Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Bare Unimart Manufacturing $ 342,000 440,000 $ 684,000 242,000 800,000 Merchandise Finished goods Compute cost of goods sold for each of these two companies. 236,000

Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Bare Unimart Manufacturing $ 342,000 440,000 $ 684,000 242,000 800,000 Merchandise Finished goods Compute cost of goods sold for each of these two companies. 236,000

Name: Beginning inventoryMerchandiseFinished goodsCost of merchandise purch
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Description: Beginning inventoryMerchandiseFinished goodsCost of merchandise purchasedCost of goods manufacturedEnding inventoryUnimart$ 342,000440,000BareManufacturing242,000$ 684,000800, 000MerchandiseFinished goodsCompute cost of goods sold for each of these

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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Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
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9
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