Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 24,000 $ 32,000 Purchases 114,600 177,000 Freight-in 5,675 Purchase returns 5,500 7,500 Net markups 12,000 Net markdowns 9,000 Normal spoilage 5,400 Net sales 164,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (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.) Answer is not complete.
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 24,000 $ 32,000 Purchases 114,600 177,000 Freight-in 5,675 Purchase returns 5,500 7,500 Net markups 12,000 Net markdowns 9,000 Normal spoilage 5,400 Net sales 164,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (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.) Answer is not complete.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows:
| Cost | Retail | |||||
| Beginning inventory | $ | 24,000 | $ | 32,000 | ||
| Purchases | 114,600 | 177,000 | ||||
| Freight-in | 5,675 | |||||
| Purchase returns | 5,500 | 7,500 | ||||
| Net markups | 12,000 | |||||
| Net markdowns | 9,000 | |||||
| Normal spoilage | 5,400 | |||||
| Net sales | 164,000 | |||||
Required:
Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (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.)
Answer is not complete.
|
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