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
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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

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