Homework Answers
| ESTIMATED INVENTORY COST | ||
| Cost | Retail | |
| Beginning Inventory | $209,500 | $333,500 |
| Purchases | $319,500 | $489,500 |
| Freight in | $14,180 | |
| Total merchandise available for sale | $543,180 | $823,000 |
| Subtract: Sales | $36,000 | |
| Ending inventory priced at retail | $787,000 | |
| Cost Ratio ($543,180/823,00 = 66%) | 66.00% | |
| Ending inventory at cost | $519,420 | |
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4. Exercise 17.5 Estimating inventory cost under the retail method. LO 17-5 25 Cost $209, 500...
Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August 1 inventory of Hawkins...
Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August 1 inventory of Hawkins Company had a cost of $81,000 and a retail value of $116,000. During August, merchandise was purchased for $97,710 and marked to sell for $143,000. August sales totaled $127,000. Required: 1. Compute the retail value of the ending inventory as of August 31. 2. Compute the approximate cost of the ending inventory 3. Compute the cost of goods sold during August. Analyze: What is...
Seved Exercise 17.4 Estimating inventory cost under the gross profit method. LO 17-4 Average gross profit...
Seved Exercise 17.4 Estimating inventory cost under the gross profit method. LO 17-4 Average gross profit rate: 40% of sales Inventory on January 1 (at cost): $216,000 Purchases from January 1 to date of inventory estimate: $900,000 Net sales for period: $1,160,000 Kipped eBook Use the above data to compute the estimated Inventory cost for Sloan Company under the gross profit method. eferences $ Beginning inventory, January 1 Purchases Cost of goods available for sale 216,000 900,000 1,116,000 $ Estimated...
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of...
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail Beginning inventory $ 19,000 $ 27,000 Purchases 109,600 172,000 Freight-in 7,600 Purchase returns 7,500 10,500 Net markups 9,500 Net markdowns 6,500 Normal spoilage 4,900 Net sales 159,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2018, applying the conventional retail method Cost Retail Cost-to-Retail Ratio Beginning...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Kiddie World 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 quarter ending September 30, 2021: Cost Retail Beginning inventory $ 430,000 $ 565,000 Net purchases 920,000 1,340,000 Freight-in 62,550 Net markups 61,000 Net markdowns 31,000 Net sales 1,265,000 Estimate ending inventory and cost of goods sold (average cost). Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net...
Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of...
Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of Hawkins Company had a cost of $71,000 and a retail value of $106.000. During August, merchandise was purchased for $93.910 and marked to sell for $133.000. August sales totaled $117.000 Required: 1. Compute the retail value of the ending Inventory as of August 31 2. Compute the approximate cost of the ending Inventory 3. Compute the cost of goods sold during August Analyte: What...
Brief Exercise 9-8 Retail inventory method; LIFO [LO9-3] 0.71 points Kiddie World uses a periodic inventory...
Brief Exercise 9-8 Retail inventory method; LIFO [LO9-3] 0.71 points Kiddie World 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 quarter ending September 30, 2018: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $360,000 $ 510,000 884,000 1,270,000 41,100 54,000 24,000 1,230,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Kiddie World 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 quarter ending September 30, 2018: Cost Retail Beginning inventory $ 420,000 $ 555,000 Net purchases 915,000 1,330,000 Freight-in 24,650 Net markups 60,000 Net markdowns 30,000 Net sales 1,260,000 Estimate ending inventory and cost of goods sold (LIFO). Cost Retail Cost to Retail Ratio Beginning inventory 420,000 555,000 Plus: Net Purchases 915,000 1,330,000...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
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 2018: Cost $50,000 17,490 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus:...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
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-...
Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August 1 inventory of Hawkins Company had a cost of $81,000 and a retail value of $116,000. During August, merchandise was purchased for $97,710 and marked to sell for $143,000. August sales totaled $127,000. Required: 1. Compute the retail value of the ending inventory as of August 31. 2. Compute the approximate cost of the ending inventory 3. Compute the cost of goods sold during August. Analyze: What is...
Seved Exercise 17.4 Estimating inventory cost under the gross profit method. LO 17-4 Average gross profit rate: 40% of sales Inventory on January 1 (at cost): $216,000 Purchases from January 1 to date of inventory estimate: $900,000 Net sales for period: $1,160,000 Kipped eBook Use the above data to compute the estimated Inventory cost for Sloan Company under the gross profit method. eferences $ Beginning inventory, January 1 Purchases Cost of goods available for sale 216,000 900,000 1,116,000 $ Estimated...
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 30.000 120,600 2.230 4.000 Retail $ 30.000 183,000 Beginning inventory Purchases Preight-in Purchase returns Net Darkups Net markdowns Normal spoilage Net sales Bock 10,500 15,000 12.000 6,000 170,000 eferences Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information...
Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of Hawkins Company had a cost of $71,000 and a retail value of $106.000. During August, merchandise was purchased for $93.910 and marked to sell for $133.000. August sales totaled $117.000 Required: 1. Compute the retail value of the ending Inventory as of August 31 2. Compute the approximate cost of the ending Inventory 3. Compute the cost of goods sold during August Analyte: What...
Brief Exercise 9-8 Retail inventory method; LIFO [LO9-3] 0.71 points Kiddie World 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 quarter ending September 30, 2018: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $360,000 $ 510,000 884,000 1,270,000 41,100 54,000 24,000 1,230,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal...
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 2018: Cost $50,000 17,490 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $65,000 33,100 2,700 1,550 47,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus:...
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-...
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