Homework Answers
Solution:
The correct option is 'c, $420,000'.
Explanation:
Under the periodic system,
Cost of goods sold = Beginning inventory + Purchases - Ending inventory
=$500,000 + $120,000 - $200,000
=$620,000 - $200,000
=$420,000
Add Answer to:
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as soon as possible
thx
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Cost
Retail
Beginning inventory
$
315,000
$
590,000
Net purchases
716,000
1,275,000
Freight-in
14,000
Net markups
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Net markdowns
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each.
8
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14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
31
Inventory on hand—15,500 units.
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as soon as possible
thx
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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-...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2016 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.80
each.
8
Purchased 30,000 units for $7.50 each.
14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
31
Inventory on hand—15,500 units.
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Determine the inventory balance Altira would report in its
August 31, 2016, balance sheet and...
explain
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