The records of Pina Colada Menswear report the following data for the month of September: Sales $117,700 Purchases (at cost) $62,200 Sales returns 2,900 Purchases (at sales price) 118,000 Additional markups 11,000 Purchase returns (at cost) 3,300 Markup cancellations 1,800 Purchase returns (at sales price) 4,000 Markdowns 10,000 Beginning inventory (at cost) 33,600 Markdown cancellations 3,300 Beginning inventory (at sales price) 49,400 Freight on purchases 4,000 (a) Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, eg. 15.21% and the final answers to O decimal places, eg. 5,275.) Ending inventory, at retail Ending inventory, at cost $

The records of Pina Colada Menswear report the following data for the month of September: Sales $117,700 Purchases (at cost) $62,200 Sales returns 2,900 Purchases (at sales price) 118,000 Additional markups 11,000 Purchase returns (at cost) 3,300 Markup cancellations 1,800 Purchase returns (at sales price) 4,000 Markdowns 10,000 Beginning inventory (at cost) 33,600 Markdown cancellations 3,300 Beginning inventory (at sales price) 49,400 Freight on purchases 4,000 (a) Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, eg. 15.21% and the final answers to O decimal places, eg. 5,275.) Ending inventory, at retail Ending inventory, at cost $

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 Culver's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellations 1,600 Purchase returns (at sales price) 2,800 Markdowns 9,600 Beginning inventory (at cost) 26,550 Markdown cancellations 2,700 Beginning inventory (at sales price) 44,400 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 %24
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
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
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.
What is The inventory, turnover ratio and days to sell inventory ratio? (a) Larkspur Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Larkspur Hands uses the periodic inventory system and the following limited information relates to Larkspur Hands Ltd. `s inventory transactions during the month of May: Units sold were priced at $63.00. Calculate Larkspur Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. Cost of goods sold $ Gross margin $ Ending inventory $
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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