Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round rat calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Beginning inventory Purchases Freight-in Net markups Net markdowns Goods available for sale $ Cost 230,000 $ 584,000 12,000 826,000 Retail 284,000 872,000 24,000 1,180,000 (4,400) 1,175,600 Cost-to-Retail Ratio
Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round rat calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Beginning inventory Purchases Freight-in Net markups Net markdowns Goods available for sale $ Cost 230,000 $ 584,000 12,000 826,000 Retail 284,000 872,000 24,000 1,180,000 (4,400) 1,175,600 Cost-to-Retail Ratio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give solution in image format thanku
![Required:
Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.)
Beginning inventory
Purchases
Freight-in
Net markups
Net markdowns
Goods available for sale
Cost-to-retail percentage
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
$
Cost
230,000 $
584,000
12.000
826,000
$
Retail
284,000
872,000
24,000
1,180,000
(4,400)
1,175,600
(840,000)
335,600
Cost-to-Retail
Ratio
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38645cca-e606-47fd-b3fc-eaaf6c321248%2F38f930b3-ffa7-45a1-974f-ea1010f77d20%2F4majgv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required:
Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.)
Beginning inventory
Purchases
Freight-in
Net markups
Net markdowns
Goods available for sale
Cost-to-retail percentage
Net sales
Estimated ending inventory at retail
Estimated ending inventory at cost
$
Cost
230,000 $
584,000
12.000
826,000
$
Retail
284,000
872,000
24,000
1,180,000
(4,400)
1,175,600
(840,000)
335,600
Cost-to-Retail
Ratio
%
![Exercise 9-14 (Algo) Conventional retail method [LO9-3]
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:
Merchandise inventory, January 1, 2021
Purchases
Freight-in
Net markups
Net markdowns
Net sales
Cost
$230,000
584,000
12,000
Retail
$284,000
872,000
24,000
4,400
840,000
Required:
Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38645cca-e606-47fd-b3fc-eaaf6c321248%2F38f930b3-ffa7-45a1-974f-ea1010f77d20%2Fl17szo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-14 (Algo) Conventional retail method [LO9-3]
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:
Merchandise inventory, January 1, 2021
Purchases
Freight-in
Net markups
Net markdowns
Net sales
Cost
$230,000
584,000
12,000
Retail
$284,000
872,000
24,000
4,400
840,000
Required:
Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.)
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