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

Q: the following information appears in B corporation's records for the year ended December 31:…

A: Net sales = Sales - sales discount - sales return = $3,400,000 -  20,000 - 30,000 = $3,350,000 Cost…

Q: The January 28 (fiscal year-end) financial statements of Collette, Inc. reported the following…

A: FIFO method of inventory costing: An inventory system known as FIFO or first in first out makes the…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Introduction: Ending inventory is the worth of products still offered for purchase and held by a…

Q: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…

A:

Q: The records of Now United Department Store report the following data for the month of January 2020:…

A: Inventory refers to raw materials that is used in production of final goods during  an accounting…

Q: G The records of Bridgeport Menswear report the following data for the month of September: Purchases…

A: Cost accounting is a type of accounting that records and measures the cost of good manufactured,…

Q: What adjustment will Birch need to make to apply the LCOM rule to its ending inventory for balance…

A: Cost-to-retail ratio = Goods available at retail goods available at cost​Goods available at…

Q: Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances…

A: Gross margin is the excess of revenue over the cost of goods sold and gross margin percentage is…

Q: Cost Retail Beginning inventory Purchases Freight in Purchase return Purchase allowance 340,000…

A: Working:

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: 98. Drake Corporation had the following amounts, all at retail: €120,000 Purchases Net markups…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported as a…

Q: The retail amount should be $1,035,000, excluding net markdowns. C) The cost and retail amounts…

A: When calculating the cost to retail percentage we exclude net markdowns (must not consider net…

Q: Apparal Co. has the following information for March 2021: Beginning inventory (at cost) = 50,000…

A: Cost to Retail Ratio The purpose of calculating the cost to retail ratio to know the details of the…

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: ry (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000…

A: Given  Sales = 500,000 Purchases = 225,000 Inventory (at the beginning of the year)=16,000 Inventory…

Q: The following information was taken from the records of GALATIANS Boutique Shop for the month of…

A: Retail inventory method is used by the retail operations like department stores to value the…

Q: Beginning merchandise inventory $ 16,000 Purchases $ 160,000 Ending merchandise inventory $ 8,000…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…

A: Cost of goods sold is an expense account, which will be reported on the income statement.

Q: Thug Life Company provided the following information at year-end: Cost Retail Inventory, January 1…

A: Inventory is one of the important current assets for the business. It includes raw material…

Q: For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory…

A: The conventional retail inventories technique is focused on the cost-retail price connection of a…

Q: The following amounts are known: Beginning merchandise inventory $28,000 Ending merchandise…

A: Cost of Goods sold: It is the cost incurred for manufacturing the product which sold the company.

Q: Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning…

A: Record field's Boutique report the following data for the month of April .       Ending inventory…

Q: Imports provided the following information regarding its inventory for the current​ year, its second…

A: Businesses utilise the Moving Average Cost Method, an inventory valuation technique, to determine…

Q: The following information is available for Pintus Company: Item Units Unit cost Total Beginning…

A: Average cost method is the method to value the cost of inventory. It is calculated by dividing total…

Q: For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following…

A: a.

Q: Palangga Company provided the following information for the current year: Beginning inventory 400…

A: Introduction: Gross purchase is the total amount of purchase made during the period before any…

Q: The following data is for Atlantis Merchandising, which uses a periodic inventory system: Sales…

A: The cost of goods available for sale includes beginning inventory, net purchases, and freight…

Q: ig B Stores uses the conventional retail method to value its ending inventory. The following…

A: The cost to retail ratio is calculated as inventory amount on cost divided by inventory amount on…

Q: or office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative…

A: selling expenses are those expenses that are to be incurred by the departments of sales of an…

Q: LAS Corporation shows the following accounting record for sales commissions 15,000 beginning…

A: Income Statement :— Income Statement provides the net income and Loss during the year. Income…

Q: Cost Retail Inventory, 12/31/25 $254,700 $397,600 Purchases 1,002,796 1,454,100 Purchase returns…

A: The conventional retail inventory method is used by companies to determine the value of ending…

Q: Ebasan Company used the average cost retail inventory method. The entity provided the following…

A: Cost Retail Beginning Inventory                   15,00,000                   22,00,000 Net…

Q: The MER-37997 merchandising company reported the following information for last year: Sales Selling…

A: Contribution means the difference between the selling price and variable cost. Break even point…

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The following information was taken from the records of GALATIANS Boutique Shop for the month of…

A: First in first out Method In  the first in first out method the valuation of ending inventory which…

Q: The records of Pronghorn Menswear report the following data for the month of September: Sales Sales…

A: Lets understand the basics. Retail inventory method is a method used for estimating value of stores…

Q: Required information LeMay Department Store uses the retail inventory method to estimate ending…

A: The cost to retail percentage or the cost to retail ratio, determines the portion of the cost of the…

Q: Presented is information related to Biklo Co. for the month of January 2008. Freight-in Php 100,000…

A: In the context of the given question, we should prepare the income statement of Biklo Co. for the…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.