8pointsOn January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided thefollowing information:Beginning inventoryNet purchasesCost$ 41,000162,240Retail$82,000Net markupsNet markdownsNet salesRetail price index, end of year340,0008,00010,000317,0001.04During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, netmarkdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method.Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest wholedollar.Answer is complete but not entirely correct.Ending inventoryS 83,784

To estimate the ending inventory for 2025 using the dollar-value LIFO retail method, we will follow…

Answered: 8 points On January 1, 2024, Select…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Buffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $121.980 Ending inventory 137,500 116,280 167,500 Current Year Cost-Retail% 2024 60% 61% 62% 59% Year-End Price Index $ 107 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 110 114 125 2025 2026 2027
Zyrah Co. has the following data relating to its accounts receivable durig the current year: Categories No. of Days Balance %collectible 0-30 days ₱500,000 98% 31-60 days 600,000 97% 61-90 days 750,000 95% Over 91 days 400,000 (₱100,000 definitely uncollectible, balance is 90% collectible) The beginning balance of the allowance for doubtful accounts is ₱40,000. During the year, Zyrah write off ₱23,000 receivables and recovered ₱12,000 of accounts previously written off in prior years. Based on the above data, answer the following: 1. How much is doubtful accounts expense during the current year? a. ₱166,500 c. 123,000 b. ₱95,500 d. 111,000 2. How much is the net realizable value of the accounts receivable at the end of the current year? a. ₱2,054,500 c. ₱1,983,500 b. ₱2,150,000 d. ₱2,027,000
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (c) (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) Inventory turnover ratio Your answer is correct. Inventory turnover ratio 2020 Days in inventory $116,000 317,500 895,000 1,120,000 1,595,500 1,195,000 eTextbook and Medial Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) Gross profit rate 2020 2021 2020 $317,500 2020 410,500 Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) 4.1 times 4.1 times 2020 2022 89 days $410,500 476,500 1,297,500 1,894,000 Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) 2021 % 2021 3.1 times. 2021 3.1 Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2 %) 2021 times 117 days 2022 2022 2022 2022 125 2.9 2.9 times times…
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On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 48,000 103,040 3,200 Retail $ 64,000 120,000 2025 16,000 3,200 117,850 3,800 Cost 2025 $ 115,150 3,700 Retail Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. $ 133,000 10,400 3,400 119,440 5,920 1.00 1.06 1.12
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20 % discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 2025 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 1.12
Manji
please help me
On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost $ 51,600 207,640 Retail $ 86,000 360,000 6,000 8,000 337,000 1.04 During 2025 (the following year), purchases at cost and retail were $258,885 and $470,700, respectively. Net markups, net markdowns, and net sales for the year were $5,000, $6,000, and $370,000, respectively. The retail price index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Ending inventory
Hansaben
9
10. The Kansas Company provided the following data for its December 31, 2020, inventory maintained on the retail basis. At Cost At Retail Beginning inventory Purchases $120,000 $224,000 280,000 396,000 20,000 Markups (net) Markdowns (net) Sales (40,000) 520,000 What is the estimated inventory at December 31, 2020, valued at lower of average cost or market? a. $53,333 b. $75,000 c. $56,000 d. $50,000

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