Exercise 9-15 (Algo) Retail inventory method; LIFO (LO9-3]Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retailinventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months endingMarch 31, 2021:CostRetailBeginning inventoryNet purchasesNet markups$220,000697,000$361,000830,00027,0007,000825,000Net markdownsNet salesRequired:Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the threefmonths ending March 31,2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e.,0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)X Answer is not complete.Cost-to-RetailRatioCostRetailBeginning inventory220,0002$361,000Net purchases697,000 O830,000Net markups27,000Net markdowns7,000Goods available for sale (excluding beg. inventory)697,000850,000Goods available for sale (including beg. inventory)917,0001,211,000%24 Required:Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31,2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e.,0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)X Answer is not complete.Cost-to-RetailRatioCostRetail$Beginning inventoryNet purchases$220,000361,000697,000830,000Net markups27,000Net markdowns7,000 O697,000850,000Goods available for sale (excluding beg. inventory)917,0001,211,000Goods available for sale (including beg. inventory)82.00 X %Cost-to-retail percentage (beginning)76.00 X %Cost-to-retail percentage (current)(361,000)Net sales850,000Estimated ending inventory at retail220,000 XEstimated ending inventory at costEstimated cost of goods sold

calculation of above requirement are as follows

Exercise 9-15 (Algo) Retail inventory method; LIFO [LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Cost Beginning inventory Net purchases Net markups Retail $361,000 830,000 27,000 $220,000 697,000 Net markdowns 7,000 825,000 Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is not complete.

Exercise 9-15 (Algo) Retail inventory method; LIFO [LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Cost Beginning inventory Net purchases Net markups Retail $361,000 830,000 27,000 $220,000 697,000 Net markdowns 7,000 825,000 Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is not complete.

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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Save & Exit Check m Required information E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,140 units at $37; purchases, 7,920 units at $39; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31, current year, 1,740 units; sales, 8,320 units; sales price per unit, $77; and average income tax rate, 30 percent. E7-11 Part 1 Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Req 1A Req 1B 60°F earch 立

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Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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Royall Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail Beginning inventory $30,000 $45,000 Purchases 190,000 260,000 Freight-in 2,500 — Net markups — 8,500 Net markdowns — 10,000 Employee discounts — 1,000 Sales revenue — 205,000 The ending inventory under Conventional Retail Inventory Method is = The ending inventory under Cost Method of Retail Inventory Method is =
Required information Problem 9-9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] Skip to question [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in thousands) Cost Retail Beginning inventory S 89 $ 134 Purchases 680 1,015 Freight-in on purchases 39 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 925 Problem 9- 9 (Algo) part 2 2. Use the retail method to approximate cost of ending inventory valued under conventional method. Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
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Brief Exercise 9-8 (Algo) Retail inventory method; LIFO [LO9-3] Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2021: Beginning inventory. Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $440,000 $ 575,000 1,350,000 925,000 62,150 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 62,000 32,000 1,270,000 X Answer is complete but not entirely correct. $ $ Cost 440,000 925,000 62,150 987,150…