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| 1 | The value of ending inventory and cost of good sold for the year using the retail inventory method and the average cost application is as follows: | ||||||
| Cost ($) | Retail ($) | ||||||
| Beginning Inventory | 91000 | 181000 | |||||
| Add: Purchases | 356000 | 581000 | |||||
| Add: Freight-in | 9100 | ||||||
| Less: Purchase return | -7100 | -11100 | |||||
| Add : Net mark ups | 16100 | ||||||
| Less: Net markdowns | -12100 | ||||||
| Less: Abnormal Spoilage | -4654 | -8100 | |||||
| Goods available for sale | 444346 | 746800 | |||||
| Cost to retail percentage (444346/746800)*100 | 59.50% | ||||||
| Less: Normal spoilage | -3100 | ||||||
| Less: Net sales (541000-10100) | -530900 | ||||||
| Less: employee discount | -4100 | ||||||
| Estimated ending Inventory at Retail | 208700 | ||||||
| Estimated ending Inventory at Cost (208700*59.5%) | -124177 | ||||||
| Estimated cost of good sold | 320169.5 | ||||||
| Estimated ending Inventory at Retail | $208700 | ||||||
| Estimated ending Inventory at Cost | $124177 | ||||||
| Estimated cost of good sold | $320169 | ||||||
| 2 | The value of ending inventory and cost of good sold for the year using the retail inventory method and the convention application is as follows: | ||||||
| Cost ($) | Retail ($) | ||||||
| Beginning Inventory | 91000 | 181000 | |||||
| Add: Purchases | 356000 | 581000 | |||||
| Add: Freight-in | 9100 | ||||||
| Less: Purchase return | -7100 | -11100 | |||||
| Add : Net mark ups | 16100 | ||||||
| Less: Abnormal Spoilage | -4654 | -8100 | |||||
| 444346 | 758900 | ||||||
| Cost to retail percentage (444346/758900)*100 | 58.55% | ||||||
| Less: Net markdowns | -12100 | ||||||
| Goods available for sale | 444346 | 746800 | |||||
| Less: Normal spoilage | -3100 | ||||||
| Less: Net sales (541000-10100) | -530900 | ||||||
| Less: employee discount | -4100 | ||||||
| Estimated ending Inventory at Retail | 208700 | ||||||
| Estimated ending Inventory at Cost (208700*58.55%) | -122194 | ||||||
| Estimated cost of good sold | 322152 | ||||||
| Estimated ending Inventory at Retail | $208700 | ||||||
| Estimated ending Inventory at Cost | $122194 | ||||||
| Estimated cost of good sold | $322152 | ||||||
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Required information [The following information applies to the questions displayed below.] Sparrow Company uses the ret...
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the ret...
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,400 16,400 12,400 3,400 8,400 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 88,000 356,000 8,800 6,800 Retail $178,000 578,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,800 15,800 11,800 2,800 7,800 538,000 9,800 4,867 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 1,400 16,400 12,400 3,400 8,480 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,400 16,400 12,400 3,400 8,400 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,888 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,400 16,400 12,400 3,400 8,400 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information The following information applies to the questions displayed below.) Sparrow Company uses the...
Required information The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 95,000 359,000 9,500 7,500 Retail $185,000 585,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,500 16,500 12,500 3,500 8,500 545,000 10,500 4,354 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information (The following information applies to the questions displayed below.) Sparrow Company uses the retail...
Required information (The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail...
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 88,000 $ 178,000 Purchases 356,000 578,000 Freight-in 8,800 Purchase returns 6,800 10,800 Net markups 15,800 Net markdowns 11,800 Normal spoilage 2,800 Abnormal spoilage 4,867 7,800 Sales 538,000 Sales returns 9,800 The company records sales net of employee discounts. Employee discounts for 2021...
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,400 16,400 12,400 3,400 8,400 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 88,000 356,000 8,800 6,800 Retail $178,000 578,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,800 15,800 11,800 2,800 7,800 538,000 9,800 4,867 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 1,400 16,400 12,400 3,400 8,480 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information (The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail Cost 93,000 362,000 9,300 $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 11,300 16,300 12,300 3,300 8,300 543,000 10,300 7,300 Net markdowns Normal spoilage Abnormal spoilage 4,884 Sales Sales returns The company records sales net of employee discounts. Employee discounts for 2021 totaled $4.300....
Required information [The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,000 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,400 16,400 12,400 3,400 8,400 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information [The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 94,000 364,000 9,400 7,400 Retail $184,888 584,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,400 16,400 12,400 3,400 8,400 544,000 10,400 4,919 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 95,000 359,000 9,500 7,500 Retail $185,000 585,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,500 16,500 12,500 3,500 8,500 545,000 10,500 4,354 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
Required information (The following information applies to the questions displayed below.) Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 87,000 359,000 8,700 6,700 Retail $177,000 577,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,700 15,700 11,700 2,700 7,700 537,000 9,700 4,240 The company records sales net of employee discounts. Employee discounts for 2021 totaled...
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