Robotics Corporation uses a periodic inventory system and the retail inw records provided the following information for the 2024 fiscal year: Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 255,000 656,000 28,400 Retail $ 470,000 1,215,000 23,000 11,000 8,000 1,370,000 The company records sales to employees net of discount
Robotics Corporation uses a periodic inventory system and the retail inw records provided the following information for the 2024 fiscal year: Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 255,000 656,000 28,400 Retail $ 470,000 1,215,000 23,000 11,000 8,000 1,370,000 The company records sales to employees net of discount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Beginning inventory
Plus: Purchases
Freight-in
Cost
$ 255,000
656,000
28,400
Net markups
Goods available for sale
Less Net markdowns
The company records sales to employees net of discounts. These discounts totaled $22,000 for the year.
Estimate ending inventory and cost of goods sold using the conventional method.
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)
Retail
$ 470,000
1,215,000
< Prev
23,000
11,000
8,000
1,370,000
Cost
$ 255,000 $
656.000
28,400
15 of 17
Retail
470,000
1,215,000
23.000
1,708,000
(11,000)
Next
Cost-to-Retail
Ratio
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