Crosby Department Store estimates inventory by using the retail inventory method. The following information was develope...
Crosby Department Store estimates inventory by using the retail
inventory method. The following information was
developed:
| At Cost | At Retail | |
| Beginning inventory | $465,000 | $ 750,000 |
| Goods purchased | 900,000 | 1,350,000 |
| Net sales | 1,500,000 |
The estimated cost of the ending inventory is
| $210,000. |
| $372,000. |
| $400,000. |
| $390,000. |
Homework Answers
Goods available at cost = 465,000+900,000 = 1,365,000
At retail = 750,000+1,350,000 = 2,100,000
Cost = 1,365,000/2,100,000 = 65% of retail
Cost of Goods Sold = 1,500,000 * 65% = 975,000
Ending inventory = cost of goods available for sale - Cost of Goods Sold
= (465,000+900,000) - 975,000
= 390,000
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Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of...
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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
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22,000
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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: 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...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $36,000 $51,000 13,890 31,700 1,300 850 33,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. Cost Retail Cost-to-...
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...
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