Inventory, 12/31/25PurchasesPurchase returnsPurchase discountsGross sales (before employee discounts)Sales returnsMarkupsMarkup cancellationsMarkdownsMarkdown cancellationsFreight inEmployee discounts grantedLoss from breakage (normal)Cost$158,500752,10042,30011,40037400Retail$265.0001,357,00075,4001,243,00053,60067,20015,20082,20021,50010.5008.800 Assuming that Sweet Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31.2026. (Round ratios for computational purposes to 0 decimal places, eg 78% and final answer to 0 decimal places, eg. 28,987)Ending inventory using the conventional retail inventory method$329200

Meaning of retail inventory method : The retail inventory method is an inventory accounting method…

Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted $158,500 $265,000 752,100 1,357,000 42,300 11,400 37400 75,400 1,243,000 53,600 67,200 15,200 82.200 21,500

Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted $158,500 $265,000 752,100 1,357,000 42,300 11,400 37400 75,400 1,243,000 53,600 67,200 15,200 82.200 21,500

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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un.9
Given the following information for Miller, Inc.: Cost Retail Markdown cancellations $950 Markup cancellations 3,500 Employee discounts 1,020 Purchase returns $1,030 1,520 Purchases 35,400 46,787 Inventory, January 1 7,160 13,820 Purchase discounts taken 756 Freight-in 4,000 Markups 14,500 Markdowns 2,600 Sales 56,700 Required: a. Determine the inventory value using the retail inventory method and the FIFO cost flow assumption. b. Determine the inventory value using the retail inventory method and the lower of average cost or market cost flow assumption. Round intermediate calculation to two decimal places and final answer to nearest dollar.
aj.4
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 %24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory (c) 3,400
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Enrichment Activity 4-1. Missing Elements Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales Less: Cost of Sales 225,000 Inventory, 1/1/21 Add: Net Purchases P. Purchases P 890,200 Less: Purchases Returns & Allow. P 31,000 Purchase Discounts 12,200 Add: Freight In 12,000 Net Purchases 859,000 P 1,084,000 Goods Available for Sales Less: Inventory, 12/31/21 Cost of Sales Gross Profit Less: Operating Expenses Distribution Expenses Administrative Expenses Total Expense 138.480 (258,780) Net Income 125,220 Required: Insert the missing figures in the income statement above. Note that Net Income is 10% of Gross Sales.