A retailer’s inventory shows the following figures:
Opening Physical Inventory.. $195,000
Purchases.. $254,000
Net Sales.. $325,000...
A retailer’s inventory shows the following figures:
Opening Physical Inventory.. $195,000
Purchases.. $254,000
Net Sales.. $325,000
Customer Returns.. $41,000
Returns to Vendor.. $15,000
Markdowns.. $63,000
Markdown Cancellations.. $8,000
Employee Discounts.. $4,000
Additional Markups.. $5,000
Closing Physical Inventory.. $99,500
What was the shortage/overage dollars and
percentage (round your final % answer to two decimal
places)?
A.
$3,000 Shortage; 0.92% Shortage
B.
$3,500 Shortage; 1.08% Shortage
C.
$3,000 Overage; 0.92% Overage
D.
$3,500 Overage; 1.08% Overage
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...
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 –...
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,...
Estimating Ending Inventory
REST, Inc. maintains a large warehouse for storing inventory.
Unfortunately, the warehouse and...
Estimating Ending Inventory
REST, Inc. maintains a large warehouse for storing inventory.
Unfortunately, the warehouse and all of its contents were badly
damaged due to a fire started by an employee who had recently been
laid off. Fortunately for the company, the local fire department
was able to put out the fire before all of the inventory was
lost.
You have been asked to use company records to determine the
amount of merchandise lost in the fire. The following information...