Bramble Inc. had beginning inventory of 19,500 at retail. Net purchases were 169,900 atretail. Net markups were 7,000, and sales revenue was $132,900. Compute ending inventoryat cost using the conventional retail method. (Round ratios for computational purposes to 0decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28, 987.) Endinginventory using the conventional retail method $

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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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Ace Company reported the following information for the current year: Sales Cost of goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ 417,000 $ 142,500 280,000 422,500 151,000 271,500 $ 145,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $27,000. Given this information, the correct gross profit would be: Multiple Choice $118,500. $145,500. $172,500. $131.500
Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $
Bramble Inc. had beginning inventory of $11,395 at cost and $21,500 at retail. Net purchases were $122,915 at cost and $186,600 at retail. Net markups were $9,100, net markdowns were $6,600, and sales revenue was $159,100. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using LIFO retail method $
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Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending Inventory at Lower-of-Average-Cost-Or-Market $ ____________
The accounting records of Cullumber Electronics show the following data. Beginning inventory Purchases Sales 4,000 units at 8,500 units at $8 10,700 units at $11 * Your answer is incorrect. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media $6 X Your answer is incorrect. Cost of goods sold $ Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to O decimal places, e.g. 125.) FIFO 5.36 56,200 $ LIFO 59,800 $ Average-cost 57,352
N5. Account
Presented below is information related to Kingbird Company. Cost Beginning inventory $ 53,940 Purchases (net) Net markups Net markdowns Sales revenue (a) 129,370 Ending inventory Retail $107,000 $ 189,700 Compute the ending inventory at retail. 10,527 27,056 202,490
Presented below is information related to Marigold Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $379,557 1,356,000 Retail $275,000 2,161,000 94,700 15,400 36,700 5,200 2,170,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $
Valuing Inventory at Lower of Cost or Market Management of Tarry Company reports the following inventory using LIFO and applies the lower of cost or market rule. ■ Edgers: 1,680 units in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. ■Clippers: 1,120 units in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. Required a. Determine the inventory cost to report on the balance sheet assuming that the company applies the lower of cost or market rule to each inventory item. b. Prepare the journal entry to apply the lower of cost or market rule to inventory assuming that the company adjusts inventory directly and adjusts equity through cost of goods sold. a. Inventory valuation for edgers $ Inventory valuation for clippers Total inventory…

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