he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P 12,500.50. The stores Find the following :
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- The following information was taken from the records of GALATIANS Boutique Shop for the month of December: Sales P198,000 Purchases at cost P96,000 Sales returns 4,000 Purchases at retail 176,000 Additional Markups 20,000 Purchase return at cost 4,000 Markup cancellations 3,000 Purchase return at retail 6,000 Markdowns 18,600 Beg. inventory at cost 60,000 Markdown cancellations 5,600 Beg. inventory at retail 93,000 Freight-in 4,800 Purchase discount 16,000 Abnormal losses @ cost 15,000 Discount for employees 5,000 Abnormal losses @ retail 23,000 Normal losses 20,000 What is the cost of ending inventory under FIFO method (round off CTR to whole number, example: 32%)3.85/6 = Concord Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May. Concord's inventory consists of 240 books purchased at $18 each. Concord uses a perpetual inventory system. Return rates in the book industry are high, with Concord experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 Purchased 180 books on account for $16 each from Reader's World Publishers, terms n/45. 3 5 esc 8 9 11 12 17 Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $17, terms n/45. Received a $144 credit for 9 books returned to Reader's World Publishers. Sold 85 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. 22 25 Purchased 130 books on account for…Sales revenue are $110,000. Purchases are $80,000. Beginning balance of inventories are $12,000. Ending balance of inventories are $10,000. Inventory days using average inventories are:
- Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts.Purchase on February 17 $210,000 Purchase on May 6 130,000 Purchase on September 8 160,000 Purchase on December 4 410,000Required: Calculate cost of goods sold for the year.Buttons and Bows received a shipment with a list price of $2,600. The store received a trade discount of 25/15. How much does the store need to pay for this shipment?A buyer had an inventory of $93,000 on August 1 and a planned EOM stock of $120,000. Planned sales for the department were $65,000, and planned markdowns for the month were $5,690. As of August 1, the buyer had merchandise on order of $32,000 at retail to be delivered during the month. Planned initial markup was 48.5%. Calculate the buyer's OTB at cost as of August 1. а. $33,830.35 b. $65,690.00 c. $11,690.00 d. $19,925 e. $38,690.00
- Ayayai Ltd. distributes suitcases to retail stores. At the end of June, Ayayai's inventory consisted of 70 suitcases purchased at $50 each. Ayayai uses a perpetual inventory system. Ayayai has experienced a 5% return rate historically. During the month of July, the following merchandising transactions occurred: July 2Purchased 75 suitcases on account for $70 each from Sandhill Ltd., terms 2/10, n/30. 3Received a $280 credit from Sandhill after returning four suitcases because they were damaged. 6Sold 60 suitcases on account to Satchel World Inc. for $90 each, with an individual cost of $50, terms n/45. 7Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. 9Sold three suitcases-the right model number this time-on account to Satchel World Inc. for $100 each, with an individual cost of $70, terms n/30 11Paid Sandhill the balance owing 13Sold 30 suitcases on account to The Going Concern Limited for…The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value of the inventory as of March 31 given the following financial information. (Round cost ratio to four decimal places.)
- Sheridan Company provides the following information for the month ended October 31, 2022: sales on credit $366,100, cash sales $108,300, sales discounts $5,100, and sales returns and allowances $12,900.Prepare the sales section of the income statement based on this information.The following information is available for Jaworski second year in business: • Opening merchandise inventory is 35,000. • Goods are marked to sell at 35% above cost. • Merchandise purchased totalled 600,000. • Collections from customers are 420,000. • Ending merchandise inventory is 225,000. • Opening accounts receivable balance is 0. • Ending accounts receivable balance is 85,000. Required: a. Estimate the ending accounts receivable that should appear in the ledger. Calculate any shortages, if any. Assume that all sales are made on account. b. What controls can be put in place to prevent theft?Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000