Problem 13-9 (IAA)Fairy Company provided the following information:20192020SalesBeginning inventoryPurchasesFreight inPurchase discountsPurchase returnsPurchase allowancesEnding inventory7,500,0001,260,0006,450,000350,00090,000120,00020,0002,355,0004,500,0003,180,000220,00045,00040,00015,000What is the inventory on December 31, 2020?a. 2,370,000b. 2,025,000c. 3,285,000d. 2,505,000

given that, data for 2020 - opening inventory = 2355000 Purchases = 3180000 Freight in = 220000…

Problem 13-9 (IAA) Fairy Company provided the following information: 2019 2020 7,500,000 1,260,000 6,450,000 350,000 90,000 120,000 20,000 2,355,000 4,500,000 Sales Beginning inventory Purchases Freight in Purchase discounts Purchase returns Purchase allowances Ending inventory 3,180,000 220,000 45,000 40,000 15,000 What is the inventory on December 31, 2020? a. 2,370,000 b. 2,025,000 c. 3,285,000 d. 2,505,000

Problem 13-9 (IAA) Fairy Company provided the following information: 2019 2020 7,500,000 1,260,000 6,450,000 350,000 90,000 120,000 20,000 2,355,000 4,500,000 Sales Beginning inventory Purchases Freight in Purchase discounts Purchase returns Purchase allowances Ending inventory 3,180,000 220,000 45,000 40,000 15,000 What is the inventory on December 31, 2020? a. 2,370,000 b. 2,025,000 c. 3,285,000 d. 2,505,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
Problem 14-7 (AICPA Adapted) Empress Company used the retail inventory methed approximate the ending inventory. to The following information is available for the current ve. Cost Retail 650,000 9,000,000 200,000 300,000 150,000 200,000 Beginning inventory Purchases 1,200,000 14,700,000 Freight in Purchase returns Purchase allowances Departmental transfer in Net markup Net markdown Sales Sales discounts Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 500,000 300,000 300,000 1,000,000 9,500,000 100,000 500,000 600,000 400,000 1. What is the estimated cost of ending inventory using the conservative approach? а. 2,400,000 b. 2,460,000 c. 3,060,000 d. 2,700,000 2. What is estimated cost of ending inventory using the average cost approach? а. 2,560,000 b. 2,624,000 с. 3,264,000 d. 2,880,000
AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage
3 Freeflow Inc uses Gross profit method to estimate its closing Inventory details for 2020 is given below Cost Retail Gross Sales $1,685,000.00 Freight $18,000.00 Markdown cancellation $8,000.00 Markup $71,000.00 Purchases $975,000.00 $1,834,000.00 Markup cancellation $18,000.00 purchase returns $23,000.00 $36,000.00 Sales returns $38,000.00 Op Inventory $220,000.00 $411,000.00 Markdowns $69,000.00 Freeflow has averaged 64.5% gross margin Based on this, what amount will Freeflow report as cost of goods sold Question 3 options: 605315 584685 422450 598175
Please help me
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
Item 13 A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?
Question 3 (5%) Inventory data for Hot Buys Company for January 2020 are as follows: January I balance January 10 purchase 100 units at $28 January 15 sale January 21 purchase 90 units at $32 January 28 sale 80 units at $25 120 units 110 units Using FIFO, compute ending inventory as of January 31, 2020, and determine cost of goods sold for January.
9
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