Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March beginning inventory Purchases Freight-in Purchase returns Net markups Netmarkdowns Cost $ 42,000 200,000 13,200 5,000 Co to retail percentage Betall $ 62,000 400,000 Normal breakage et sales teployee discounts Sales are recorded net of employee discounts. 50.70 7,000 6,000 3,700 7,000 202,000 2,000 Exercise 9-17 (Algo) Part 2 2. Recompute the cost-to-retall percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (l.e., 0.1234 should be entered as 12.34%).
Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March beginning inventory Purchases Freight-in Purchase returns Net markups Netmarkdowns Cost $ 42,000 200,000 13,200 5,000 Co to retail percentage Betall $ 62,000 400,000 Normal breakage et sales teployee discounts Sales are recorded net of employee discounts. 50.70 7,000 6,000 3,700 7,000 202,000 2,000 Exercise 9-17 (Algo) Part 2 2. Recompute the cost-to-retall percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (l.e., 0.1234 should be entered as 12.34%).
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.3: Estimating Inventory
Problem 1OYO
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![Required Information
Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts
[LO9-3, 9-4]
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly
financial statements. The following data pertain to one of its largest departments for the month of March:
beginning inventory
Purchases
Freight-in
Purchase returns
Net markups
Net markdown
Normal breakage
Net sales
Employee discounts
Cost
$ 42,000
200,000
Col-total persentage
13,200
5,000
50.70
Retail
$ 62,000
402,000
Sales are recorded net of employee discounts.
7,000
6,000
3,700
7,000
202,000
2,000
Exercise 9-17 (Algo) Part 2
2. Recompute the cost-to-retall percentage using the average cost method.
Note: Round your percentage answer to 2 decimal places (l.e., 0.1234 should be entered as 12.34%).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9855cb7a-5db1-4294-9de9-4e629d51bb96%2F70b93a07-ebb3-449f-82f1-772a46572ad0%2Frbaeb09_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts
[LO9-3, 9-4]
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly
financial statements. The following data pertain to one of its largest departments for the month of March:
beginning inventory
Purchases
Freight-in
Purchase returns
Net markups
Net markdown
Normal breakage
Net sales
Employee discounts
Cost
$ 42,000
200,000
Col-total persentage
13,200
5,000
50.70
Retail
$ 62,000
402,000
Sales are recorded net of employee discounts.
7,000
6,000
3,700
7,000
202,000
2,000
Exercise 9-17 (Algo) Part 2
2. Recompute the cost-to-retall percentage using the average cost method.
Note: Round your percentage answer to 2 decimal places (l.e., 0.1234 should be entered as 12.34%).
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