SP9: Supplemental Retail Inventory Method problemABC periodic inventory system and the retail inventory method to estimate ending inventory and cost of goodssold at Year End. Use the following information to answer the questions below:CostRetailBeginning inventoryPurchasesPurchase returnsTransfer inNet markupsNet markdowns76SatesSales ReturnsSales Discount992003100001000052801600004800002000010000100008000440,00060005000Estimate Ending Inventory and COGS using the Conventional Retail MethodEstimate Ending Inventory and COGS using the LIFO Retail MethodEstimate Ending Inventory and COGS using the DV LIFO Retail Method - Assume that retail prices increased 10%(from 1.00 to 1.1) from base year (previous year end) to current year end

Name: SP9: Supplemental Retail Inventory Method problemABC periodic invento
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Description: SP9: Supplemental Retail Inventory Method problemABC periodic inventory system and the retail inventory method to estimate ending inventory and cost of goodssold at Year End. Use the following information to answer the questions below:CostRetailBegi

costretail valuebeginning inventory99200160000add:net purchases300000460000add:transfer…

Business

Accounting

SP9: Supplemental Retail Inventory Method problem ABC periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold at Year End. Use the following information to answer the questions below: Cost Retail Beginning inventory Purchases Purchase returns Transfer in Net markups Net markdowns Sates Sales Returns Sales Discount 76 99200 310000 10000 5280 160000 480000 20000 10000 10000 8000 Estimate Ending Inventory and COGS using the LIFO Retail Method 440,000 6000 5000 Estimate Ending Inventory and COGS using the Conventional Retail Method Estimate Ending Inventory and COGS using the DV LIFO Retall Method - Assume that retail prices increased 10% (from 1.00 to 1.1) from base year (previous year end) to current year end

SP9: Supplemental Retail Inventory Method problem ABC periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold at Year End. Use the following information to answer the questions below: Cost Retail Beginning inventory Purchases Purchase returns Transfer in Net markups Net markdowns Sates Sales Returns Sales Discount 76 99200 310000 10000 5280 160000 480000 20000 10000 10000 8000 Estimate Ending Inventory and COGS using the LIFO Retail Method 440,000 6000 5000 Estimate Ending Inventory and COGS using the Conventional Retail Method Estimate Ending Inventory and COGS using the DV LIFO Retall Method - Assume that retail prices increased 10% (from 1.00 to 1.1) from base year (previous year end) to current year end

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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Crane Department Store estimates inventory by using the retail inventory method. The following information was developed: At Cost At Retail Beginning inventory $350000 $700000 Goods purchased 850000 1300000 Net sales 1410000 The estimated cost of the ending intentory is O $364000. O $336000. O $354000. O $236000.
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Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32
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