Brandon Shoe Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available at November 30, 2024: Women's Shoes Men's Shoes Cost Retail Cost Retail Beginning inventory $276,000 $424,000$191,000 $323,000 Purchases 1,181,000 1,801,000 1,046,000 1,772,000 Purchase returns and allowances 24,600 37,000 21,900 36,400 Freight in 6,000 7,200 Sales 1,826,000 1,651,000 Sales returns and allowances 28,000 25,000 At November 30,Brandon Shoe Store takes a physical inventory count at retail. The actual retail values of the inventories in each department on November 30, 2024, are as follows: Women's Shoes $381,250, and Men's Shoes $426,100.Instructions.Determine the estimated cost of the ending inventory at November 30, 2024, using the retail inventory method.(hint: retail methodLoss at cost for: Women's shoes= $5,752.25 Men's shoes = $3,859.70)

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Answered: Brandon Shoe Store uses the retail…

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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Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions October 1 Beginning inventory October 4 Sale October 10 Purchase Sale October 13 October 20 October 28 October 30 Purchase Sale Purchase Units Unit Cost 6 $760 770 780 453478 5 4 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
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Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
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