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Required information 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: Cost $ 47,000 214,000 19,680 7,500 Retail $ 67,000 407,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. 9,500 6,500 4,200 9,500 287,000 2,500 Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. 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.

Required information 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: Cost $ 47,000 214,000 19,680 7,500 Retail $ 67,000 407,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. 9,500 6,500 4,200 9,500 287,000 2,500 Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. 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.

FINANCIAL ACCOUNTING
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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ces Required information NULE. RUUTU Tau Caicurativi & veciniai procesie., V.163 uru ve entered as 16... Ser avis de minus sign. Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Goods available for sale Cost-to-retail percentage (conventional retail method) Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 47,000 214,000 19,680 7,500 Retail $ 67,000 407,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Cost-to-retail percentage $ 9,500 6,500 4,200 9,500 287,000 2,500 Cost 47,000 $ 47,000 3 $ Retail 67,000 67,000 Required information 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: 67,000 67,000 2. Recompute the cost-to-retail percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Cost-to-Retail Ratio %
Transcribed Image Text:ces Required information NULE. RUUTU Tau Caicurativi & veciniai procesie., V.163 uru ve entered as 16... Ser avis de minus sign. Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Goods available for sale Cost-to-retail percentage (conventional retail method) Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 47,000 214,000 19,680 7,500 Retail $ 67,000 407,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Cost-to-retail percentage $ 9,500 6,500 4,200 9,500 287,000 2,500 Cost 47,000 $ 47,000 3 $ Retail 67,000 67,000 Required information 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: 67,000 67,000 2. Recompute the cost-to-retail percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Cost-to-Retail Ratio %
Required information. 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 Cost $ 47,000 214,000 Freight-in Purchase returns. Net markups Net markdowns Normal breakage Net sales Employee discounts. Sales are recorded net of employee discounts. Beginning inventory Purchases Freight-in Purchase returns Net markups Retail $ 67,000 407,000 19,6801 7,500 Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. 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. 9,500 6,500 4,200 9,500 287,000 2,500 $ Cost 47,000 $ Retail 67,000 www Cost-to-Retail Ratio
Transcribed Image Text:Required information. 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 Cost $ 47,000 214,000 Freight-in Purchase returns. Net markups Net markdowns Normal breakage Net sales Employee discounts. Sales are recorded net of employee discounts. Beginning inventory Purchases Freight-in Purchase returns Net markups Retail $ 67,000 407,000 19,6801 7,500 Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. 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. 9,500 6,500 4,200 9,500 287,000 2,500 $ Cost 47,000 $ Retail 67,000 www Cost-to-Retail Ratio
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