Homework Answers
| at cost. | Cost to retail ratio | at retail | ||
| a | beginning inventory | 491350 | 947150 | |
| b | cost of goods purchased | 3693675 | 6418700 | |
| c | Goods available for sale (a+b) | 4185025 | 56.82% | 7365850 |
| d | Net sales (sales - sale return) | 5489100 | ||
| e | Estimated ending inventory | 1066369 | 56.82% | 1876750 |
| f | ||||
Cost to retail ratio= goods available for sale at cost /goods available for sale at retail=4185025/7365850=56.82%
Estimate Ending inventory at cost = ending inventory at retail × cost to retail ratio (56.82%)=1876750*56.82%
Inventory shortage
| At cost | at retail | |
| Estimated inventory | 1066369 | 1876750 |
| Physical inventory | 954462 | 1679800 |
| Inventory shortage | 111907 | 196950 |
Physical inventory at cost = cost to retail ratio × physical inventory at retail=56.82% ×1679800= 954462
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The records of Earthly Goods provided the following information for the year ended December 31, 2020....
The records of Alaska Company provide the following information for the year ended December 31. 0.71...
The records of Alaska Company provide the following information for the year ended December 31. 0.71 points At Cost $ 472,150 At Retail $ 927,950 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 3,852,710 6,280,150 eBook 5,503,700 45,400 Print Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,683,800. Prepare a calculation showing the company's loss from shrinkage...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Retail Gross purchases $154,950 $390, 000 Purchase returns 5,500 4,000 30,000 Purchase discounts Gross sales Sales returns 341,000 5,000 Employee discounts Freight-in Net markups Net markdowns 4,000 30,500 15,000 30,000...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory...
Axteks Corporation has the following cost records for the year
ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016...
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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $31,000 and a cost of $11,000 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 570,000 $ 953,000 Purchase returns 6,000 4,000 Purchase discounts 5,000 Gross sales 958,000 Sales returns 5,000 Employee discounts 3,000 Freight-in 20,000 Net markups 20,000 Net markdowns 4,000 Sales...
The records of Alaska Company provide the following information for the year ended December 31. 0.71 points At Cost $ 472,150 At Retail $ 927,950 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 3,852,710 6,280,150 eBook 5,503,700 45,400 Print Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,683,800. Prepare a calculation showing the company's loss from shrinkage...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Retail Gross purchases $154,950 $390, 000 Purchase returns 5,500 4,000 30,000 Purchase discounts Gross sales Sales returns 341,000 5,000 Employee discounts Freight-in Net markups Net markdowns 4,000 30,500 15,000 30,000...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $43,000
and a cost of $33,210 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
249,510
$
470,000
Purchase returns
6,300
22,000
Purchase discounts
4,800
Gross sales
446,500
Sales returns
8,000
Employee discounts
4,500
Freight-in
26,500
Net markups
23,000
Net markdowns
22,000
Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales...
Axteks Corporation has the following cost records for the year
ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
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