Question

Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...

Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $379000 ($583000), purchases during the current year at cost (retail) were $1835000 ($3080000), freight-in on these purchases totaled $118000, sales during the current year totaled $2780000, and net markups (markdowns) were $61000 ($97000). 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.

A) $604090.

B) $552758.

C) $847000.

D) $530222.

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
Disneyland uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Disneyland uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $396000 ($600000), purchases during the current year at cost (retail) were $2175000 ($3420000), freight-in on these purchases totaled $135000, sales during the current year totaled $3120000, and net markups (markdowns) were $78000 ($114000). 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. Answers:...
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....
Blossom uses the conventional retail method to determine its ending inventory at cost. Assume the beginning...
Blossom uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $377000 ($581000), purchases during the current year at cost (retail) were $1795000 ($3040000), freight-in on these purchases totaled $116000, sales during the current year totaled $2740000, and net markups (markdowns) were $59000 ($95000). 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. a....
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?
Multiple Choice Question 110 Ivanhoe uses the conventional retail method to determine its ending inventory at...
Multiple Choice Question 110 Ivanhoe uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $380000 ($584000), purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in on these purchases totaled $119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to...
Determine the ending inventory under the conventional retail method for the furniture department of Bramble Department...
Determine the ending inventory under the conventional retail method for the furniture department of Bramble Department Stores from the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 15.25% and final answer to 0 decimal places, e.g. 5,125.) Cost Retail Inventory, Jan. 1 $154,800 $272,600 Purchases 1,360,000 2,187,600 Freight-in 70,000 Markups, net 93,200 Markdowns, net 46,600 Sales revenue 2,225,200 Ending inventory $
Determine the ending inventory under the conventional retail method for the furniture department of Pharoah Department...
Determine the ending inventory under the conventional retail method for the furniture department of Pharoah Department Stores from the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 15.25% and final answer to 0 decimal places, e.g. 5,125.) Cost Retail Inventory, Jan. 1 $155,400 $282,800 Purchases 1,375,500 2,128,300 Freight-in 70,200 Markups, net 89,700 Markdowns, net 46,300 Sales revenue 2,223,200
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...
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 $ 50,000 $ 67,000 Net purchases 158,000 223,000 Net markups 26,000 Net markdowns 39,000 Net sales 224,000     The conventional cost-to-retail percentage (rounded) is:
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