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Sporting Goods Department:

Sporting Goods Department:

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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When you undertook the preparation of the financial statements for Sunland Company at January 31, 2026, the following data was available: Sporting Goods Department: Inventory, February 1, 2025 Markdowns Markups Markdown cancellations Markup cancellations Normal shortage Abnormal shortage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Apparel Department: Inventory, February 1, 2025 At Cost $66,400 6,555 206,400 4,100 At Retail $92,800 32,900 59,500 18,800 9,400 At Cost 9,400 11,000 276,500 314.900 $94,100 5.100 9.400 At Retail $106.300
Transcribed Image Text:When you undertook the preparation of the financial statements for Sunland Company at January 31, 2026, the following data was available: Sporting Goods Department: Inventory, February 1, 2025 Markdowns Markups Markdown cancellations Markup cancellations Normal shortage Abnormal shortage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Apparel Department: Inventory, February 1, 2025 At Cost $66,400 6,555 206,400 4,100 At Retail $92,800 32,900 59,500 18,800 9,400 At Cost 9,400 11,000 276,500 314.900 $94,100 5.100 9.400 At Retail $106.300
Inventory, February 1, 2025 Markdowns, net Markups, net Normal shortage Purchases Transfers in from active wear department Sales revenue Purchases returns and allowances Sales returns and allowances Employee discounts At Cost $94,100 188,800 13,719 8,000 Ending inventory at cost as of January 31, 2021 At Retail $106,300 23,500 40,700 9,400 $ 282,000 18,800 376,000 Compute the ending inventory at cost as of January 31, 2026, using the retail method for each department which approximates lower- of-cost-or-market. (Round cost-to-retail ratio and final answers to 2 decimal places, e.g. 15.25% or 5,275.75.) 9,800 18,500 3,900 Sporting Goods Department $ Apparel Department
Transcribed Image Text:Inventory, February 1, 2025 Markdowns, net Markups, net Normal shortage Purchases Transfers in from active wear department Sales revenue Purchases returns and allowances Sales returns and allowances Employee discounts At Cost $94,100 188,800 13,719 8,000 Ending inventory at cost as of January 31, 2021 At Retail $106,300 23,500 40,700 9,400 $ 282,000 18,800 376,000 Compute the ending inventory at cost as of January 31, 2026, using the retail method for each department which approximates lower- of-cost-or-market. (Round cost-to-retail ratio and final answers to 2 decimal places, e.g. 15.25% or 5,275.75.) 9,800 18,500 3,900 Sporting Goods Department $ Apparel Department
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