Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Beginning inventory Purchases Cost $ 28,000 118,600 4,875 7,500 Required: Complete the table below to estimate the ending inventory and cost of goods sold, applying the conventional retail method using the information provided. Freight-in Purchase returns Net markups Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Net markdowns Goods available for sale Cost-to-retail percentage Normal spoilage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 36,000 181,000 9,500 14,000 11,000 5,800 168,000 $ Cost 28,000 $ Retail 36,000 Cost-to-Retail Ratio %6

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Beginning inventory Purchases Cost $ 28,000 118,600 4,875 7,500 Required: Complete the table below to estimate the ending inventory and cost of goods sold, applying the conventional retail method using the information provided. Freight-in Purchase returns Net markups Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Net markdowns Goods available for sale Cost-to-retail percentage Normal spoilage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 36,000 181,000 9,500 14,000 11,000 5,800 168,000 $ Cost 28,000 $ Retail 36,000 Cost-to-Retail Ratio %6

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Description: Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. The following dataare available:Beginning inventoryPurchasesFreight-inPurchase returnsNet markupsNet markdownsNormal spoilageNet sales

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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Kiddie World uses a periodic inventory system and the retail Inventory method to estimate ending inventory and cost of goods sold. The following data are available at the end of the year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 380,000 895,000 68,200 Beginning inventory Plus. Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 520,000 1,290,000 Estimate ending Inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%.) $ 56,000 26,000 1,240,000 Cost 380,000 $ 895,000 68,200 1,343,200 $ Retail 520,000 1,290,000 56,000 1,866,000 (26,000) 1,840,000 (1,240,000) 600,000 Cost to Retail Ratio 4
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(Appendix 68) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Units Purchased at Cost Units Sold at Retail Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 June 1 150 units $10-$1,500 200 units @ $12= $2,400 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold Cost of ending inventory. 250 units $18= $4,500 more Check My Work uses remaining 300 units @ $25 225 units @ $25 Previous
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eBook Question Content Area Challenge Problem Bhushan Company has been using LIFO for inventory purposes because it would prefer to keep gross profits low for tax purposes. In its second year of operation (20-2), the controller pointed out that this strategy did not appear to work and suggested that FIFO cost of goods sold would have been higher than LIFO cost of goods sold for 20-2. Is this possible? 20 - 1 Units Cost/Unit Purchase 1 100 $1.00 Purchase 2 200 2.00 Purchase 3 300 3.00 Ending inventory 200 20-2 Units Cost/Unit Beginning inventory 200 Purchase 4 150 $4.00 Purchase 5 250 5.00 Purchase 6 350 6.00 Ending inventory 50 Required: Question Content Area Using the information provided, complete the various charts below and compute the cost of goods sold for 20 - 1 and 20-2 comparing the LIFO and FIFO methods. If units are in inventory at two different costs, enter the OLDEST units first.Check My Work determine units sold and the cost of goods sold under each method.