Question

Stanojev Co. uses a periodic inventory system and the retail inventory method to estimate ending inventory...

Stanojev Co. uses a periodic inventory system and the retail inventory method to estimate ending inventory and COGS. The following data are available for the month of April 2020:

Cost                 Retail

            Beginning inventory      $35,000            $89,000

            Net purchases                 21,000 51,000

            Net sales 52,000

What is the estimated cost of ending inventory for April?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
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:
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 $ 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...
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...
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.
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...
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...
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...
Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending...
Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018: Cost Retail Inventory, January 1 $ 125,000 $ 174,000 Purchases 360,620 544,500 Net markups 14,700 Net markdowns 8,900 Net sales 531,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.)
Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending...
Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021: Cost Retail Inventory, January 1 $ 109,000 $ 158,000 Purchases 323,280 536,500 Net markups 13,900 Net markdowns 8,100 Net sales 515,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT