Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales. Beginning inventory Purchases Freight-in Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 190,000 600,000 8,000 Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: 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. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 280,000 840,000 $ 20,000 4,000 800,000 Cost 190,000 $ 600,000 8,000 798,000 S Retail 280,000 840,000 20,000 1,140,000 (4,000) 1,136,000 79,520 1,056,480 Cost-to-Retail Ratio 70.00 %

Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales. Beginning inventory Purchases Freight-in Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 190,000 600,000 8,000 Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: 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. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 280,000 840,000 $ 20,000 4,000 800,000 Cost 190,000 $ 600,000 8,000 798,000 S Retail 280,000 840,000 20,000 1,140,000 (4,000) 1,136,000 79,520 1,056,480 Cost-to-Retail Ratio 70.00 %

Name: Colonial Corporation uses the retail method to value its inventory. T
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Colonial Corporation uses the retail method to value its inventory. The following information is available for the year:Beginning inventoryPurchasesFreight-inNet markupsNet markdownsNet salesBeginning inventoryPurchasesFreight-inNet markupsRequired:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of units Unit cost Unit sales Beginning invengtory 240 $100 Sold 160 $140 Purchased 520 $103 Sold 400 $142 Purchased 400 $110 Sold 370 $144 Ending inventory 230
Oriole Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue Cost $506477. O $501470. $539700. $385000. $305000 1300000 26000 Retail $486000 1720000 7600 67000 80000 1480000 4 The approximate cost of the ending inventory by the conventional retail method is (Round cost-to-retail ratio percentages to 1 decimal places, e.g. 52.7% = 0.527.)
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: DATA Beginning inventory Sale First purchase Sale Second purchase Sale Ending inventory Quantity 8,100 5,000 15,400 12,600 15,900 13,100 8,700 REQUIRED: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? a. FIFO method b. LIFO method Price Inventory Cost Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells orange cells. Transfer amounts to CNOWv2 for grading. $160 $300 $167 Formulas $300 $172 $300
sharad
Requirements: Complete the Ending Inventory and Cost of Goods Sold schedules for each inventory costing method; FIFO, LIFO, WAVG. Complete the Income Statement and Cash Flow Statement under each inventory costing method. Explain the differences in Net Income under each inventory costing method. Notes: Operating Expenses and taxes were paid in cash. The company's beginning cash balance was $1,200. Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash) 100.0 16.0 Second Purchase (cash) 190.0 17.2 Total Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash)…
Which assets depreciate?
Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available at the end of the year: Beginning inventory Net purchases Cost $ 450,000 935,000 72,800 Retail $ 580,000 1,360,000 63,000 33,000 1,275,000 Freight-in Net markups Net markdowns Net sales Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales × Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 450,000 935,000 $ 580,000 1,360,000 72,800 63,000 2,003,000 (33,000) 1,457,800 1,970,000 72.50% x Estimated ending inventory at retail Estimated ending inventory at cost 533,379 x Estimated cost of goods sold $ 924,421…
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals $ FIFO 54,220 $ 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 115 units from beginning inventory, 245 units from the March 5 purchase, 95 units from the March 18 purchase, and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) LIFO Units Acquired at Cost @ $53.00 per unit @ $58.00 per unit 200 units 275 units 54,220 135 units @ $63.00 per unit 250 units @ $65.00 per unit X Answer is not complete. Weighted Average…
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units Units Acquired at Cost 300 units @ $14.00 = @ $19.00 = @ $24.00 = @ $29.00 = 300 520 500 200 1,520 520 units 500 units 200 units 1,520 units Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following. Cost Per # of units Unit sold MITSTRA 480 units @ $44.00 @…
Dengar