Current Attempt in ProgressThe records of Oriole's Boutique report the following data for the month of April.Sales revenue$101,000Purchases (at cost)$45,800Sales returns1,800Purchases (at sales price)91,400Markups11,000Purchase returns (at cost)1,800Markup cancellations1,500Purchase returns (at sales price)2,700Markdowns9,900Beginning inventory (at cost)31,280Markdown cancellations2,600Beginning inventory (at sales price)50,800Freight on purchases2,200Compute the ending inventory by the conventional retail inventory method. (Round answer to O decimal places, e.g. 28,987.)Ending inventory using conventional retail inventory methodLA$

Conventional Retail Method: Instead of using things at a physical location, the traditional retail…

Answered: The records of Oriole's Boutique report…

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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Please make a weighted average- perpetual chart
The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale 4,000 units at $50 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Purchase 2,000 units at $56 Nov. 15 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Quantity Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 ☐ ☐ ☐ ☐ ☐ ☐ Dec. 31 Balances
Vegas uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $12 each. During the month, the company made two purchases: 500 units at $13 each and 2,000 units at $13.50 each. Vegas also sold 2,150 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month? $
The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method %$4
Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April: Purchases Sales Units Unit Cost Units Selling Price/Unit 4 Purchase 300 18 12 Sale 240 $32 21 Purchase 100 24 29 Sale 165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations. (a) Perpetual Inventory Record––FIFO PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…
Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value of the inventory as of March 31 given the following financial information. (Round cost ratio to four decimal places.)
Kids Costumes estimates its inventory by the gross profit method. The gross profit has averaged 39% of net sales. The company's inventory records reveal the following data: Inventory, July 1 $268,000 Transactions during July: Purchases 7,661,000 Purchase discounts 171,000 Purchase returns 32,000 Sales 8,788,000 35,000 Sales returns 1. Estimate the July 31 inventory using the gross profit method. 2. Prepare the July income statement through gross profit for Kids Costumes.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 400 $ 3.90 Purchase on January 9 90 4.10 Purchase on January 25 120 4.20 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) SEE PICTURE!
Universal Suppliers had sales of $475,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30 Cost Retail Beginning Inventory $304,371 $583,900 Net Purchases (June) 109,137 226,900 $
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