Homework Answers
1. Alison should record the purchases at $5,600
2. Full bright Co. using periodic inventory system
| Units | Price($) | Total |
| 42 | 90 | 3,780 |
| 70 | 73 | 5,110 |
| 170 | 69 | 11,730 |
| 282 | 20,620 | |
| Average price | 73 | |
| Closing inventory | 9 units | |
| Inventory value | 658 |
3.
| Net sales(A) | 2,970 |
| COGS(B) | 2,430 |
| Op. expenses© | 830 |
| Inventory as per FIFO(D) | 1,180 |
| Income before tax(E = A-B-C+D) | 890 |
| Tax rate(F) | 20% |
| Net income (E*(100%-F)) |
712 |
4.
| Gross profit | 1,74,800 |
| Net sales | 2,98,800 |
| Gross profit % | 59% |
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Tell me what you want to do 1-Alison's dress shop buys dresses from McGuire Manufacturing. Alison...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $109 per unit 73 units at $80 per unit 174 units at $62 per unit Sales for the year totaled 271 units, leaving 16 units on hand at the end of the year. Ending inventory using the LIFO method is: Multiple Choice $1,170. $1,744. $1,042. $992. Fulbright Corp. uses the periodic inventory system....
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Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 41 units at $104 per unit 74 units at $88 per unit 171 units at $53 per unit Sales for the year totaled 265 units, leaving 21 units on hand at the end of the year. Ending inventory using the average cost method is: (Do not round unit cost calculation. Round your final answer to the...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,500. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
I DO NOT NEED AN EXPLANATION, JUST GIVE ME THE CORRECT ANSWERS! Raleigh Department Store uses...
I DO NOT NEED AN EXPLANATION, JUST GIVE ME THE CORRECT
ANSWERS!
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...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! On January 1, 2021, HGC Camera Store adopted the dollar...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Retail Retail Cost Cost Beginning inventory Net purchases Freight-in Net markups 51,800 74,000 101,150 3,700 125,000 $107,532 $131,70e 4,200 18,500 3,700 125,250 3,000 11,400 3,900 118,800 6,720 Net markdowns Net sales to customers Sales to...
Hello, Can you please help me with this problem and give an explanation for the correct...
Hello,
Can you please help me with this problem and give an explanation
for the correct answer? There are three tabs FIFO, LIFO and Average
Cost. Thank you
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PLEASE GIVE ME THE CORRECT ANSWER!! Raleigh Department Store uses the conventional retail method for the...
PLEASE GIVE ME THE CORRECT ANSWER!!
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...
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...
wy. Problem 3 - Inventory Cost Flow Methods (20 points). McGuire Co. is a retailer specializing in the sale of now skis and related items, Information concerning the company's January 1, 2018 inventory of one model of snow skis and its purchases and sales of them during 2018 and 2019 follows: Units Unit Cost $350 2018 Inventory, 1/1 Purchases: 0120 02/15 10/05 $360 $375 $390 Sales 2019 Purchases 01/22 02/25 10/01 30 $395 $400 $435 Sales 90 McGuire uses a...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,500. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
I DO NOT NEED AN EXPLANATION, JUST GIVE ME THE CORRECT
ANSWERS!
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...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Retail Retail Cost Cost Beginning inventory Net purchases Freight-in Net markups 51,800 74,000 101,150 3,700 125,000 $107,532 $131,70e 4,200 18,500 3,700 125,250 3,000 11,400 3,900 118,800 6,720 Net markdowns Net sales to customers Sales to...
Hello,
Can you please help me with this problem and give an explanation
for the correct answer? There are three tabs FIFO, LIFO and Average
Cost. Thank you
Aug.1 Inventory on hand-3,900 units; cost $7.20 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $7.50 each. 25 Sold 14,600 units for $12.90 each. 28 Purchased 5,900 units for $5.80 each. 31 Inventory on hand-10,800 units. Required: Using calculations based...
PLEASE GIVE ME THE CORRECT ANSWER!!
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...
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...
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