The records of Pharoah's Boutique report the following data for the month of April. Sales revenue $107,500 Purchases (at cost) $50,800 Sales returns 1,900 Purchases (at sales price) 84,200 Markups 10,800 Purchase returns (at cost) 1,900 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,900 Beginning inventory (at cost) 26,304 Markdown cancellations 2,600 Beginning inventory (at sales price) 43,000 Freight on purchases 2,400 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 O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $

The records of Pharoah's Boutique report the following data for the month of April. Sales revenue $107,500 Purchases (at cost) $50,800 Sales returns 1,900 Purchases (at sales price) 84,200 Markups 10,800 Purchase returns (at cost) 1,900 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,900 Beginning inventory (at cost) 26,304 Markdown cancellations 2,600 Beginning inventory (at sales price) 43,000 Freight on purchases 2,400 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 O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $

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Description: The records of Pharoah's Boutique report the following data for the month of April.Sales revenue$107,500Purchases (at cost)$50,800Sales returns1,900Purchases (at sales price)84,200Markups10,800Purchase returns (at cost)1,900Markup cancellations1,400

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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5.
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is this correct? Current Attempt in Progress Your answer is incorrect. The records of Shamrock's Boutique report the following data for the month of April. Sales revenue $183,000 Purchases (at cost) $8,000 Sales returns 4,400 Purchases (at sales price) 187,000 Additional markups 18,200 Purchase returns (at cost) 4,400 Markup cancellations 3,200 Purchase returns (at sales price) 6,500 Markdowns 19,100 Beginning inventory (at cost) 89,500 Markdown cancellations 6,200 Beginning inventory (at sales price) 97,000 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method 61860
Adler Inc. has the following information for four inventory items, reported using the retail method, on July 31. The normal profit margin is 20% of selling price. Cost to Sell Cost per Replacement Cost Item Selling Price per No. Quantity Unit per Unit Unit per Unit #101 80 $20 $5 $15 $12 #102 50 22 4 14 15 #211 30 35 5 30 28 #212 40 40 8 28 35 Required Determine the inventory cost to report on the balance sheet on July 31 assuming that the company applies the lower of cost or market value rule to each individual inventory item. Note Do not use any negative signs with your answers. Per Unit Total Total Cost Cost to Cost Replacement Total Sell per Replacement Ceiling Floor Market Cost Lower of Selling Price Item per per No. Quantity Unit Unit Unit per Unit Cost #101 80 $20 $5 $15 $12 $ 0 $ #102 50 22 #211 30 35 45 14 15 0 30 28 0 #212 40 40 8 28 35 0 000 O 0 ос 00 Cost or Market 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0
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The problem is stated in the picture. Here is the question: 1. How much is the gross profit for the year?
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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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