Homework Answers
Solution: The answer is Option A: $10,12,696 ( Correct Answer is $ 10,12,820 Approx)
| Particulars | Cost $ | Retail $ | Cost-to-Retail Ratio |
| Beginning inventory | $ 403,500.000 | $ 604,000.000 | |
| Gross Purchases | $ 3,608,000.000 | $ 5,393,600.000 | |
| freight in | $ 169,500.000 | $ - | |
| Net Markups | $ - | $ 424,000.000 | |
| Goods available for sale | $ 4,181,000.000 | $ 6,421,600.000 | |
| Cost-to-Retail percentage | ( $ 4,181,000 / $ 6,421,600 ) | 65.108% | |
| Less: | |||
| Gross Sales | $ (4,866,000.000) | ||
| Estimated ending inventory at retail | $ 1,555,600.000 | ||
| Estimated ending inventory at cost | ($ 1,555,600 * 65.108 %) | $ 1,012,820 |
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Blossom Inc uses the conventional retail method to determine its ending inventory at cost. Assume the...
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Oriole Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at costretail) were $396500 15597000L purchases during the current year at cost (retail) were $3468000052536001. Freight in on these purchases totaled $162500 sales during the current yeur totaled $4726000, and net markups were $417000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places.ee 0635 and final answer to decimal places $527605 $1541600 $1095736 $991249
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Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
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Oriole Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at costretail) were $396500 15597000L purchases during the current year at cost (retail) were $3468000052536001. Freight in on these purchases totaled $162500 sales during the current yeur totaled $4726000, and net markups were $417000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places.ee 0635 and final answer to decimal places $527605 $1541600 $1095736 $991249
Current Attempt in Progress Sunland Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $399500 ($600000), purchases during the current year at cost (retail) were $3528000 ($5313600), freight-in on these purchases totaled $165500, sales during the current year totaled $4786000, and net markups were $420000. 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...
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Oriole Pet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $787800 ($971700), purchases during the current year at cost (retail) were $3025800 ($3978300), freight in on these purchases totaled $182 700 sales during the our ent year totaled $3876000 and net ar ups markdowns ere $5100 $279900). what is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, ลู 0.635 and final...
Problem 9-10 Indigo Inc. uses the retail inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2013 $52,600 77,100 239,370 420.900 16,700 Inventory, October 1, 2018 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales revenue 5,500 7.900 8,900 2.000 3,500 10,100 388,800...
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