Homework Answers
| Opening inventory | $325000 |
| Gross purchases | $165000 |
| Return to vendor | (25000) |
| Net Purchases | $140000 |
| Transfer In | 10000 |
| Total Merch handled | $475,000 |
| Gross sale | $125,000 |
| Customer return | (20000) |
| Net sales | $105,000 |
| Net Markdown | (15000) |
| Employee discounts | (2000) |
| Total Retail deduction | (17000) |
| Closing book Inventory | $387,000 |
| Less: Closing physical inventory | (350000) |
| Shortage | $37000 |
| Shortage percentage on net sales {37000/475000} | 7.79% |
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83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The in...
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...
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
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...
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
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
Define Cumulative Markup: Determine the initial markup % that should be planned based on the following...
Define Cumulative Markup: Determine the initial markup % that should be planned based on the following information: net sales $45,000.00 markdowns profit $4,500.00 alterations costs expenses $17,000.00 cash discounts shortages $900.00 employee discounts $1,300.00 $12,000.00 $500.00 $2,500.00 On January 1, the contemporary sportswear department had an opening inventory of $225,000.00 at retail with a 55% markup. During the month of January merchandise costing $65,000.00 with a 60% markup was received in the department. What was the cumulative markup % for...
Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 3000 Purchases $ 139000...
Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 3000 Purchases $ 139000 Purchase returns 5400 Net markups 15000 Abnormal shortage 3400 Net markdowns 2200 Sales revenue 71000 Sales returns 1500 1300 2300 Employee discounts Normal shortage What is Sunland's ending inventory at retail using the conventional retail method? $75500. $76300. $72900. O $74200.
BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400...
BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400 Purchases $ 153000 Purchase returns 6800 Net markups 22000 Abnormal shortage 4800 Net markdowns 3600 Sales revenue 85000 2200 Sales returns Normal shortage Employee discounts 2000 3000 What is Sandhill's ending inventory at retail using the conventional retail method? $81200, $78400. $80400 $76400
Problem 9-12 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to...
Problem 9-12 (Algo) Retail inventory method; various
applications [LO9-3, 9-4, 9-5]
[The following information applies to the questions
displayed below.]
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 $37,000
and a cost of $30,090 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
177,030
$
410,000
Purchase returns
5,700
28,000
Purchase...
7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening...
7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening book inventory Net sales $98,000 $16,000 $4,500 $27,500 $3,000 Markdowns Purchases Returns to vendor
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...
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
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...
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
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
Define Cumulative Markup: Determine the initial markup % that should be planned based on the following information: net sales $45,000.00 markdowns profit $4,500.00 alterations costs expenses $17,000.00 cash discounts shortages $900.00 employee discounts $1,300.00 $12,000.00 $500.00 $2,500.00 On January 1, the contemporary sportswear department had an opening inventory of $225,000.00 at retail with a 55% markup. During the month of January merchandise costing $65,000.00 with a 60% markup was received in the department. What was the cumulative markup % for...
Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 3000 Purchases $ 139000 Purchase returns 5400 Net markups 15000 Abnormal shortage 3400 Net markdowns 2200 Sales revenue 71000 Sales returns 1500 1300 2300 Employee discounts Normal shortage What is Sunland's ending inventory at retail using the conventional retail method? $75500. $76300. $72900. O $74200.
BACK Question 24 Sandhill Corporation had the following amounts, all at retail: Beginning inventory $ 4400 Purchases $ 153000 Purchase returns 6800 Net markups 22000 Abnormal shortage 4800 Net markdowns 3600 Sales revenue 85000 2200 Sales returns Normal shortage Employee discounts 2000 3000 What is Sandhill's ending inventory at retail using the conventional retail method? $81200, $78400. $80400 $76400
Problem 9-12 (Algo) Retail inventory method; various
applications [LO9-3, 9-4, 9-5]
[The following information applies to the questions
displayed below.]
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 $37,000
and a cost of $30,090 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
177,030
$
410,000
Purchase returns
5,700
28,000
Purchase...
7. Calculate the July closing book inventory for Boys' 4-7 at retail given the following Opening book inventory Net sales $98,000 $16,000 $4,500 $27,500 $3,000 Markdowns Purchases Returns to vendor
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