Retail Inventory Method Harmes Company is a dothing store that uses the retail inventory method. The following information relates to its operations during 2016: Cost Retail Inventory, January 1 $29,900 $40.200 Purchases 68,200 103.600 Markups (net) 1,800 Markdowns (net) 300 Sales 84,600 Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO 2016 Cost Retail
Retail Inventory Method Harmes Company is a dothing store that uses the retail inventory method. The following information relates to its operations during 2016: Cost Retail Inventory, January 1 $29,900 $40.200 Purchases 68,200 103.600 Markups (net) 1,800 Markdowns (net) 300 Sales 84,600 Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO 2016 Cost Retail
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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