Ivanhoe Corporation had the following amounts, all at
retail:
Beginning inventory
$ 3800
Purchases
$ 147000...
Ivanhoe Corporation had the following amounts, all at
retail:
Beginning inventory
$ 3800
Purchases
$ 147000
Purchase returns
6200
Net markups
19000
Abnormal shortage
4200
Net markdowns
3000
Sales revenue
79000
Sales returns
1900
Employee discounts
1700
Normal shortage
2700
What is Ivanhoe’s ending inventory at retail using the conventional
retail method?
$76600.
$74900.
$78300.
$79100.
Presented below is information related to Skysong,
Inc.
Cost
Retail
Beginning inventory
$365,500
$645,000
Purchases
1,634,000...
Presented below is information related to Skysong,
Inc.
Cost
Retail
Beginning inventory
$365,500
$645,000
Purchases
1,634,000
2,881,000
Freight on purchases
69,660
Markups
150,500
Markup cancellations
120,400
Abnormal shortage
12,900
22,360
Markdowns
75,680
Markdown cancellations
10,320
Employee discounts
4,472
Sales revenue
3,074,500
Sales returns
86,000
Normal shortage
15,050
Purchase returns
18,920
35,260
Compute ending inventory by the conventional retail inventory
method. (Round percentages for computational purposes
to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0
decimal places,...
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...
Boynton Beachwear Inc. had beginning inventory of $40,000 at
cost and $48,000 at retail. Net purchases...
Boynton Beachwear Inc. had beginning inventory of $40,000 at
cost and $48,000 at retail. Net purchases were $210,000 at cost and
$244,000 at retail. Net markups were $6,000, net markdowns were
$18,000, and sales revenue was $230,000.
Compute ending inventory at cost using the conventional retail
method.
Crane Pet supply uses the conventional retail method to
determine its ending inventory at cost. Assume...
Crane Pet supply uses the conventional retail method to
determine its ending inventory at cost. Assume the beginning
inventory at cost (retail) were $795800 ($979700), purchases during
the current year at cost (retail) were $3185800 ($4138300),
freight-in on these purchases totaled $190700, sales during the
current year totaled $4036000, and net markups (markdowns) were
$5900 ($287900). What is the ending inventory value at cost?
46.
Eloise Corp. uses the FIFO retail inventory method and reports the
following information:
Cost. Retail....
46.
Eloise Corp. uses the FIFO retail inventory method and reports the
following information:
Cost. Retail.
Purchases. $21,450. $28,000
Sales. $24,800
Net markups. $1000
Beginning inventory. $2100. $3000
Net markdowns. $400
What is the FIFO value of ending inventory for Eloise
Corp.?
A. $5068
B. $5004
C. $5053
D. $5100
Presented below is information related to A Inc.
Cost
Retail
Inventory, 12/31/20
$252,200
$392,200
Purchases
835,506...
Presented below is information related to A Inc.
Cost
Retail
Inventory, 12/31/20
$252,200
$392,200
Purchases
835,506
1,455,300
Purchase returns
59,700
79,000
Purchase discounts
18,000
—
Gross sales revenue
—
1,418,600
Sales returns
—
96,800
Markups
—
117,800
Markup cancellations
—
40,500
Markdowns
—
45,100
Markdown cancellations
—
19,600
Freight-in
42,100
—
Employee discounts granted
—
7,900
Loss from breakage (normal)
—
4,500
Assuming that A Inc. uses the conventional retail inventory method,
compute the cost of its ending inventory at...
Wildhorse Inc. had beginning inventory of $11,900 at cost and
$21,000 at retail. Net purchases were...
Wildhorse Inc. had beginning inventory of $11,900 at cost and
$21,000 at retail. Net purchases were $140,679 at cost and $183,000
at retail. Net markups were $10,900, net markdowns were $7,500, and
sales revenue was $132,700. Compute ending inventory at cost using
the conventional retail 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 the conventional retail method
Waterway Inc. had beginning inventory of $11,660 at cost and
$22,000 at retail. Net purchases were...
Waterway Inc. had beginning inventory of $11,660 at cost and
$22,000 at retail. Net purchases were $101,640 at cost and $167,100
at retail. Net markups were $10,000, net markdowns were $7,700, and
sales revenue was $137,100. Compute ending inventory at cost using
the LIFO retail method. (Round ratios for computational
purposes to 1 decimal place, e.g. 78.7% and final answer to 0
decimal places, e.g. 28,987.)
Ending inventory using LIFO retail method?
Shamrock Inc. had beginning inventory of $10,584 at cost and
$18,900 at retail. Net purchases were...
Shamrock Inc. had beginning inventory of $10,584 at cost and
$18,900 at retail. Net purchases were $105,682 at cost and $156,000
at retail. Net markups were $10,600, net markdowns were $7,200, and
sales revenue was $152,400. Compute ending inventory at cost using
the LIFO retail method. (Round ratios for computational purposes to
1 decimal place, e.g. 78.7% and final answer to 0 decimal places,
e.g. 28,987.)
Ending inventory using LIFO retail method $