am. 127. Terzi Department Store uses the retail inventory method to estimate its monthly ending inventories. Thefollowing information is available for the two of its departments at August 31, 2020.Sporting GoodsCostRetailJewelry andCosmeticsCostRetailNet Sales€1,010,000Purchases€ 675,0001,066,000€ 639,000€ 1,150,0001,158,000Purchase returns26,00040,00010,00020,000Purchase discounts12,3608,860Freight-in9,0007,000Beginning Inventory47,36074,00032,86062,000At December 31, Terzi Department Store takes a physical inventory at retail. The actual retail values ofthe inventories in each department are Sporting Goods €85,000 and Jewelry and Cosmetics €52,000.a. Determine the estimated cost of the ending inventory for each department on August 31, 2020,using the retail method.b. Compute the ending inventory at cost for each department at December 31, assuming the cost-to-retail ratios are 60% for Sporting Goods and 54% for Jewelry and Cosmetics.

It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

Terzi Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for the two of its departments at August 31, 2020. Sporting Goods Jewelry and Cosmetics Cost Retail Cost Retail Net Sales €1,010,000 €1,150,000 Purchases € 675,000 1,066,000 € 639,000 1,158,000 Purchase returns 26,000 40,000 10,000 20,000 Purchase discounts 12,360 8,860 Freight-in 9,000 7,000 Beginning Inventory 47,360 74,000 32,860 62,000

Terzi Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for the two of its departments at August 31, 2020. Sporting Goods Jewelry and Cosmetics Cost Retail Cost Retail Net Sales €1,010,000 €1,150,000 Purchases € 675,000 1,066,000 € 639,000 1,158,000 Purchase returns 26,000 40,000 10,000 20,000 Purchase discounts 12,360 8,860 Freight-in 9,000 7,000 Beginning Inventory 47,360 74,000 32,860 62,000

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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