1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round ratiocalculation 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-RetailRatioCostRetailBeginning inventory$53,000 $73,000Purchases220,000413,000Freight-in14,068Purchase returnsNet markups(6,000)(8,500)7,100484,600Net markdowns(4,800)Goods available for sale281,068479,800Cost-to-retail percentage (conventional retail method)%Normal breakageNet sales:Sales(293,000)Employee discounts(1,500)Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financialstatements. The following data pertain to one of its largest departments for the month of March 2021:CostRetailBeginning inventoryPurchases$ 53,000 $ 73,000Freight-inPurchase returns220,000 413,00014,0686,0008,500Net markupsNet markdowns7,1004,800Normal breakage8,500293,0001,500Net salesEmployee discountsSales are recorded net of employee discounts.

Name: 1. Compute estimated ending inventory and cost of goods sold for Marc
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round ratiocalculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

Conventional retail method = This method is mostly used in small business finances in the form of…

Business

Accounting

Compute estimated ending inventory and cost of goods sold for Marcn applying the conventional ret calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sig und rati Cost-to-Retail Ratio Cost Retail Beginning inventory Purchases 53,000 $ 220,000 14,068 (6,000) 73,000 413,000 Freight-in Purchase returns (8,500) Net markups 7,100 484,600 Net markdowns (4,800) Goods available for sale 281,068 479,800 Cost-to-retail percentage (conventional retail method) %

Compute estimated ending inventory and cost of goods sold for Marcn applying the conventional ret calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sig und rati Cost-to-Retail Ratio Cost Retail Beginning inventory Purchases 53,000 $ 220,000 14,068 (6,000) 73,000 413,000 Freight-in Purchase returns (8,500) Net markups 7,100 484,600 Net markdowns (4,800) Goods available for sale 281,068 479,800 Cost-to-retail percentage (conventional retail method) %

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

Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
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 first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (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 Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
I need help with question C
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
Meman
N5. Account
A & B please
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).