P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc. Cost $ 165,000 Inventory, 12/31/17 Purchases Retail $ 260,000 1,261,000 804,500 45,000 Purchase returns 71,000 Purchase discounts 12,000 1,240,000 Gross sales (after employee discounts) Sales returns 51,500 Markups 68,000 16,000 Markup cancellations Markdowns 86,000 21,000 Markdown cancellations Freight-in 39,000 Employee discounts granted 11,000 Loss from breakage (normal) 8,500 Instructions Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at Decemb 31, 2018.

P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc. Cost $ 165,000 Inventory, 12/31/17 Purchases Retail $ 260,000 1,261,000 804,500 45,000 Purchase returns 71,000 Purchase discounts 12,000 1,240,000 Gross sales (after employee discounts) Sales returns 51,500 Markups 68,000 16,000 Markup cancellations Markdowns 86,000 21,000 Markdown cancellations Freight-in 39,000 Employee discounts granted 11,000 Loss from breakage (normal) 8,500 Instructions Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at Decemb 31, 2018.

Name: P9-7B (L06) (Retail Inventory Method) Presented below is information
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Description: P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc.Cost$ 165,000Inventory, 12/31/17PurchasesRetail$ 260,0001,261,000804,50045,000Purchase returns71,000Purchase discounts12,0001,240,000Gross sales (after employee

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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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
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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 =
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! Required information E7-11 (Static) 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), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. E7-11 Part 3 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling? Net income Income taxes paid (cash flow)
28) A company uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: Beginning inventory and purchases. Net markups Net markdowns Net sales What amount should be reported as cost of goods sold for the year? 300235 299884 301400 none Cost $ 319,0001 Retail $ 534,000 46,000 36,000 512,000
10. The Kansas Company provided the following data for its December 31, 2020, inventory maintained on the retail basis. At Cost At Retail Beginning inventory Purchases $120,000 $224,000 280,000 396,000 20,000 Markups (net) Markdowns (net) Sales (40,000) 520,000 What is the estimated inventory at December 31, 2020, valued at lower of average cost or market? a. $53,333 b. $75,000 c. $56,000 d. $50,000
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