Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Cost $240,000 562,500 Retail $330, 000 890, e00 Freight-in 10,000 Net markups Net markdowns 30, 000 14,000 850, 000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round re calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) O Answer is complete but not entirely correct. Cost-to- Retail Ratio Cost Retail Beginning inventory |s 240,000 330,000 Purchases 562,500 890,000 Freight-in 10,000 Net markups 30,000 1,250,000 Net markdowns (14,000) Goods available for sale 812,500 1,236,000 Cost-to-retail percentage 65.74 % Net sales (850,000) Estimated ending inventory at retail 386,000 Estimated ending inventory at cost 253,756 %24

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Cost $240,000 562,500 Retail $330, 000 890, e00 Freight-in 10,000 Net markups Net markdowns 30, 000 14,000 850, 000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round re calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) O Answer is complete but not entirely correct. Cost-to- Retail Ratio Cost Retail Beginning inventory |s 240,000 330,000 Purchases 562,500 890,000 Freight-in 10,000 Net markups 30,000 1,250,000 Net markdowns (14,000) Goods available for sale 812,500 1,236,000 Cost-to-retail percentage 65.74 % Net sales (850,000) Estimated ending inventory at retail 386,000 Estimated ending inventory at cost 253,756 %24

Name: Campbell Corporation uses the retail method to value its inventory. T
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Description: Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:CostRetailMerchandise inventory, January 1, 2021Purchases$240,000562,50010,000$330, 000890, 000Freight-inNet markupsNet mark

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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Campbell Corporation uses the retsil method to value its inventory. The following information is available for the year 2021: Cost Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net narkdowns Net sales $248, 0ee 562, 5e0 18,0e0 $330, e00 890, e00 30, 800 14, 880 850, e00 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratlo calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a mlnus sign.) Cost-to-Retall Ratio Cost Retall Beginning inventory 240,000 330,000 Purchases 562,500 890,000 Freight-in 10,000 Net markups 30,000 1,250,000 Net markdowns (14,000) Goods available for sale 812,500 1,236,000 Cast-to-retail percentage Net sales (850,000) Estimated ending inventory at retail 386.000 Estimated ending inventory at cost
Waterway Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,257,900 at both cost and realizable value. At December 31, 2020, the inventory was $286,249,300 at cost and $262,969,900 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.
Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory 22 $400 Purchase 1, Feb. 24 130 370 Sale 1 145 Purchase 2, July 2 180 330 Purchase 3, Oct. 31 90 250 Sale 2 265 All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system. How do you find the Cost of Inventory and Cost of Goods Sold using the Average Cost method? (Round per-calcualtions to 4 decimal place, other answers to the nearest dollar)
Novak Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $151 $139 $120 $113 $139 $113 Cost 95 101 101 101 63 45 Cost to complete 38 38 32 44 38 38 Selling costs 13 23 13 25 13 25 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D Item E Item F Item G Item H Item I
Sunland uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $384000 ($588000), purchases during the current year at cost (retail) were $1935000 ($3180000), freight-in on these purchases totaled $123000, sales during the current year totaled $2880000, and net markups (markdowns) were $66000 ($102000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.
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.