Question
The records of Earthly Goods provided the following information for the year ended December 31, 2020....
The records of Earthly Goods provided the following information
for the year ended December 31, 2020.
| At Cost | At Retail | |||||
| January 1 beginning inventory | $ | 466,350 | $ | 922,150 | ||
| Purchases | 3,184,200 | 6,393,700 | ||||
| Purchase returns | 51,800 | 118,350 | ||||
| Sales | 5,485,700 | |||||
| Sales returns | 44,100 | |||||
Required:
1. Prepare an estimate of the company’s year-end inventory
by the retail method. (Round all calculations to two
decimal places.)
2 Under the assumption the company took a
year-end physical inventory at marked selling prices that totalled
$1,674,800, prepare a schedule showing the store’s loss from theft
or other causes at cost and at retail.
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Answer #1
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The records of Earthly Goods provided the following information for the year ended December 31, 2020....
The records of Earthly Goods provided the following information
for the year ended December 31, 2020.
At Cost
At Retail
January 1 beginning inventory
$
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$
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Purchases
3,184,200
6,393,700
Purchase returns
51,800
118,350
Sales
5,485,700
Sales returns
44,100
Required:
1. Prepare an estimate of the company’s year-end inventory
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2. Under the assumption the company took a
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At
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At
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January 1 beginning inventory
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$
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Cost of goods
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3,420,176
6,279,550
Sales
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Required:
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Raleigh Department Store uses the conventional retail method for
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The inventory at January 1, 2019, had a retail value of $31,000
and a cost of $11,000 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
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Gross purchases
$
570,000
$
953,000
Purchase returns
6,000
4,000
Purchase discounts
5,000
Gross sales
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Sales returns
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Employee discounts
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Freight-in
20,000
Net markups
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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
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The inventory at January 1, 2019, had a retail value of $31,000
and a cost of $11,000 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
570,000
$
953,000
Purchase returns
6,000
4,000
Purchase discounts
5,000
Gross sales
958,000
Sales returns
5,000
Employee discounts
3,000
Freight-in
20,000
Net markups
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Net markdowns
4,000
Sales...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
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and a cost of $11,000 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
570,000
$
953,000
Purchase returns
6,000
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Purchase discounts
5,000
Gross sales
958,000
Sales returns
5,000
Employee discounts
3,000
Freight-in
20,000
Net markups
20,000
Net markdowns
4,000
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account balances for the year ended December 31:
Selling and administrative salaries $ 106,000 Insurance, factory
7,200 Utilities, factory 51,500 Purchases of raw materials ?
Indirect labour 62,000 Direct labour 101,800 Advertising expense
76,500 Cleaning supplies, factory 7,500 Sales commissions 40,500
Rent, factory building 120,000 Maintenance, factory 30,000
Inventory balances at the beginning and end of the year were as
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Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
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Selling expenses
$
215,000
Purchases of raw materials
$
266,000
Direct labor
?
Administrative expenses
$
153,000
Manufacturing overhead applied to work in process
$
370,000
Actual manufacturing overhead cost
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Inventory balances at the beginning and end of the year were as
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Beginning of Year
End of Year
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50,000
$
36,000
Work...
) Presented below is information related to Chesterton Corp for the year ended December 31,...
) Presented below is information
related to Chesterton Corp for the year ended
December 31,
2019.
Purchases
$200,000
Purchase discounts
3,000
Purchase returns & allowances
6,000
Sales revenue
312,000
Sales discounts
8,000
Sales returns & allowances
13,000
Freight-in
10,000
Freight-out
5,000
Inventory, January 1, 2019
42,000
Inventory, Dec. 31, 2019
63,000
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Record the entry...
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Raleigh Department Store uses the conventional retail method for
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$
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28,000
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Sales returns
5,500
Employee discounts
3,000
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Net markups
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Net markdowns
28,000
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