold $75,000 $10,000 45,000 50,000 3. The ending merchandise inventory must have been $5,000 $15,000 $25,000 $40,000
May’s Dress Shop’s inventory at cost on January 1 was $44,000. Its retail value was $64,000....
May’s Dress Shop’s inventory at cost on January 1 was $44,000. Its retail value was $64,000. During the year, May purchased additional merchandise at a cost of $196,000 with a retail value of $396,000. The net sales at retail for the year were $353,000. Calculate May’s inventory at cost by the retail method. (Round the "cost ratio" to the nearest whole percent.) Cost Retail Beginning inventory $ 44,000 $ 64,000 Purchases 196,000 396,000 Cost of goods available for sale $...
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 $130,000...
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 $130,000 and a retail value of $180,000. Purchases during 2018 cost $2,027,000 with an original retail value of $3,080,000. Freight costs were $13,000 for incoming merchandise. Net additional markups were $240,000 and net markdowns were $320,000. Based on prior experience, shrinkage due to shoplifting was estimated to be $18,000 of...
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was...
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim for recovery of the cost of the lost inventory. Clearly, a physical inventory cannot be taken because the inventory has been destroyed. The branch's records were kept by the home office, and you have been asked to examine the records to determine an estimate of the cost of...
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Pertinent retail price indexes are as f...
Lance-Hefner Specialty Shoppes decided to use the dollar-value
LIFO retail method to value its inventory. Accounting records
provide the following information:
Pertinent retail price indexes are as follows:
Determine ending inventory and cost of goods sold.
Cost Retail 315,000 $ 420,000 537,200 675,000 24,000 19,000 550,000 Merchandise inventory, January 1, 2016 Net purchases Net markups Net markdowns Net sales January 1, 2016 December 31, 2016 1.00 1.10 Ending inventory at retail Ending inventory at cost Cost of goods sold
Cost...
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...
Jones Company uses the retail method to estimate its ending inventory. Selected information about its year...
Jones Company uses the retail method to estimate its ending inventory. Selected information about its year 2015 operations is as follows: a. January 1, 2015 beginning inventory had a cost of $10,000 and a retail value of $15,000. b. Purchases during 2015 cost $138,750 with an original retail value of $200,000 c. Freight costs were $1,000 for incoming merchandise and $2,500 for outgoing (sold) merchandise d. Net additional markups were $30,000 and net markdowns were $15,000 Ve. Based on prior...
Lowe uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Lowe uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $384000 ($588000), purchases during the current year at cost (retail) were $1935000 ($3180000), freight-in on these purchases totaled $123000, sales during the current year totaled $2880000, and net markups (markdowns) were $66000 ($102000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places. 1....
Campbell Corporation uses the retail method to value its inventory. The following information is available for...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim for recovery of the cost of the lost inventory. Clearly, a physical inventory cannot be taken because the inventory has been destroyed. The branch's records were kept by the home office, and you have been asked to examine the records to determine an estimate of the cost of...
Lance-Hefner Specialty Shoppes decided to use the dollar-value
LIFO retail method to value its inventory. Accounting records
provide the following information:
Pertinent retail price indexes are as follows:
Determine ending inventory and cost of goods sold.
Cost Retail 315,000 $ 420,000 537,200 675,000 24,000 19,000 550,000 Merchandise inventory, January 1, 2016 Net purchases Net markups Net markdowns Net sales January 1, 2016 December 31, 2016 1.00 1.10 Ending inventory at retail Ending inventory at cost Cost of goods sold
Cost...
Jones Company uses the retail method to estimate its ending inventory. Selected information about its year 2015 operations is as follows: a. January 1, 2015 beginning inventory had a cost of $10,000 and a retail value of $15,000. b. Purchases during 2015 cost $138,750 with an original retail value of $200,000 c. Freight costs were $1,000 for incoming merchandise and $2,500 for outgoing (sold) merchandise d. Net additional markups were $30,000 and net markdowns were $15,000 Ve. Based on prior...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 5 Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928,009 19,000 15 points 31,000 5,000 910,000 Skipped Required Determine the December 31, 2018, inventory by applying the conventional retail method. eBook t-to Cost Retail Beginning inventory Plus: Purchases Print Freight-in Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage Less...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
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