PROBLEMS Problem 14-1 (AICPA Adapted) Sublime Company showed the following information a- year-end: Cost Beginning inventory Sales Purchases Freight in Markup Markup cancelation Markdown Markdown cancelation Estimated normal shrinkage is 2% of sales. Retail 280,000 2,480,000 - 75,000 700,000 5,000,000 5,160,000, 500,000 60,000 250,000 50,000 The entity used the conservative retail inventory method in estimating the value of inventory. What is the estimated cost of ending inventory? a. 460,000 b. 450,000 C. 495,000 d. 506,000

PROBLEMS Problem 14-1 (AICPA Adapted) Sublime Company showed the following information a- year-end: Cost Beginning inventory Sales Purchases Freight in Markup Markup cancelation Markdown Markdown cancelation Estimated normal shrinkage is 2% of sales. Retail 280,000 2,480,000 - 75,000 700,000 5,000,000 5,160,000, 500,000 60,000 250,000 50,000 The entity used the conservative retail inventory method in estimating the value of inventory. What is the estimated cost of ending inventory? a. 460,000 b. 450,000 C. 495,000 d. 506,000

Name: Problem 14-1 (AICPA Adapted)Sublime Company showed the following info
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Description: Problem 14-1 (AICPA Adapted)Sublime Company showed the following information a-Estimated normal shrinkage is 2% of sales.The entity used the conservative retail inventory method inestimating the value of inventory.PROBLEMSyear-end:CostBeginning inve

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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Royall Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail Beginning inventory $30,000 $45,000 Purchases 190,000 260,000 Freight-in 2,500 — Net markups — 8,500 Net markdowns — 10,000 Employee discounts — 1,000 Sales revenue — 205,000 The ending inventory under Conventional Retail Inventory Method is = The ending inventory under Cost Method of Retail Inventory Method is =
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Please answer required a,b