A company uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Cost $ 260,000 693,000 15,000 Retail $ 287,000 896,000 Freight-in Net markups Net markdowns Net sales Required: 27,000 4,700 870,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Cost Retail Cost-to-Retail Ratio Beginning inventory Purchases Freight-in Net markups $ 260,000 $ 287,000 693,000 896,000 15,000 27,000 1,210,000 Net markdowns (4,700) Goods available for sale 968,000 1,205,300 Cost-to-retail percentage 80.00 % Net sales (870,000) Estimated ending inventory at retail $ 335,300 Estimated ending inventory at cost Estimated cost of goods sold 268,240

A company uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Cost $ 260,000 693,000 15,000 Retail $ 287,000 896,000 Freight-in Net markups Net markdowns Net sales Required: 27,000 4,700 870,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Cost Retail Cost-to-Retail Ratio Beginning inventory Purchases Freight-in Net markups $ 260,000 $ 287,000 693,000 896,000 15,000 27,000 1,210,000 Net markdowns (4,700) Goods available for sale 968,000 1,205,300 Cost-to-retail percentage 80.00 % Net sales (870,000) Estimated ending inventory at retail $ 335,300 Estimated ending inventory at cost Estimated cost of goods sold 268,240

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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