Chapter 8 Perform (ASAC LO 5 and BSAC LO 2)Kingbird Company began operations late in 2024 and adopted the conventional retail inventory method.Because there was no beginning inventory for 2024 and no markdowns during 2024, the ending inventoryfor 2024 was $13,708 under both the conventional retail method and the LIFO retail method. At the end of2025, management wants to compare the results of applying the conventional and LIFO retail methods.There was no change in the price level during 2025. The following data are available for computations.CostInventory, January 1, 2025Sales revenueNet markups muNet markdowns moPurchasesFreight-inEstimated theft(b) The LIFO retail method.Ending inventory at costEnding inventory at retailCost$$13,708$63,9005,888RetailCompute the cost of the 2025 ending inventory under both:(a) The conventional retail method.$20,20077,000 mu9,900 mD1,800 ex BegEnding inventory using the conventional retail method $87,5002,2002733640800Pure63900 +w/beg 77688Sales (Net)63,90020,200875009900(1800)→95600115,80038800-25000End Inve 40,8006390095600 ==67%X40,80067%←27336

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Description: Chapter 8 Perform (ASAC LO 5 and BSAC LO 2)Kingbird Company began operations late in 2024 and adopted the conventional retail inventory method.Because there was no beginning inventory for 2024 and no markdowns during 2024, the ending inventoryfor 20

The conventional retail inventory method is used to record the relationship between the cost price…

Answered: Compute the cost of the 2025 ending…

Business

Accounting

Compute the cost of the 2025 ending inventory under both: (a) The conventional retail method. Ending inventory using the conventional retail method $ 63900 95600 = 38800

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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es Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage ormal spoilage Sales Sales returns Cost $ 97,000 363,000 9,700 7,700 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 5,546 Retail $ 187,000 587,000 11,700 16,700 12,700 3,700 8,700 547,000 10,700 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,700. 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Conventional application
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