Cost Retail Inventory, Jan 1 Purchases Freight-in Purchase Discounts 8,700 55,300 2,000 14,000 80,300 500 Purchase Returns 5,200 1,000 8,600 1,500 1,200 Departmental Transfer – In Departmental Transfer - Out Mark-up Mark-up Cancellation Markdown 800 6,000 2,000 12,000 3,000 7,000 43,800 2,500 1,000 500 Markdown Cancellation Abnormal Spoilage Sales Sales Returns 5,000 Sales Discount Employee Discount Normal Spoilage 200 l....... .
Cost Retail Inventory, Jan 1 Purchases Freight-in Purchase Discounts 8,700 55,300 2,000 14,000 80,300 500 Purchase Returns 5,200 1,000 8,600 1,500 1,200 Departmental Transfer – In Departmental Transfer - Out Mark-up Mark-up Cancellation Markdown 800 6,000 2,000 12,000 3,000 7,000 43,800 2,500 1,000 500 Markdown Cancellation Abnormal Spoilage Sales Sales Returns 5,000 Sales Discount Employee Discount Normal Spoilage 200 l....... .
Chapter5: Evaluating Operating And Financial Performance
Section: Chapter Questions
Problem 13DQ
Related questions
Question
What is the estimated ending inventory using average cost approach?
What is the cost of goods sold using FIFO cost approach?
![Cost
Retail
Inventory, Jan 1
Purchases
Freight-in
8,700
55,300
2,000
500
14,000
80,300
Purchase Discounts
Purchase Returns
5,200
1,000
800
8,600
1,500
1,200
Departmental Transfer – In
Departmental Transfer - Out
Mark-up
Mark-up Cancellation
Markdown
6,000
2,000
12,000
3,000
7,000
43,800
2,500
1,000
500
Markdown Cancellation
Abnormal Spoilage
5,000
Sales
Sales Returns
Sales Discount
Employee Discount
Normal Spoilage
200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd144fcfe-8b97-43a7-b872-a43838212841%2Fb50c1d2a-9c48-4e78-88aa-0b7df8b64feb%2F1p1ey9j_processed.png&w=3840&q=75)
Transcribed Image Text:Cost
Retail
Inventory, Jan 1
Purchases
Freight-in
8,700
55,300
2,000
500
14,000
80,300
Purchase Discounts
Purchase Returns
5,200
1,000
800
8,600
1,500
1,200
Departmental Transfer – In
Departmental Transfer - Out
Mark-up
Mark-up Cancellation
Markdown
6,000
2,000
12,000
3,000
7,000
43,800
2,500
1,000
500
Markdown Cancellation
Abnormal Spoilage
5,000
Sales
Sales Returns
Sales Discount
Employee Discount
Normal Spoilage
200
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