Sarasota Inc. had beginning inventory of $20,600 at cost and $30,600 at retail. Net purchases were $157,700 at cost and $205,000 at retail. Net markups were $10,800, net markdowns were $7,700, and sales were $178,000. Calculate the ending inventory at cost using the retail method. (Round intermediate calculation to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory = ?

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A: The question is based on the concept of Cost Accounting.

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A: Inventory refers to the goods held by the business either for selling or for further production so…

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A: The ending inventory can be calculated using various methods such as conventional retail methods.…

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A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…

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A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

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A: Inventory refers to all the material, goods held for sale, merchandise, etc held by a business for…

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A: Ending inventory is the amount of closing inventory remained unsold at the end of accounting period.

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A: Introduction:- Gross income is the sum of all wages, salaries, profits, interest payments, rents,…

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A:

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A: Ending inventory means the inventory remaining at the end of the year after sale the product during…

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A: Formula: Cost to retail Ratio= Opening Inventory at Cost- Purchase at CostOPening Inventory at…

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A: Inventory is one of the important current assets for the business. It includes raw material…

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A: Cost-to-retail percentage = Goods available for sale at Cost / Goods available for sale at retail =…

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A: Working: Cost to retail Percentage = Goods Available for sale (before MarkDowns) at cost / Goods…

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A: Estimated ending inventory at cost = ( Goods available for sale - Cost of sales ) * Cost to retail…

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A: Cost of goods purchased will be the final net cost for the acquired merchandise. It will be…

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A: Gross Margin = Sales - Cost of goods sold

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A: There are several methods used for valuation or estimation of inventory in the business. It can be…

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A: Conventional retail method: It can be defined as a method of valuing that is based on the relation…

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A: Weighted average cost method is an inventory valuation method in which cost of goods sold and ending…

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A: The cost of goods sold can be calculated by adding up net purchases and deducting ending inventory…

Q: Presented below is information related to Sheffield Company.     Cost   Retail Beginning…

A: Sheffield Company : S.no   Cost ($) Retail ($) 1 Beginning Inventory 374,710 283,000 2…

Q: SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net…

A: In the given question, the ending inventory will be determined using the retail inventory method.…

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A: Pilferage Inventory: Pilferage is by and large a demonstration of taking things or things of little…

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A: Computation of the correct gross profit is as follows:

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A: Cost of goods sold: It refers to the purchase value of the goods that are being sold. The amount of…