Problem 9-10 (Algo) Dollar-value LIFO retail method [LO9-5] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales (5 in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 105 833 40 1 Retail $ 175 1,097 3 5 9 926 Required: Assuming the price level increased from 1.00 at January 1 to 1.60 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. ($ in 000s)

Problem 9-10 (Algo) Dollar-value LIFO retail method [LO9-5] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales (5 in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 105 833 40 1 Retail $ 175 1,097 3 5 9 926 Required: Assuming the price level increased from 1.00 at January 1 to 1.60 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. ($ in 000s)

Name: Problem 9-10 (Algo) Dollar-value LIFO retail method [LO9-5]Smith-Klin
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Problem 9-10 (Algo) Dollar-value LIFO retail method [LO9-5]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate thefollowing data:Beginning inventoryPurchases.Freight-in on purchasesPur

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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Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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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 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
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Required information Problem 9-9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] Skip to question [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in thousands) Cost Retail Beginning inventory S 89 $ 134 Purchases 680 1,015 Freight-in on purchases 39 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 925 Problem 9- 9 (Algo) part 2 2. Use the retail method to approximate cost of ending inventory valued under conventional method. Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
! 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, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 165,000 $220,000 690,000 4,500 888,000 5,150 4,800 $ 680,000 2,000 5,600 $ 1,069,000 4,075 6,600 10,600 4,450 7,400 640,000 710,000 1.00 1.25 1.25 21,000 3,800 21,000 2,000 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Note: Round your cost-to-retail percentage to 2 decimal places and round…
! Required information E7-11 (Static) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. E7-11 Part 3 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling? Net income Income taxes paid (cash flow)
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