Purchase returns Purchase allowances Departmental transfer in Net markup Net markdown Sales Sales discounts Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 150,000 200,000 300,00 300,00 1,000,0C 9,500,0C 100,00 500,00 600,00 400,00 1.' What is the estimated cost of ending inventory using t 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 average cost approach? a. 2,560,000

Purchase returns Purchase allowances Departmental transfer in Net markup Net markdown Sales Sales discounts Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 150,000 200,000 300,00 300,00 1,000,0C 9,500,0C 100,00 500,00 600,00 400,00 1.' What is the estimated cost of ending inventory using t 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 average cost approach? a. 2,560,000

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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-8 Effects of inventory error Assume that the ending inventory of a merchandising a 2 firm is overstated by $40,000. Required: a. By how much and in what direction (overstated or understated) will the firm's cost of goods sold be misstated? b. If this error is not corrected, what effect will it have on the subsequent period's operating income? If this error is not corrected, what effect will it have on the total operating income of the two periods (the period in which there is an error and the subse- quent period) combined? с.
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Match the term with its definition. Cost-To-Retail Ratio [Choose ] Choose Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 11 Minutes, 4 Seconds Designated Market Value Gross Profit Method Gross Profit Percentage The cost to replace an item. Also known as "Replacement Cost". Correct Answer Gross profit divided by Sales. Correct Answer Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer An addition to the original sales price Correct Answer A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer Net Realizable Value minus a normal profit margin Correct Answer Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer An inventory valuation method that compiles inventory at sales prices and converts the…
Ch 10b, HW#3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 120 $46 Purchased Mar. 2 165 48 Sold Mar. 31 for $80 per unit 83 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin %24 %24
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Sales Absorption Costing Income Statement Cost of Goods Sold: $ 1662500 Beginning Inventory $ Variable Costs Fixed Cost Less: Ending Inventory Cost of Goods Sold Administrative expense Net Income b. Calculate reported income for the bank. Do not use negative signs with any answers. Variable Costing Income Statement $ Sales Cost of Goods Sold: Beginning Inventory $ Variable Costs Variable cost of goods sold Fixed costs: Administrative Expense Total Fixed Cost Net Income ÷ $
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