Question

Almaden General Store uses a periodic inventory system and the retail inventory method to estimate ending...

Almaden General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of November 2021: ​ Cost Retail Beginning inventory $48,000 $63,000 Net purchases 10,170 32,900 Net markups ​ 2,500 Net markdowns ​ 1,450 Net sales ​ 45,000Cost of cost of goods sold for November using conventional retail inventory method would be:

​ Cost Retail
Beginning inventory $48,000 $63,000
Net purchases 10,170 32,900
Net markups ​ 2,500
Net markdowns ​ 1,450
Net sales ​ 45,000

Cost of cost of goods sold for November using conventional retail inventory method would be:

a.$30,256.

b.$28,039.

c.$29,345.

d.$27,457.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer : "d. $27457"

Retail

Cost

Percentage

Beg Inventory

63000

48000

Net Purchases

32900

10170

Net markups

2500

                

Goods available for sale

98400

58170

0.591158537

Net markups

-1450

Net Sales

-45000

Ending Inventory

51950

30711

51950*0.591158537

cost of goods sold

27459

or 27457
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2021: Cost Retail Beginning inventory $ 37,000 $ 52,000 Net purchases 17,795 31,800 Net markups 1,400 Net markdowns 900 Net sales 34,000
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September 2021: Cost Retail Beginning inventory $ 21,400 $ 38,600 Net purchases 10,700 ? Net markups 8,500 Net markdowns 2,500 Net sales ? The company used the average cost flow method and estimated inventory at the end of September to be $17,120.00. If the company had used the LIFO cost...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2018: Cost Retail Beginning inventory $ 370,000 $ 515,000 Net purchases 890,000 1,280,000 Freight-in 54,000 Net markups 55,000 Net markdowns 25,000 Net sales 1,235,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered...
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September 2021: Cost Retail Beginning inventory $ 29,000 $ 46,000 Net purchases 14,500 ? Net markups 10,700 Net markdowns 2,700 Net sales ? The company used the average cost flow method and estimated inventory at the end of September to be $24,998.00. If the company had used the LIFO cost...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate...
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2021: Cost Retail Beginning inventory $ 42,000 $ 57,000 Net purchases 12,030 32,300 Net markups 1,900 Net markdowns 1,150 Net sales 39,000 Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (Round...
James store uses the retail inventory method to estimate ending inventory and cost of goods sold....
James store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for the year 2016 is as follows: beginning inventory $180,000 (cost) 300,000 (retail); purchase 1,479,000 (cost) 2,430,000 (retail); fright-in 30,000; net markups 90,000; net markdowns 45,000; net sales 2,340,000. Estimate the ending inventory and cost of goods sold for 2016, apple the conventional retail method (avg, LCM)
Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the...
Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:     Cost Retail   Beginning inventory $48,000 $63,000   Net purchases 153,000 215,000   Net markups 22,000   Net markdowns 35,000   Net sales 221,000     To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations):     Multiple Choice $37,000. $29,000. $31,000. $35,000.
Benny's Bed Co. uses a periodic inventory system and the average cost retail method to estimate...
Benny's Bed Co. uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of September 2021. Cost Retail Beginning inventory $ 41,000 $ 61,000 Net purchases 180,000 275,000 Net markups 26,000 Net markdowns 11,500 Net sales 219,000 To the nearest thousand, estimated ending inventory is:
Nine Company uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Nine Company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following information is available as of and for the year ended December 31, 2018. Cost Retail Inventory, January 1, 2018 $35,000 $100,000 Net purchases 55,000 110,000 Net markups 15,000 Net markdowns 25,000 Net sales 75,000 Estimate the average cost of inventory as of December 31, 2018.
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 97,000 $ 187,000 Purchases 363,000 587,000 Freight-in 9,700 Purchase returns 7,700 11,700 Net markups 16,700 Net markdowns 12,700 Normal spoilage 3,700 Abnormal spoilage 5,546 8,700 Sales 547,000 Sales returns 10,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,700. Required: 2. Estimate Sparrow’s ending inventory and cost of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT