None Uncle Butch's Hunting Supply Shop reports the following information relatedto inventory:CostRetailBeginning inventory $35,000$92,000Purchases $75,000$200,000Net additional markups$15,000Net markdowns-$(22,000)Goods available for sale $110,000 $285,000SalesEnding inventory at retail$(178,000)$107,000Calculate Uncle Butch's Hunting Supply Shop's ending inventory using theretail inventory method under the average cost assumption.

Step 1:The retail inventory method is used by retail businesses for inventory accounting and…

Answered: Uncle Butch's Hunting Supply Shop…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...

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FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the rear: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purnhase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system,and there are 6,800 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO and (b) LIFO?
Broadway Stores reports the following transactions related to inventory. Broadway sells all products at $7 each. Transaction Units Purchased Unit Cost Units Sold Total Cost Beginning inventory - 1/1 1,000 $2.00 $2,000 Purchase - 3/30 6,000 3.00 18,000 Purchase - 4/16 4,000 4.00 16,000 Sale - 5/11 2,000 Purchase - 6/13 2,000 4.50 9,000 Sale - 7/1 3,500 Purchase - 10/5 3,000 5.00 15,000 What is Broadway's cost of goods sold and ending inventory for the current year using the FIFO method under a perpetual system? (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold. FIFO: Cost of Goods Cost of Units Unit Total Units Sold Per Goods…
Calculate cost of goods sold using the following information under the LIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $112,500 $200,000 $175,000 $62,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
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Sample Company has the following data available: Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale Units Purchased Unit Cost Units Sold 400 $10 200 $13 350 300 $14 250 350 $18 400 If Sample Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is A. $10,000 B. $12,600 C. $12,350 D. $13,950
dud's Place recorded the following data: Units Unit Date Received Sold On Hand Cost 1/1 Inventory 500 $2.40 1/8 Purchased 1,000 1,500 3.00 1/12 Sold 1,200 300 The weighted average unit cost of the inventory at January 31 is: Select one: a. $3.402. b. $2.80. C. $2.70. d. $2.40.
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Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500 Protein Purchases (+) $1,000 Dry Goods Purchases (+) $1,000 Ending Inventory (-) $10,900 Food Cost (=) $4,100 Revenue (+) $12,500 Food Cost % (=) 32.8% Why is the Beginning Inventory necessary in this chart? Select one: a. To know how much value the product on-hand has b. To know how to calculate the produce purchases c. To know how much space the walk-in has d. To know how many weeks-worth of food there is
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost RetailBeginning inventory $ 12,000 $ 20,000Purchases 102,600 165,000Freight-in 3,480Purchase returns 4,000 7,000Net markups 6,000Net markdowns 3,000Normal spoilage 4,200Net sales…
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