Net sales (net of 40K returns and 10K discounts)7. Manuals Corp. determined the following information for thepurpose of applying the retail method of inventory estimation:of applying the retail method of inventory estimation:CostRetailP 75,000P 45,000Inventory, beg.Net sales (net of 40K returns and 10K discounts)590,000270,000590,000PurchasesFreight-inNet markupsNet markdownsNormal shrinkage6,75050,00020,00012,000How much is the cost of goods sold under each of the followingmethods?FIFOAveragec. 283,329.30d. 283,329.30 284,698.80FIFOAveragea. 281,229.67 282,828.77b. 273,329.30 284,698.80282,828.77

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Description: Net sales (net of 40K returns and 10K discounts)7. Manuals Corp. determined the following information for thepurpose of applying the retail method of inventory estimation:of applying the retail method of inventory estimation:CostRetailP 75,000P 45,0

SOLUTION- INVENTORY COSTINGS HELPS IN DETERMINING THE COST INCURRED ON INVENTORY.

Business

Accounting

Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for the Cost Retail P 45,000 rentory, beg. sales (net of 40K returns and 10K discounts) P 75,000 590,000 270,000 chases ght-in markups markdowns 590,000 6,750 50,000 20,000 mal shrinkage 12,000 - much is the cost of goods sold under each of the following nods? Average . 281,229.67 282,828.77 273,329.30 284,698.80 FIFO Average c. 283,329.30 d. 283,329.30 FIFO 282,828.77 284,698.80

Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for the Cost Retail P 45,000 rentory, beg. sales (net of 40K returns and 10K discounts) P 75,000 590,000 270,000 chases ght-in markups markdowns 590,000 6,750 50,000 20,000 mal shrinkage 12,000 - much is the cost of goods sold under each of the following nods? Average . 281,229.67 282,828.77 273,329.30 284,698.80 FIFO Average c. 283,329.30 d. 283,329.30 FIFO 282,828.77 284,698.80

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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If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000 ID., cost of goods available for sale 450 000 ID., sales 900 000 ID. , ending inventory 130 000 ID., sales returns and allowance 100 000 ID., the cost * -: of goods sold are no one 280 000 ID. 400 000 ID. O 550 000 ID. O
Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a.1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d.1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-Inventory
Using the following data, how should the merchandise be valued under lower of cost or market?Original cost $1,350Estimated selling price 1,475Selling expenses 180
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TB MC Qu. 9-117 (Algo) Clarabell Incorporated uses the conventional... Clarabell Incorporated uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Beginning inventory $ 110,000 Net purchases 404,000 Net markups Net markdowns Net sales Multiple Choice Estimated ending inventory using the conventional retail method is: Note: Do not round intermediate calculations. $133.366. Retail $ 192,000 705,000 $130,176. 44,000 22,000 686,000
N5. Account
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