Homework Answers
The correct answer is :- $ 300200 $
377700
--------------------------------------------------------------------------------
| Cost | Retail | |
| Beginning inventory | $37,000 | $52,000 |
| Purchases | 260000 | 330000 |
| Freight In | 3200 | _ |
| Cost of goods available for sale | $300,200 | |
| Net markups | 9200 | |
| Net markdowns | -13500 | |
| Cost of goods available for sale | $377,700 |
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Carla Vista Sales Company uses the retail inventory method to value its merchandise inventory. The following informatio...
Cullumber Sales Company uses the retail inventory method to value its merchandise inventory. The following information...
Cullumber Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail $ 42000 $57000 Beginning inventory 310000 380000 Purchases 3700 Freight-in 9700 Net markups 16000 Net markdowns 1000 Employee discounts 325000 Sales revenue If the ending inventory is to be valued at the lower öf-cost-or-market, what is the cost-to-retail ratio? $355700 $430700 $355700 + $446700 $355700$437000 $352000 $453000
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 2021 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $230,000 $284,000 584,000 872,000 12,000 24,000 4,400 840,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. Cost Retail Cost-to- Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns Goods available for sale Cost-to-retail...
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 2016: Merchandise inventory $370,000 $298,000 726,000 984,000 January 1, 2016 Purchases Freight-In Net markups Net markdowns Net sales 26,000 38,000 5,800 980,000 Required: Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value. Cost-to-Retail Ratio Retail Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales...
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: Cost $ 280,000 687,000 17,000 Retail $289,000 912,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 29,000 4,900 890,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale 0 0 Cost-to-retail percentage Less: Net...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 47,000 $ 67,000 Purchases 214,000 407,000 Freight-in 19,680 Purchase returns 7,500 9,500 Net markups 6,500 Net markdowns 4,200 Normal breakage 9,500 Net sales 287,000 Employee discounts 2,500 Sales are recorded net of employee discounts.
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the...
Roberson Corporation uses a periodic inventory system and the
retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
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...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 46,000 $ 66,000 Purchases 213,000 406,000 Freight-in 15,558 Purchase returns 7,000 9,000 Net markups 6,400 Net markdowns 4,100 Normal breakage 9,000 Net sales 286,000 Employee discounts 2,400 Sales are recorded net of employee discounts. 1. Compute estimated ending inventory and cost of...
Plank Co. uses the retail inventory method. The following information is available for the current year....
Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $78,000 $122,000 Purchases 295,000 415,000 Freight-in 5,000 — Employee discounts — 2,000 Net markups — 15,000 Net Markdowns — 20,000 Sales — 390,000 The approximate cost of the ending inventory by the conventional retail method is a. $95,900. b. $94,920. c. $98,000. d. $102,480.
Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for its...
Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 48,000 $ 68,000 Purchases 215,000 408,000 Freight-in 26,194 Purchase returns 8,000 6,000 Net markups 6,600 Net markdowns 4,300 Normal breakage 6,000 Net sales 288,000 Employee discounts 2,600 Sales are recorded net of employee discount
Cullumber Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail $ 42000 $57000 Beginning inventory 310000 380000 Purchases 3700 Freight-in 9700 Net markups 16000 Net markdowns 1000 Employee discounts 325000 Sales revenue If the ending inventory is to be valued at the lower öf-cost-or-market, what is the cost-to-retail ratio? $355700 $430700 $355700 + $446700 $355700$437000 $352000 $453000
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $230,000 $284,000 584,000 872,000 12,000 24,000 4,400 840,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. Cost Retail Cost-to- Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns Goods available for sale Cost-to-retail...
Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for the year 2016: Merchandise inventory $370,000 $298,000 726,000 984,000 January 1, 2016 Purchases Freight-In Net markups Net markdowns Net sales 26,000 38,000 5,800 980,000 Required: Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value. Cost-to-Retail Ratio Retail Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales...
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost $ 280,000 687,000 17,000 Retail $289,000 912,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 29,000 4,900 890,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale 0 0 Cost-to-retail percentage Less: Net...
Roberson Corporation uses a periodic inventory system and the
retail inventory method. Accounting records provided the following
information for the 2016 fiscal year:
Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
35,000
Net markdowns
8,000
Normal spoilage
5,000
Net sales
1,490,000
The company records sales to employees net of discounts. These
discounts totaled $34,000 for the year.
Estimate ending inventory and cost of goods sold using the
conventional method.
Cost Retail Cost-to-...
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...
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