Homework Answers
Answer
| cost | retail | |
| opening inventory | 158000 | 214000 |
| purchases | 1108000 | 1430000 |
| additional makeup | 53000 | |
| available of sales | 1266000 | 1697000 |
| sales of the year | 1525000 | |
| % of cost to retail | 1266000/1697000 | 74.60% |
| ending inventory at retail | 1697000-11100-1525000 | 160900 |
| ending inventory at cost | 160900*0.75 | 120675 |
| answer | 120675 | |
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At December 31, 2017, the following information was available from Crane Co.'s accounting records: Cost Retail...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2019: Merchandise inventory, January 1, 2019 Purchases At Cost At Retail $90,000 $150,000 351,000 470,000 10,000 50,000 500,000 Markups Markdowns Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2016 At Cost At Retail Merchandise inventory, January 1, 2016 Purchases Markups Markdowns Sales $90,000 $140,000 344,000 470,000 -10,000 40,000 - 500,000 Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2016, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2019 At Cost At Retail $90,000 $130,000 Merchandise inventory, January 1, 2019 460,000 330,000 Purchases 10,000 Markups 40,000 Markdowns 480,000 Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2020 Purchases 2019 Cost Retail $202,400 $430,000 20,000 - 10,000 410,000 Cost $247,500 - - 2021 Cost Retail $240,100 $500,000 - 10,000 Retail $560,000 30,000 40,000 600,000 Net additional markups Net markdowns 20,000 Sales 450,000 The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following...
Blossom Company, which uses the retail LIFO method to determine inventory cost, has provided the following informa...
Blossom Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2020: Cost Retail Inventory, 1/1/20 $ 280000 $418000 Net purchases 1114000 1666000 Net markups 202000 Net markdowns 88000 Net sales 1570000 Assuming stable prices (no change in the price index during 2020), what is the cost of Blossom's inventory at December 31, 2020? (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.) $ 399700...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $381000 ($585000), purchases during the current year at cost (retail) were $1875000 ($3120000), freight-in on these purchases totaled $120000, sales during $120000, sales during the current year totaled $2820000, and net markups (markdowns) were $63000 ($99000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0...
Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $ 61,600 $107,300 Purchases...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
Presented below is information related to Vaughn Company. Cost Retail Beginning inventory $ 61,600 $107,300 Purchases...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
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-...
Cullumber Co. uses the retaill inventory method. The following information is available for the current year...
Cullumber Co. uses the retaill inventory method. The following information is available for the current year Cost Retail Beginning inventory 321000 492000 1230000 1730000 Purchases 9000 60000 78000 1530000 Employee discounts Net markups Net markdowns Sales revenue Assuming that the LIFO inventory method is used, that the beginning inventory is the base inventory when the index was 100, and that the index at year end is 112, the ending inventory at dollar-value LIFO retail cost is (Hint: Round intermediate calculation...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2019: Merchandise inventory, January 1, 2019 Purchases At Cost At Retail $90,000 $150,000 351,000 470,000 10,000 50,000 500,000 Markups Markdowns Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2016 At Cost At Retail Merchandise inventory, January 1, 2016 Purchases Markups Markdowns Sales $90,000 $140,000 344,000 470,000 -10,000 40,000 - 500,000 Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2016, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending...
Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2019 At Cost At Retail $90,000 $130,000 Merchandise inventory, January 1, 2019 460,000 330,000 Purchases 10,000 Markups 40,000 Markdowns 480,000 Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2020 Purchases 2019 Cost Retail $202,400 $430,000 20,000 - 10,000 410,000 Cost $247,500 - - 2021 Cost Retail $240,100 $500,000 - 10,000 Retail $560,000 30,000 40,000 600,000 Net additional markups Net markdowns 20,000 Sales 450,000 The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following...
Blossom Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2020: Cost Retail Inventory, 1/1/20 $ 280000 $418000 Net purchases 1114000 1666000 Net markups 202000 Net markdowns 88000 Net sales 1570000 Assuming stable prices (no change in the price index during 2020), what is the cost of Blossom's inventory at December 31, 2020? (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.) $ 399700...
Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $381000 ($585000), purchases during the current year at cost (retail) were $1875000 ($3120000), freight-in on these purchases totaled $120000, sales during $120000, sales during the current year totaled $2820000, and net markups (markdowns) were $63000 ($99000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
Presented below is information related to Vaughn Company.
Cost
Retail
Beginning inventory
$ 61,600
$107,300
Purchases (net)
120,170
180,700
Net markups
10,325
Net markdowns
26,679
Sales revenue
187,090
Compute the ending inventory at retail.
Ending inventory
$
LINK TO TEXT
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
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-...
Cullumber Co. uses the retaill inventory method. The following information is available for the current year Cost Retail Beginning inventory 321000 492000 1230000 1730000 Purchases 9000 60000 78000 1530000 Employee discounts Net markups Net markdowns Sales revenue Assuming that the LIFO inventory method is used, that the beginning inventory is the base inventory when the index was 100, and that the index at year end is 112, the ending inventory at dollar-value LIFO retail cost is (Hint: Round intermediate calculation...
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