Question

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 December 31, 2021.

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
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,...
Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases 1,370,000...
Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases 1,370,000 2,145,000 Markups 95,100 Markup cancellations 14,800 Markdowns 32,900 Markdown cancellations 5,100 Sales revenue 2,193,000 Compute the inventory by the conventional retail inventory method.
Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases 1,370,000...
Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases 1,370,000 2,145,000 Markups 95,100 Markup cancellations 14,800 Markdowns 32,900 Markdown cancellations 5,100 Sales revenue 2,193,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method
Presented below is information related to Bonita Company. Cost Retail Beginning inventory $252,960 $281,000 Purchases 1,368,000...
Presented below is information related to Bonita Company. Cost Retail Beginning inventory $252,960 $281,000 Purchases 1,368,000 2,097,000 Markups 93,700 Markup cancellations 15,700 Markdowns 36,900 Markdown cancellations 4,900 Sales revenue 2,243,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method $__________
Presented below is information related to Culver Company. Cost Retail Beginning inventory $194,276 $276,000 Purchases 1,368,000...
Presented below is information related to Culver Company. Cost Retail Beginning inventory $194,276 $276,000 Purchases 1,368,000 2,164,000 Markups 93,900 Markup cancellations 14,100 Markdowns 32,800 Markdown cancellations 5,000 Sales revenue 2,239,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method: $_______
Presented below is information related to Sunland Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,000...
Presented below is information related to Sunland Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,000 2,165,000 Markups 93,800 Markup cancellations 16,500 Markdowns 37,300 Markdown cancellations 4,500 Sales revenue 2,181,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method
Presented below is information related to Whispering Company. Cost Retail Beginning inventory $318,504 $279,000 Purchases 1,363,000...
Presented below is information related to Whispering Company. Cost Retail Beginning inventory $318,504 $279,000 Purchases 1,363,000 2,117,000 Markups 93,200 Markup cancellations 16,400 Markdowns 38,300 Markdown cancellations 5,500 Sales revenue 2,158,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method $
Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $379,557 $275,000 Purchases 1,356,000...
Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $379,557 $275,000 Purchases 1,356,000 2,161,000 Markups 94,700 Markup cancellations 15,400 Markdowns 36,700 Markdown cancellations 5,200 Sales revenue 2,170,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method
Presented below is information related to Marigold Company. Cost Retail Beginning inventory $318,504 $279,000 Purchases 1,363,000...
Presented below is information related to Marigold Company. Cost Retail Beginning inventory $318,504 $279,000 Purchases 1,363,000 2,117,000 Markups 93,200 Markup cancellations 16,400 Markdowns 38,300 Markdown cancellations 5,500 Sales revenue 2,158,000 Compute the inventory by the conventional retail inventory 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 conventional retail inventory method $enter the dollar amount of the ending inventory using conventional retail inventory method
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT