The following relates to Widmayer, Inc. in 20XX.Purchases$ 6,38,000Beginning Inventory1,25,000Purchase Returns18,000Sales9,50,000Cost of Goods Sold6,10,000The amount of ending inventory is:a. $340,000b. $153,000c. $135,000d. $92,000e. $1,085,000

1. Problem OverviewTo calculate the ending inventory, we use the following formula:…

Answered: The following relates to Widmayer, Inc.…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
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Webster Company uses the average retail method of inventory valuation. Following are the information available: Retail P 60,000 220,000 20,000 40,000 180,000 Beginning inventory Purchases Cost P 23,000 120,000 Net markups Net markdowns Sales revenue What is the estimated cost of ending inventory? P80,000 P48,000 а. b. с. P44,000 d. P38,133
Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0 Beginning inventory $058,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net markdowns 26,135 Sales revenue 186,000 Instructions a. Compute the ending inventory at retail. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions. 1. Excluding both markups and markdowns. 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups. 4. Including both markdowns and markups. c. Which of the methods in (b) above (1, 2, 3, or 4) does the following? 1. Provides the most conservative estimate of ending inventory. 2. Provides an approximation of lower-of-cost-or-market. 3. Is used in the conventional retail method. d. Compute ending inventory at lower-of-cost-or-market (round to nearest dollar). e. Compute cost of goods sold based on (d). f. Compute…
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16:52 itc.birzeit.edu XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost Beginning 100 1/1 entory $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2,700 1,000 $7,000
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Ending inventory?
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The following relates to Widmayer, Inc. in 20XX. Purchases $ 6,38,000 Beginning Inventory 1,25,000 Purchase Returns 18,000 Sales 9,50,000 Cost of Goods Sold 6,10,000 The amount of ending inventory is: a. $340,000 b. $153,000 c. $135,000 d. $92,000 e. $1,085,000