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Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 240,000 660,000 13,000 Retail $ 440,000 1,200,000 20,000 8,000 5,000 1,340,000 The company records sales to employees net of discounts. These discounts totaled $19,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 240,000 $ 660,000 440,000 1,200,000 13,000 20,000 1,660,000 (8,000) 913,000 1,652,000 (5,000) (1.340,000) (19,000) S 288,000

Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 240,000 660,000 13,000 Retail $ 440,000 1,200,000 20,000 8,000 5,000 1,340,000 The company records sales to employees net of discounts. These discounts totaled $19,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 240,000 $ 660,000 440,000 1,200,000 13,000 20,000 1,660,000 (8,000) 913,000 1,652,000 (5,000) (1.340,000) (19,000) S 288,000

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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Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 240,000 660,000 13,000 Retail $ 440,000 1,200,000 20,000 8,000 5,000 1,340,000 The company records sales to employees net of discounts. These discounts totaled $19,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 240,000 $ 660,000 440,000 1,200,000 13,000 20,000 1,660,000 (8,000) 913,000 1,652,000 (5,000) (1.340,000) (19,000) S 288,000
Transcribed Image Text:Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 240,000 660,000 13,000 Retail $ 440,000 1,200,000 20,000 8,000 5,000 1,340,000 The company records sales to employees net of discounts. These discounts totaled $19,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 240,000 $ 660,000 440,000 1,200,000 13,000 20,000 1,660,000 (8,000) 913,000 1,652,000 (5,000) (1.340,000) (19,000) S 288,000
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