Problem 14-7 (AICPA Adapted)Empress Company used the retail inventory methedapproximate the ending inventory.toThe following information is available for the current ve.CostRetail650,0009,000,000200,000300,000150,000200,000Beginning inventoryPurchases1,200,00014,700,000Freight inPurchase returnsPurchase allowancesDepartmental transfer inNet markupNet markdownSalesSales discountsEmployee discountsEstimated normal shoplifting lossesEstimated normal shrinkage500,000300,000300,0001,000,0009,500,000100,000500,000600,000400,0001. What is the estimated cost of ending inventory using theconservative approach?а. 2,400,000b. 2,460,000c. 3,060,000d. 2,700,0002. What is estimated cost of ending inventory using theaverage cost approach?а. 2,560,000b. 2,624,000с. 3,264,000d. 2,880,000

Name: Problem 14-7 (AICPA Adapted)Empress Company used the retail inventory
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Description: Problem 14-7 (AICPA Adapted)Empress Company used the retail inventory methedapproximate the ending inventory.toThe following information is available for the current ve.CostRetail650,0009,000,000200,000300,000150,000200,000Beginning inventoryPurchas

The retail inventory method is the method of accounting that estimate the value of merchandise in…

Business

Accounting

Problem 14-7 (AICPA Adapted) Empress Company used the retail inventory method approximate the ending inventory. to The following information is available for the current vo 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 500,000 Departmental transfer in Net markup Net markdown Sales Sales discounts 300,000 300,000 1,000,000 9,500,000 100,000 500,000 600,000 400,000 Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 1. What is the estimated cost of ending inventory using the conservative approach? a. 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? a. 2,560,000 b. 2,624,000 c. 3,264,000 d. 2,880,000

Problem 14-7 (AICPA Adapted) Empress Company used the retail inventory method approximate the ending inventory. to The following information is available for the current vo 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 500,000 Departmental transfer in Net markup Net markdown Sales Sales discounts 300,000 300,000 1,000,000 9,500,000 100,000 500,000 600,000 400,000 Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 1. What is the estimated cost of ending inventory using the conservative approach? a. 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? a. 2,560,000 b. 2,624,000 c. 3,264,000 d. 2,880,000

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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After looking at the attachment, if ABC uses the average retail method, how much would the estimated ending inventory be?
es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
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Presented below is information related to Novak Inc. Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Show Transcribed Text S Cost $253,500 $390,700 1,009,210 1,468,300 59,300 18,100 41,300 C Retail Ending inventory using the conventional retail inventory method $ 79,500 1,434,100 99,100 118,600 39,600 44,200 20,400 8,000 4,700 Assuming that Novak Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026.
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