Q. Financial Account The records of Ellen's Boutique report the following data for the monthof April.Sales revenuePurchases (at cost)$ 96,100$ 73,700Sales returns$ 4,100Purchases (at sales price)$ 95,200Markups$ 11,300Purchase returns (at cost)$ 4,100Markup cancellations$1,100Purchase returns (at sales price)$ 5,300Markdowns$ 9,500Beginning inventory (at cost)$ 24,993Markdown cancellations$ 4,900Beginning inventory (at sales price)$ 47,800$ 4,500Freight on purchasesCompute the ending inventory by the conventional retail inventorymethod.

Step 1: Calculate the Cost-to-Retail Ratio (unchanged).At Cost:Beginning Inventory (Cost):…

Answered: The records of Ellen's Boutique report…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

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Chapter7: Budgeting

Section: Chapter Questions

Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
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The records of Hamilton Apparel display the following data for the month of October: Sales $72,500 Purchase (at cost) $35,000 Sales returns $1,500 Purchase (at retail) $65,800 Markups $6,500 Purchase return (at cost) $1,500 Markup cancellations $900 Purchase return (at retail) $2,100 Markdowns $5,200 Beginning inventory (at cost) $20,500 Markdown cancellations $1,200 Beginning inventory (at retail) $30,700 Freight on purchase $2,200 Required: a. Estimate the ending inventory using the retail inventory method. Round the cost ratio to two decimal places based on % (e.g, 36.76%). [Please note it is NOT conventional retail method]. ۵ b. Estimate the ending inventory using the conventional retail inventory method. Round the cost ratio to two decimal places based on % (e.g, 36.76%).
The records of Hamilton Apparel display the following data for the month of October: Sales $72,500 Purchase (at cost) $35,000 Sales returns $1,500 Purchase (at retail) $65.800 Markups $6,500 Purchase return (at cost) $1,500 Markup cancellations $900 Purchase return (at retail) $2,100 Markdowns $5,200 Beginning inventory (at cost) $20,500 Markdown cancellations $1,200 Beginning inventory (at retail) $30,700 Freight on purchase $2,200 Required: a. Estimate the ending inventory using the retail inventory method. Round the cost ratio to two decimal places based on % (e.g, 36.76%). [Please note it is NOT conventional retail method]. W b. Estimate the ending inventory using the conventional retail inventory method. Round the cost ratio to two decimal places based on % (e.g, 36.76%).
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The records of Sage’s Boutique report the following data for the month of April. Sales revenue $91,200 Purchases (at cost) $45,400 Sales returns 1,900 Purchases (at sales price) 92,100 Markups 10,000 Purchase returns (at cost) 1,900 Markup cancellations 1,300 Purchase returns (at sales price) 3,000 Markdowns 9,200 Beginning inventory (at cost) 36,560 Markdown cancellations 2,600 Beginning inventory (at sales price) 44,200 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $enter the dollar amount of the ending inventory by the conventional retail inventory method rounded to 0 decimal places
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