Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Merchandise inventory, January 1, 2021 Purchases $270,000 629,000 16,000 Retail $288,000 904,000 Freight-in Net markups Net markdowns Net sales 28,000 4,800 880,000 Required: Determine the December 31, 2021, inventory by applying the conventignal retail method using the information provided. (Round ratio calculation to 2 decimal places (I.e., O.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retail Cost Retail Ratio Beginning inventory 24 270,000 $ 288,000 Purchases 629,000 904,000 Freight-in 16,000 Net markups 28,000 1,220,000 (4,800) Net markdowns 915,000 1,215,200 Goods available for sale 75.29 % Cost-to-retail percentage (880,000) Net sales 225 000 < Prev. 5 of 9 Next >
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Merchandise inventory, January 1, 2021 Purchases $270,000 629,000 16,000 Retail $288,000 904,000 Freight-in Net markups Net markdowns Net sales 28,000 4,800 880,000 Required: Determine the December 31, 2021, inventory by applying the conventignal retail method using the information provided. (Round ratio calculation to 2 decimal places (I.e., O.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retail Cost Retail Ratio Beginning inventory 24 270,000 $ 288,000 Purchases 629,000 904,000 Freight-in 16,000 Net markups 28,000 1,220,000 (4,800) Net markdowns 915,000 1,215,200 Goods available for sale 75.29 % Cost-to-retail percentage (880,000) Net sales 225 000 < Prev. 5 of 9 Next >
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![Campbell Corporation uses the retail method to value Its inventory. The following information is available for the year 2021:
View previous
Cost
$270,000
629,000
16,000
Retail
Merchandise inventory, January 1, 2021
Purchase8
Freight-in
Net markups
Net markdowns
Net sales
$288,000
904,000
28,000
4,800
880,000
Required:
Determine the December 31, 2021, İnventory by 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.)
Cost-to-Retall
Ratio
Cost
Retail
Beginning inventory
270,000 $
288,000
Purchases
629,000
904,000
Freight-in
16,000
Net markups
28,000
1,220,000
(4,800)
1,215,200
0.
Net markdowns
915,000
Goods available for sale
75.29 %
Cost-to-retail percentage
(880,000)
Net sales
Prev
h5 of 9
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Transcribed Image Text:Campbell Corporation uses the retail method to value Its inventory. The following information is available for the year 2021:
View previous
Cost
$270,000
629,000
16,000
Retail
Merchandise inventory, January 1, 2021
Purchase8
Freight-in
Net markups
Net markdowns
Net sales
$288,000
904,000
28,000
4,800
880,000
Required:
Determine the December 31, 2021, İnventory by 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.)
Cost-to-Retall
Ratio
Cost
Retail
Beginning inventory
270,000 $
288,000
Purchases
629,000
904,000
Freight-in
16,000
Net markups
28,000
1,220,000
(4,800)
1,215,200
0.
Net markdowns
915,000
Goods available for sale
75.29 %
Cost-to-retail percentage
(880,000)
Net sales
Prev
h5 of 9
Next >
Profile.pdf
A
Profile (1).pdf
Profile (1) pdf
a lolomama pdf
MacBook Air
%24
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