Please do not give solution in image format thanku Problem 9-8 Retail inventory method; conventional [LO9-4]Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. Thefollowing data pertain to a single department for the month of October 2018:Inventory, October 1, 2018:At costAt retailPurchases (exclusive of freight and returns):At costAt retailFreight-inPurchase returns:At costAt retail.Additional markupsMarkup cancellationsMarkdowns (net)Normal spoilage and breakageSalesBeginning inventoryCost-to-retail percentageGoods available for saleEstimated ending inventory at retailEstimated ending inventory at costCost$PLEASE DO THIS QUICKLY AND CORRECTLY17,000Retail27,00095,566143,5004,800Required:1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October31, 2018. (Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your finalanswers to the nearest whole dollar.)1,8002,5002,2002507704,200132,730

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Description: Please do not give solution in image format thanku Problem 9-8 Retail inventory method; conventional [LO9-4]Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. Thefollowing

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Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018: Inventory, October 1, 2018: At cost At retail Purchases (exclusive of freight and returns): At cost At retail Freight-in Purchase returns: At cost At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales $ 17,000 27,000 95,566 143,500 4,800 1,800 2,500 2,200 250 770 4,200 132,730 Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2018. (Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.)

Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018: Inventory, October 1, 2018: At cost At retail Purchases (exclusive of freight and returns): At cost At retail Freight-in Purchase returns: At cost At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales $ 17,000 27,000 95,566 143,500 4,800 1,800 2,500 2,200 250 770 4,200 132,730 Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2018. (Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.12AMCP

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