Homework Answers
|
Cost price |
Retail price |
|
|
Purchases |
$39,200 ($39,500-$300) | $41,000 |
| Freight-in | $2,800 | |
|
Net markups |
$3,570 ($4,000-$430) | |
|
Net markdowns |
($1,470) | |
|
Totals |
$42,000 | $43,100 |
Cost to retail ratio = $42,000 / $43,100
= 97.45%
|
Retail price total |
$43,100 |
|
Beginning inventory |
$15,500 |
|
Total goods at retail |
$58,600 |
|
Sales |
($47,300) |
|
Ending inventory at retail |
$11,300 |
|
LIFO layer added |
$4,200 ($15,500-$11,300) |
Ending inventory at cost = Beginning inventory at cost + LIFO layer at cost
= $10,385 + ($4,200 * 97.45%)
= $14,478
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Testbank Problem 150 The records of Cullumber Stores included the following data: Inventory, May 1, at retail, $15,500;...
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at...
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at cost, $10,950 Purchases during May, at retail, $40,500; at cost, $34,500 Freight-in, $2,000; purchase discounts, $260 Additional markups, $4,400; markup cancellations, $420; net markdowns, $1,250 Sales during May, $48,200 Calculate the estimated inventory at May 311 on a LIFO basis. (Round ratios to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5, 275.) Estimated inventory
The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchase...
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
Exercise 9-22 The records of Headland's Boutique report the following data for the month of April. Purchases (at co...
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Ivanhoe Variety Store uses the LIFO retail inventory method. Information relating to the computation of the...
Ivanhoe Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31, 2021, follows: Cost $143,000 483,000 81,500 Retail $229,500 707,000 Inventory, January 1, 2021 Purchases Freight-in Sales Net markups Net markdowns 750,000 167,500 72,000 Assuming that there was no change in the price index during the year, compute the inventory at December 31, 2021, using the LIFO retail inventory method. (Round ratio to 2 decimal places, e.g. 75.35% and final answer...
The records of Carla's Boutique report the following data for the month of April. Sales revenue...
The records of Carla's Boutique report the following data for the month of April. Sales revenue $107,500 Purchases (at cost) $50,800 Sales returns 1,900 Purchases (at sales price) 84,200 Markups 10,800 Purchase returns (at cost) 1,900 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,900 Beginning inventory (at cost) 26,304 Markdown cancellations 2,600 Beginning inventory (at sales price) 43,000 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes...
The records of Larkspur’s Boutique report the following data for the month of April. Sales revenue...
The records of Larkspur’s Boutique report the following data for the month of April. Sales revenue $100,100 Purchases (at cost) $47,400 Sales returns 1,900 Purchases (at sales price) 95,300 Markups 9,500 Purchase returns (at cost) 1,900 Markup cancellations 1,500 Purchase returns (at sales price) 2,900 Markdowns 9,800 Beginning inventory (at cost) 37,344 Markdown cancellations 2,800 Beginning inventory (at sales price) 48,800 Freight on purchases 2,200 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes...
The records of Coronado's Boutique report the following data for the month of April. Sales revenue...
The records of Coronado's Boutique report the following data for the month of April. Sales revenue $98,700 Purchases (at cost) $45,500 Sales returns 2,000 Purchases (at sales price) 90,400 Markups 9,300 Purchase returns (at cost) 2,000 Markup cancellations 1,400 Purchase returns (at sales price) 3,100 Markdowns 9,500 Beginning inventory (at cost) 34,755 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,300 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes...
The records of Culver’s Boutique report the following data for the month of April. Sales revenue...
The records of Culver’s Boutique report the following data for the month of April. Sales revenue $108,600 Purchases (at cost) $49,700 Sales returns 1,900 Purchases (at sales price) 92,100 Markups 9,200 Purchase returns (at cost) 1,900 Markup cancellations 1,300 Purchase returns (at sales price) 2,800 Markdowns 8,300 Beginning inventory (at cost) 35,220 Markdown cancellations 2,600 Beginning inventory (at sales price) 45,000 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes...
Presented below is information related to Company A Cost Retail Inventory, 12/31/17 $254,100 $386,700...
Presented below is information related to Company A Cost Retail Inventory, 12/31/17 $254,100 $386,700 Purchases 863,627 1,450,300 Purchase returns 59,400 79,600 Purchase discounts 17,900 — Gross sales revenue — 1,413,700 Sales returns — 99,400 Markups — 118,700 Markup cancellations — 40,800 Markdowns — 44,900 Markdown cancellations — 20,400 Freight-in 42,400 — Employee discounts granted — 8,000 Loss from breakage (normal) — 4,400 Assuming that Company A uses the conventional retail inventory method, compute the cost of its ending inventory at...
The records of Oriole Stores included the following data: Inventory, May 1, at retail, $15,000; at cost, $10,950 Purchases during May, at retail, $40,500; at cost, $34,500 Freight-in, $2,000; purchase discounts, $260 Additional markups, $4,400; markup cancellations, $420; net markdowns, $1,250 Sales during May, $48,200 Calculate the estimated inventory at May 311 on a LIFO basis. (Round ratios to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5, 275.) Estimated inventory
The records of Lohse Stores
included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
Problem 150 x Your answer is incorrect. Try again. The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500;...
Exercise 9-22 The records of Headland's Boutique report the following data for the month of April. Purchases (at cost) Sales revenue $95.600 $47,200 Sales returns Purchases (at sales price) 1,800 85.800 Markups Purchase returns (at cost) 1,800 9,500 Markup cancellations Purchase returns (at sales price) 1.400 2,800 Markdowns 8,600 Beginning inventory (at cost) 36,103 Markdown cancellations Beginning inventory (at sales price) 2,700 50,600 Freight on purchases 2,100 Compute the ending inventory by the conventional retail inventory method. (Round ratios for...
Presented below is information related to Flint Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost Retail $251,100 $390,400 906,368 1,447,600 60,000 79,400 18,100 - 1,426,100 97,300 119,700 39,500 45,800 20,000 42,300 8,200 4,100 Assuming that Flint Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to...
Ivanhoe Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31, 2021, follows: Cost $143,000 483,000 81,500 Retail $229,500 707,000 Inventory, January 1, 2021 Purchases Freight-in Sales Net markups Net markdowns 750,000 167,500 72,000 Assuming that there was no change in the price index during the year, compute the inventory at December 31, 2021, using the LIFO retail inventory method. (Round ratio to 2 decimal places, e.g. 75.35% and final answer...
The records of Carla's Boutique report the following data for the month of April. Sales revenue $107,500 Purchases (at cost) $50,800 Sales returns 1,900 Purchases (at sales price) 84,200 Markups 10,800 Purchase returns (at cost) 1,900 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,900 Beginning inventory (at cost) 26,304 Markdown cancellations 2,600 Beginning inventory (at sales price) 43,000 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes...
The records of Coronado's Boutique report the following data for the month of April. Sales revenue $98,700 Purchases (at cost) $45,500 Sales returns 2,000 Purchases (at sales price) 90,400 Markups 9,300 Purchase returns (at cost) 2,000 Markup cancellations 1,400 Purchase returns (at sales price) 3,100 Markdowns 9,500 Beginning inventory (at cost) 34,755 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,300 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes...
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