Presented below is information related to Sheffield Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,000 2,165,000 Markups 93,800 Markup cancellations 16,500 Markdowns 37,300 Markdown cancellations 4,500 Sales revenue 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $enter the dollar amount of the ending inventory using conventional retail inventory method
Presented below is information related to Sheffield Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,000 2,165,000 Markups 93,800 Markup cancellations 16,500 Markdowns 37,300 Markdown cancellations 4,500 Sales revenue 2,181,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $enter the dollar amount of the ending inventory using conventional retail inventory method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Presented below is information related to Sheffield Company.
|
Cost
|
Retail
|
|||
|---|---|---|---|---|
|
Beginning inventory
|
$374,710 | $283,000 | ||
|
Purchases
|
1,393,000 | 2,165,000 | ||
|
Markups
|
93,800 | |||
|
Markup cancellations
|
16,500 | |||
|
Markdowns
|
37,300 | |||
|
Markdown cancellations
|
4,500 | |||
|
Sales revenue
|
2,181,000 |
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
| Ending inventory using conventional retail inventory method |
$enter the dollar amount of the ending inventory using conventional retail inventory method
|
Expert Solution
PART 1
Sheffield Company :
| S.no | Cost ($) | Retail ($) | |
| 1 | Beginning Inventory | 374,710 | 283,000 |
| 2 | Purchases | 1,393,000 | 2,165,000 |
| 3 | Markups | 93,800 | |
| 4 | Markups cancellation | (16,500) | |
| 5 | Inventory after markups | 1,767,710 | 2,525,300 |
| 6 | Markdowns | (37,300) | |
| 7 | Markdowns cancellation | 4,500 | |
| 8 | Retail after markdown | 2,492,500 | |
| 9 | Sales | 2,181,000 | |
| 10 | Inventory at retail | 311,500 | |
| 1,767,710 |
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