Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5]Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records providethe following information:Merchandise inventory, January 1, 2024Cost$ 323,000Retail$ 425,000Net purchases536,000665,000Net markups23,000Net markdownsNet sales18,000510,000Related retail price indexes are as follows:January 1, 20241.00December 31, 20241.20Required:Determine ending inventory and cost of goods sold using the information provided.Answer is complete but not entirely correct.Ending inventory at retail$585,000Ending inventory at cost$536,000XCost of goods sold$383,000 x

Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5] Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Merchandise inventory, January 1, 2024 Net purchases Cost $ 323,000 536,000 Retail $425,000 665,000 Net markups 23,000 Net markdowns 18,000 510,000 Net sales Related retail price indexes are as follows: January 1, 2024 1.00 December 31, 2024 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Answer is complete but not entirely correct. Ending inventory at retail $ 585,000 Ending inventory at cost $ 536,000 Cost of goods sold $ 383,000

Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5] Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Merchandise inventory, January 1, 2024 Net purchases Cost $ 323,000 536,000 Retail $425,000 665,000 Net markups 23,000 Net markdowns 18,000 510,000 Net sales Related retail price indexes are as follows: January 1, 2024 1.00 December 31, 2024 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Answer is complete but not entirely correct. Ending inventory at retail $ 585,000 Ending inventory at cost $ 536,000 Cost of goods sold $ 383,000

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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Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory. Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2024 Cost $ 84,560 127,000 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $ 151,000 260,000 9,000 15,000 237,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations.
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Mr. Abdul Karim is a senior officer of a company. His service started on 01 July 2019. His salary scale is 90,000-2500- 1,20,000. His date of yearly increment is 01 September. From then he received the following income: He has been provided with accommodation by the company; the annual rental value of the house is Tk. 2,20,000; Full-time car for 24 hours for his own family use. The company has also paid Tk. 1,12,000 to him during the year being the reimbursement of various utility bills of his house; Out of generosity, the company paid him tk. 2,00,000 for his overseas travels with his family during the year; he has contributed 15% of her basic salary to an unrecognized provident fund. His employer also contributed the same amount. Interest on the said fund @ 18% is Tk. 1,800 during the period: During the year he has claimed investment allowance for Purchase of shares of unlisted companies Tk. 25,000; Purchase of government treasury bond Tk. 25,000; Insurance premium Tk.20,000 (Policy…
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Exercise 6.10 (Algo) Cash Discounts (LO6-6) Golf World sold merchandise to Mulligans for $93,000, offering terms of 1/15, n/30. Mulligans paid for the merchandise within the discount period. Both companies use perpetual inventory systems. a. Prepare journal entries in the accounting records of Golf World to account for this sale and the subsequent collection. Assume the original cost of the merchandise to Golf World had been $60,450. b. Prepare journal entries in the accounting records of Mulligans to account for the purchase and subsequent payment. Mulligans records purchases of merchandise at net cost. c. Assume that, because of a change in personnel, Mulligans failed to pay for this merchandise within the discount period. Prepare the journal entry in the accounting records of Mulligans to record payment after the discount period.
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Required information Problem 9-9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] Skip to question [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ 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.
! Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 165,000 $220,000 690,000 4,500 888,000 5,150 4,800 $ 680,000 2,000 5,600 $ 1,069,000 4,075 6,600 10,600 4,450 7,400 640,000 710,000 1.00 1.25 1.25 21,000 3,800 21,000 2,000 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Note: Round your cost-to-retail percentage to 2 decimal places and round…
Problem 9 (Measurement - LCNRV, Item by Item with existing allowance) Hershey's Ice Cream Factory sells a variety of flavors, which includes strawberry, mango, chocolate and durian to its customers. At December 31, 2021, the balance of the entity's ending inventory account was P5,000,000, and the "allowance for inventory write down" account before any adjustment was P200,000. Relevant information about the proper valuation of inventories and the breakdown of inventory cost and market data at December 31, 2021, are as follows: Net Realizable Replacement Cost Cost Sales Price Normal Profit Value 1,000,000 1,100,000 1,450,000 700,000 100,000 Strawberry Mango Chocolate 1,500,000 1,200,000 1,750,000 1,600,000 200,000 1,700,000 1,300,000 2,000,000 1,450,000 250,000 Durian 800,000 1,000,000 1,300,000 950,000 250,000 Total 5,000,000 4,600,000 6,500,000 4,700,000 800,000 1. 2. How much should be the inventory to be reported in the year-end statement of financial position? How much is the loss…
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