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Walmart Inventory Method
Walmart Inventory Method
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solution :
walmart inventory method :
Walmart values inventories at the lower of cost or market as determined primarily by the retail inventory method of accounting, using the last-in, first-out ("LIFO")method for Walmart U.S. segment's inventories.
Walmart values inventories at the lower of expense or market as decided essentially by the retail stock technique for bookkeeping, utilizing the rearward in, first-out ("LIFO") strategy for Walmart U.S. portion's inventories. The stock at the Walmart International portion is esteemed fundamentally by the retail stock technique for bookkeeping, utilizing the first-in, first-out ("FIFO") strategy. The retail stock technique for bookkeeping results in stock being esteemed at the lower of expense or market, since changeless markdowns are quickly recorded as a decrease of the retail estimation of stock. The stock at the Sam's Club portion is esteemed utilizing the weighted-normal cost LIFO strategy. At January 31, 2018 and January 31, 2017, Walmart's inventories esteemed at LIFO approximated those inventories as though they were esteemed at FIFO.
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license” has been exercised for the purpose of emphasizing
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Harmes Company is a clothing store that uses the retail
inventory method. The following information relates to its
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Cost
Retail
Inventory, January 1
$28,800
$41,500
Purchases
66,300
104,100
Markups (net)
—
1,700
Markdowns (net)
—
700
Sales
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82,300
Required:
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for the following cost flow assumption: FIFO. Round the
cost-to-retail ratio to three decimal places. If necessary, round
dollar amounts to the nearest whole...
Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...
Retail Inventory Method
Harmes Company is a clothing store that uses the retail
inventory method. The following information relates to its
operations during 2016:
Cost
Retail
Inventory, January 1
$29,000
$40,200
Purchases
67,500
100,100
Markups (net)
—
2,200
Markdowns (net)
—
700
Sales
—
88,400
Required:
1. Compute the ending inventory by the retail inventory method
for the following cost flow assumption: FIFO. Round the
cost-to-retail ratio to three decimal places. If necessary, round
dollar amounts to the nearest whole...
Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2016:...
Retail Inventory Method
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following information relates to 2016:
Cost
Retail
Cost
Retail
Inventory, January 1
$ 29,000
$ 45,000
Additional markups
—
$ 50,000
Purchases (gross price)
140,000
190,000
Markup cancellations
—
10,000
Purchases discounts taken
3,000
—
Markdowns
—
15,000
Purchases returns
5,000
8,000
Markdown cancellations
—
3,000
Freight-in
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—
Net Sales
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190,000
Employee discounts
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Required:
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costing method.
1. This inventory costing method shows cost of goods sold on the
income statement at the most current inventory costs during a
period of deflation
2. This inventory costing method results in the highest amount
of income tax expense reported on the income statement during a
period of deflation
3. This inventory costing method results in the highest amount
paid to purchase inventory during a period of inflation
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Cost
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Beginning Inventory
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$180,000
Purchases
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$581,000
Freight-in
$9,000
Purchase Returns
$7,000
$11,000
Net Markups
$16,000
Net Markdowns
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Normal Spoilage
$3,000
Abnormal Spoilage
$4,800
$8,000
Sales
$540,000
Sales Returns
$10,000
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November 1
Inventory
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10
Sale
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15
Purchase
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20
Sale
22 units
24
Sale
12 units
30
Purchase
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Cost
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Beginning inventory
$
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$
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Net purchases
910,000
1,320,000
Freight-in
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Net markups
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Net markdowns
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Net sales
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Cost
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$
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Net purchases
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?
Net markups
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Net markdowns
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?
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