The records of Pharoah's Boutique report the following data for the month of April.Sales£108,600Purchases (at cost)£49,700Sales returns1,900Purchases (at sales price)92,100Markups9,200Purchase returns (at cost)1,900Markup cancellations1,300Purchase returns (at sales price)2,800Markdowns8,300Beginning inventory (at cost)35,220Markdown cancellations2,600Beginning inventory (at sales price)45,000Freight on purchases2,300Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to O decimal places,e.g. 78% and final answer to O decimal places, e.g. 28,987.)Ending inventory using conventional retail inventory method£

Conventional Retail Inventory Method CostRetail Beginning inventory35,22045,000…

Answered: The records of Pharoah's Boutique…

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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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
The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%
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.
Please Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period? 81.36 days 60.20 days 58.68 days 89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections? $181,508 $122,852 $189,819 $192,626
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
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 $
I need
Lady Gaga Company provided the following data for the current year: Inventory, January 1 - P2,000,000 Purchases P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the cost of goods sold? A P7,200,000 B P6,200,000 P9,000,000 P6,700,000
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