The cost to retail ratio for Macy’s Inc. is 60%. The inventory at cost on Dec...
The cost to retail ratio for Macy’s Inc. is 60%. The inventory at cost on Dec 15, 2019 was $40,000. On December 16, $5,000 of sales were returned in perfect condition. On December 16:
a. The inventory at Retail would be $45,000
b. The inventory at cost would be $45,000
c. The sales would be $35,000
d. The inventory at cost would be $43,000
e. The inventory at retail would be $19,000
Homework Answers
Ans: D.The inventory at cost would be $43,000 is Correct Answer
Explanation:
Inventory cost as on Dec 15,2019- $40,000
Add:Sales returns (5000*60%) (cost) $3000
Total Inventory cost on Dec 16,2019- $43,000
Add Answer to:
The cost to retail ratio for Macy’s Inc. is 60%. The inventory
at cost on Dec...
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventor...
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Retail Inventory Method The following data were available from Hegge Department Store's records for the year...
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Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The...
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Retail Inventory Method The following data were available from Hegge Department Store's records for the year...
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2. Presented below is information related to EDK Inc. Retail $ 260,000 1,261,000 71,000 Cost Inventory,...
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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-...
Sunland Inc. had beginning inventory of $11,400 at cost and $19,500 at retail. Net purchases were...
Sunland Inc. had beginning inventory of
$11,400 at cost and $19,500 at retail. Net purchases were $124,328
at cost and $169,900 at retail. Net markups were $10,200, net
markdowns were $7,000, and sales revenue was $132,900. Compute
ending inventory at cost using the conventional retail method.
(Round ratios for computational purposes to 0 decimal places, e.g.
78% and final answer to 0 decimal places, e.g. 28,987.) Ending
inventory using the conventional retail method
Brief Exercise 9-10 x Your answer is...
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...
P9.9 (LO 5) (Retail Inventory Method) Presented below is information related to Waveland Inc. Cost Retail Inventory, 12/31/20 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000 Purchase discounts 18,000 Gross sales revenue (after employee discounts) 1,410,000 Sales returns 97,500 Markups 120,000 Markup cancellations 40,000 Markdowns 45,000 Markdown cancellations 20,000 Freight-in 42,000 Employee discounts granted 8,000 Loss from breakage (normal) 4.500 IIIIII 914,500 60,000 18,000 1,460,000 80,000 1,410,000 97.500 120,000 Purchases Purchase returns Purchase discounts Gross sales revenue (after...
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 Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 147,200 320,000 300,000 Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases Purchases 85,500 190,000 Sales Sales 200,000 2021 Purchases 2019 Purchases 92,000 230,000 Sales Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 December 31, 2018 105 December 31, 2021 December...
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...
2. Presented below is information related to EDK Inc. Retail $ 260,000 1,261,000 71,000 Cost Inventory, 12/31/20 $ 165,000 Purchases 804,500 Purchase returns 45,000 Purchase discounts 12,000 Gross sales (after employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in 39,000 Employee discounts granted Loss from breakage (normal) 1,240,000 51,500 68,000 16,000 86,000 21,000 11,000 8,500 Instructions: Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
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-...
Sunland Inc. had beginning inventory of
$11,400 at cost and $19,500 at retail. Net purchases were $124,328
at cost and $169,900 at retail. Net markups were $10,200, net
markdowns were $7,000, and sales revenue was $132,900. Compute
ending inventory at cost using the conventional retail method.
(Round ratios for computational purposes to 0 decimal places, e.g.
78% and final answer to 0 decimal places, e.g. 28,987.) Ending
inventory using the conventional retail method
Brief Exercise 9-10 x Your answer is...
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...
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