Crane Corporation had the following amounts, all at retail:
Beginning inventory $ 4700 Purchases $ 156000...
Crane Corporation had the following amounts, all at retail:
Beginning inventory $ 4700 Purchases $ 156000 Purchase returns 7100
Net markups 23500 Abnormal shortage 5100 Net markdowns 3900 Sales
revenue 88000 Sales returns 2350 Employee discounts 2150 Normal
shortage 3150 What is Crane’s ending inventory at retail?
$79300.
$82250.
$77150.
$81450.
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.
Ivanhoe uses the conventional retail method to determine its
ending inventory at cost. Assume the beginning...
Ivanhoe uses the conventional retail method to determine its
ending inventory at cost. Assume the beginning inventory at cost
(retail) were $392000 ($596000), purchases during the current year
at cost (retail) were $2095000 ($3340000), freight-in on these
purchases totaled $131000, sales during the current year totaled
$3040000, and net markups (markdowns) were $74000 ($110000). What
is the ending inventory value at cost? Hint: Round intermediate
calculation to 3 decimal places, e.g. 0.635 and final answer to 0
decimal places.
$647123....
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
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2016. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2016. Available information
follows:
a) The inventory at January 1, 2016, had a retail value of
$37,000 and a cost of $30,090 based on the conventional retail
method.
Cost
Retail
Gross purchases
$
177,030
$
410,000
Purchase returns
5,700
28,000
Purchase discounts
4,200
Gross sales
345,000
Sales returns
5,500
Employee discounts
3,000
Freight-in
29,500
Net markups
17,000
Net markdowns
28,000
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...
Campbell Corporation uses the retail method to value its
inventory. The following information is available for...
Campbell Corporation uses the retail method to value its
inventory. The following information is available for the year
2018:
Cost
Retail
Merchandise inventory, January
1, 2018
$
250,000
$
286,000
Purchases
672,000
888,000
Freight-in
14,000
Net markups
26,000
Net markdowns
4,500
Net sales
860,000
Required:
Determine the December 31, 2018, inventory by applying the
conventional retail method.
Cost
Retail
Cost-to-Retail Ratio
Beginning
inventory
Plus:
Purchases
Freight-in
Net
markups
Less: Net
markdowns
Goods
available for sale
Cost-to-retail percentage
Less: Net
sales...
Question 4
Sunshine Snacks uses the conventional retail inventory method to
estimate its inventory cost.
Presented...
Question 4
Sunshine Snacks uses the conventional retail inventory method to
estimate its inventory cost.
Presented below is the relevant inventory information for the
year to December 31, 2019.
Cost Retail
Inventory (January 1, 2019) $375,000 $ 550,000
Purchases 1,369,000 2,050,000
Purchase returns 90,000 120,000
Purchase discounts 27,000 –
Gross sales (after employee discounts) – 2,110,000
Sales returns – 145,000
Markups – 180,000
Markup cancellations – 60,000
Markdowns – 65,000
Markdown cancellations 30,000
Freight-in 63,000 –
Employee discounts granted –...