Accounting Problem 2.3 Question:Deluxe Auto Parts holds inventory all over the world. Assume that the records for oneauto part show the following:Beginning inventory $220,000Net purchasesNet salesGross profit rate800,0001,100,00045%Suppose this inventory, stored in the United States, was lost in a fire.Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.

Gross profit = Net sales * Gross profit rateGross profit = 1100000 * 45% = 495000 Cost of goods sold…

Answered: Question: Deluxe Auto Parts holds…

College Accounting, Chapters 1-27

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ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Question: Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following: Beginning inventory $220,000 Net purchases Net sales Gross profit rate 800,000 1,100,000 45% Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.
Project the average inventory balance in Year X and use it to compute the implied ending inventory balance. Round to the nearest dollar except for Inventory Turnover (IT). For IT round to 2 places beyond the decimal point. Walton’s (data in millions) Year X-1 Year X Year X+1 Revenue $ 58,790 $ 63.541 ? Cost of Goods Sold 38,518 42,445 ? Ending Inventory 7,250 7,350 ? Inventory Turnover ? Average Inventory ?
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cambell Corporation.
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Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.
Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800 Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?
Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Clark Corporation. (Click the icon to view the data.) The cost of ending inventory is The cost of goods sold is Data table Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 880 Quantity Unit Cost 140 $ 210 350 80 270 $ 11.00 $ 14.00 $ Total - X 1,540 2,940
Information pertaining to the inventory of Palette Company follows. LIFO Selling Replacement Cost Price Cost Category: Supreme Item A $5,600 $6,400 $4,800 Item B 7,200 7,200 7,680 Item C 17,600 17,600 16,800 Category: Classic Item X 28,800 28,800 30,400 Item Y 35,200 42,400 41,600 Item Z 56,000 48,000 52,800 The company has a normal profit margin of 20% of selling price and has no additional costs to complete or sell the items. What is the lower-of-cost-or-market value of the company's inventory applying the rule to (a) each individual item and (b) to each inventory category? Select one: a. Inventory item: $147,200; Inventory Category: $147,200 b. Inventory item: $150,400; Inventory Category: $150,400 c. Inventory item: $143,520; Inventory Category: $150,400 d. Inventory item: $141,120; Inventory Category: $147,520
Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Cost $ 210,000 650,000 10,000 Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Purchases Freight-in Net markups Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Net markdowns Goods available for sale Cost-to-retail percentage Net sales Retail $ 282,000 856,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 22,000 4,200 820,000 $ X Answer is not complete. Cost 210,000 $ 650,000 10,000 0 870,000 251,850 Retail 282,000 856,000 0 22,000 1,160,000 4,200 1,155,800 $ 1,155,800 Cost-to-Retail Ratio 75.00 % Screenshot

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