Sales:Rs6000,000 jan inventory:Rs 70.000 Purchases:80,000 (December inventory: 60.000) loss due to market decline in replacement cost:6000 Calculate Net Profit on Sales: a)5904000 b)6904000 c)4904000 d)other

Sales:Rs6000,000 jan inventory:Rs 70.000 Purchases:80,000 (December inventory: 60.000) loss due to market decline in replacement cost:6000 Calculate Net Profit on Sales: a)5904000 b)6904000 c)4904000 d)other

Name: Sales:Rs6000,000jan inventory:Rs 70.000Purchases:80,000(December inven
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Description: Sales:Rs6000,000jan inventory:Rs 70.000Purchases:80,000(December inventory: 60.000)loss due to market decline in replacement cost:6000 Calculate Net Profit on Sales: a)5904000b)6904000c)4904000d)other

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Sales:Rs6000,000

jan inventory:Rs 70.000

Purchases:80,000

(December inventory: 60.000)

loss due to market decline in replacement cost:6000

Calculate Net Profit on Sales:

a)5904000

b)6904000

c)4904000

d)other

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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 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
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