Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. 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. Answer is not complete. Cost Retail Cost-to-Retail Ratio Beginning inventory Net purchases $ 190,000 $ 290,000 660,000 865,000 Net markups 20,000 Net markdowns (5,000) Goods available for sale (excluding beginning inventory) 660,000 880,000 Goods available for sale (including beginning inventory) 850,000 1,170,000 Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 65.52 % 75.00 % (836,000) $ 334,000 (46,008)
Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. 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. Answer is not complete. Cost Retail Cost-to-Retail Ratio Beginning inventory Net purchases $ 190,000 $ 290,000 660,000 865,000 Net markups 20,000 Net markdowns (5,000) Goods available for sale (excluding beginning inventory) 660,000 880,000 Goods available for sale (including beginning inventory) 850,000 1,170,000 Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 65.52 % 75.00 % (836,000) $ 334,000 (46,008)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am. 123.
Transcribed Image Text:Required:
Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided.
Assume stable retail prices during the period.
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.
Answer is not complete.
Cost
Retail
Cost-to-Retail
Ratio
Beginning inventory
Net purchases
$ 190,000 $
290,000
660,000
865,000
Net markups
20,000
Net markdowns
(5,000)
Goods available for sale (excluding beginning inventory)
660,000
880,000
Goods available for sale (including beginning inventory)
850,000
1,170,000
Cost-to-retail percentage (beginning)
Cost-to-retail percentage (current)
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
65.52 %
75.00 %
(836,000)
$ 334,000
(46,008)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education