Homework Answers
| Opening inventory | 64280 |
| RTV | (960) |
| Gross purchases | 123645 |
| Customer returns | 9780 |
| Gross sales | (105420) |
| Transfers in | 9769 |
| Transfers out | (12219) |
| Markdowns | (15290) |
| Markdown cancellations | 940 |
| Employee discounts | (670) |
| Closing Inventory value - Total all | $73,855 |
| Less: Closing physical inventory | (65700) |
| Shortage | $8,155 |
| Shortage percentage on net sales {8155/(105420-9769)} | 8.53% |
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3. Calculate shortage or overage percent, given the following information: Opening inventory RTV Gross purchase...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The in...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 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 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
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
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...
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventor...
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/20 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000 Purchase discounts 18,000 Gross sales revenue (after employee discounts) 1,410,000 Sales returns 97,500 Markups 120,000 Markup cancellations 40,000 Markdowns 45,000 Markdown cancellations 20,000 Freight-in 42,000 Employee discounts granted 8,000 Loss from breakage (normal) 4.500 IIIIII 914,500 60,000 18,000 1,460,000 80,000 1,410,000 97.500 120,000 Purchases Purchase returns Purchase discounts Gross sales revenue (after...
Presented below is information related to Flint Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross...
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...
Presented below is information related to Pearl Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross...
Presented below is information related to Pearl 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 $246,200 $394,300 951,116 1,478,700 60,000 80,300 18,300 - 1,426,200 97,300 119,800 40,700 45,800 20,000 41,500 8,100 4,600 Assuming that Pearl Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to...
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
7:57 Aa » QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to...
7:57 Aa » QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, $250,000 12/31/20 390,000 Purchases 914.500 1,460,000 Purchase 60,000 80,000 returns Purchase 18,000 discounts Gross sales 1,410,000 revenue (after employee discounts) Sales returns 97,500 Markups 120,000 Markup 40,000 cancellations Markdowns 45,000 Markdown 20,000 cancellations Freight-in 42,000 Employee 8,000 discounts granted Loss from 4.500 breakage (normal) 9-42 Reader Contents Notebook Bookmarks More 7:57 Aa 1» QD 914.500 60,000 390,000 1,460,000 80,000...
2. Presented below is information related to EDK Inc. Retail $ 260,000 1,261,000 71,000 Cost Inventory,...
2. Presented below is information related to EDK Inc. Retail $ 260,000 1,261,000 71,000 Cost Inventory, 12/31/20 $ 165,000 Purchases 804,500 Purchase returns 45,000 Purchase discounts 12,000 Gross sales (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in 39,000 Employee discounts granted Loss from breakage (normal) 1,240,000 51,500 68,000 16,000 86,000 21,000 11,000 8,500 Instructions: Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
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...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 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 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
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
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...
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/20 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000 Purchase discounts 18,000 Gross sales revenue (after employee discounts) 1,410,000 Sales returns 97,500 Markups 120,000 Markup cancellations 40,000 Markdowns 45,000 Markdown cancellations 20,000 Freight-in 42,000 Employee discounts granted 8,000 Loss from breakage (normal) 4.500 IIIIII 914,500 60,000 18,000 1,460,000 80,000 1,410,000 97.500 120,000 Purchases Purchase returns Purchase discounts Gross sales revenue (after...
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...
Presented below is information related to Pearl 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 $246,200 $394,300 951,116 1,478,700 60,000 80,300 18,300 - 1,426,200 97,300 119,800 40,700 45,800 20,000 41,500 8,100 4,600 Assuming that Pearl Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to...
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
7:57 Aa » QD P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, $250,000 12/31/20 390,000 Purchases 914.500 1,460,000 Purchase 60,000 80,000 returns Purchase 18,000 discounts Gross sales 1,410,000 revenue (after employee discounts) Sales returns 97,500 Markups 120,000 Markup 40,000 cancellations Markdowns 45,000 Markdown 20,000 cancellations Freight-in 42,000 Employee 8,000 discounts granted Loss from 4.500 breakage (normal) 9-42 Reader Contents Notebook Bookmarks More 7:57 Aa 1» QD 914.500 60,000 390,000 1,460,000 80,000...
2. Presented below is information related to EDK Inc. Retail $ 260,000 1,261,000 71,000 Cost Inventory, 12/31/20 $ 165,000 Purchases 804,500 Purchase returns 45,000 Purchase discounts 12,000 Gross sales (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in 39,000 Employee discounts granted Loss from breakage (normal) 1,240,000 51,500 68,000 16,000 86,000 21,000 11,000 8,500 Instructions: Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
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