Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your Intermedlate calculetlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round vour Intermediete celculetlone end finel eneware to 2 daclnel plecee

Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your Intermedlate calculetlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round vour Intermediete celculetlone end finel eneware to 2 daclnel plecee

Name: AL LUSEAL RELdiBeginning inventoryNet purchases$127, 600231,240$256,
Uploaded: 2024-03-20T06:32:37.000Z
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Description: AL LUSEAL RELdiBeginning inventoryNet purchases$127, 600231,240$256, 800393, 600Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at themarked selling prices of the Inventory

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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Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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Flame Company adopted the FIFO approach of in pricing in connection with the use of the retail inventory method. The retail records showed the following: entory Cost Retail 2020 928,000 7,028,000 42,000 30,000 6,840,000 556,800 4,576,000 Beginning inventory Purchases Net markup Net markdown Sales 2021 6,812,000 56,000 68,000 6,928,000 4,760,000 Purchases Net markup Net markdown Sales Required: Determine the estimated cost of inventory on December 31, 2020 and 2021 applying the FIFO retail approach.
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