Presented below is information related to Kingbird, Inc. Cost Retail Beginning inventory $510,000 $900,000 Purchases 2,280,000 4,020,000 Freight on purchases 97,200 Markups 210,000 Markup cancellations 168,000 Abnormal shortage 18,000 31,200 Markdowns 105,600 Markdown cancellations 14,400 Employee discounts 6,240 Sales revenue 4,290,000 Sales returns 120,000 Normal shortage 21,000 Purchase returns 26,400 49,200 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $enter the ending inventory in dollars rounded to 0 decimal places
Presented below is information related to Kingbird, Inc. Cost Retail Beginning inventory $510,000 $900,000 Purchases 2,280,000 4,020,000 Freight on purchases 97,200 Markups 210,000 Markup cancellations 168,000 Abnormal shortage 18,000 31,200 Markdowns 105,600 Markdown cancellations 14,400 Employee discounts 6,240 Sales revenue 4,290,000 Sales returns 120,000 Normal shortage 21,000 Purchase returns 26,400 49,200 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $enter the ending inventory in dollars rounded to 0 decimal places
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
100%
Presented below is information related to Kingbird, Inc.
|
Cost
|
Retail
|
|||
|---|---|---|---|---|
| Beginning inventory | $510,000 | $900,000 | ||
| Purchases | 2,280,000 | 4,020,000 | ||
| Freight on purchases | 97,200 | |||
| Markups | 210,000 | |||
| Markup cancellations | 168,000 | |||
| Abnormal shortage | 18,000 | 31,200 | ||
| Markdowns | 105,600 | |||
| Markdown cancellations | 14,400 | |||
| Employee discounts | 6,240 | |||
| Sales revenue | 4,290,000 | |||
| Sales returns | 120,000 | |||
| Normal shortage | 21,000 | |||
| Purchase returns | 26,400 | 49,200 |
Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.)
| Ending inventory |
$enter the ending inventory in dollars rounded to 0 decimal places
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education