Presented below is information related to Stellar Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $131,980 1,361,000 Retail $286,000 2,123,000 95,000 15,700 38,400 4,700 2,216,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method

Presented below is information related to Stellar Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $131,980 1,361,000 Retail $286,000 2,123,000 95,000 15,700 38,400 4,700 2,216,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method

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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Valuing Inventory at Lower-of-Cost-or-Market Management of Tarry Company takes the position that under the lower-of-cost-or-market rule, the two items below are reported in ending inventory at $119,520 (total). Inventory cost is reported using LIFO. • Edgers: 2,160 in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. • Hedge clippers: 1,440 in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. a. Compute your inventory valuation by item and in total for the Tarry Company inventory reported above. Inventory valuation for edgers $ Inventory valuation for hedge clippers Total inventory valuation b. Prepare the entry, if any, to report inventory at the lower-of-cost-or-market. Assume that all adjustments directly impact cost of goods sold and…
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Crane Department Store estimates inventory by using the retail inventory method. The following information was developed: At Cost At Retail Beginning inventory $350000 $700000 Goods purchased 850000 1300000 Net sales 1410000 The estimated cost of the ending intentory is O $364000. O $336000. O $354000. O $236000.
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Current Attempt in Progress * Your answer is incorrect. Presented below is information related to Sarasota Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $252,942 1,383,000 Retail $281,000 2,119,000 94,300 15,600 33,200 5,000 2,228,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $ 158070
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