Estimating Inventory Using Retail Inventory Method- Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June. Inventory (beginning), June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances 4,800 Sales returns and allowances Goods available for sale: Beginning inventory Add: Net purchases Net markups Net markdowns Compute estimated inventory at June 30 using the conventional retail inventory method. Note: Use negative signs as appropriate in the following schedule. Total goods available for sale Subtract: Cost Selling Price $86,080 $128,000 277,120 Net sales Net markups Net markdowns Estimated ending inventory at retail Cost Ratio $ Cost 33,600 46,400 16,000 14,400 357,760 400,000 5,760 16,000 86,080 $ 0x 0 0V 358,400 Retail 128,000✔ 0x 32,000 0✔ 512,000 384,000 x 05 384,000 x $ 110,400

Estimating Inventory Using Retail Inventory Method- Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June. Inventory (beginning), June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances 4,800 Sales returns and allowances Goods available for sale: Beginning inventory Add: Net purchases Net markups Net markdowns Compute estimated inventory at June 30 using the conventional retail inventory method. Note: Use negative signs as appropriate in the following schedule. Total goods available for sale Subtract: Cost Selling Price $86,080 $128,000 277,120 Net sales Net markups Net markdowns Estimated ending inventory at retail Cost Ratio $ Cost 33,600 46,400 16,000 14,400 357,760 400,000 5,760 16,000 86,080 $ 0x 0 0V 358,400 Retail 128,000✔ 0x 32,000 0✔ 512,000 384,000 x 05 384,000 x $ 110,400

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Description: Estimating Inventory Using Retail Inventory Method- ConventionalRetail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June.Inventory (beginning), June 1MarkdownsMarkupsMarkd

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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