Question
In: Accounting
Sandhill Co. uses the retail inventory method. The following information is available for the current year....
Sandhill Co. uses the retail inventory method. The following
information is available for the current year.
|
Cost |
Retail |
|||
| Beginning inventory |
$ 323000 |
$476000 |
||
| Purchases |
1150000 |
1680000 |
||
| Freight-in |
18000 |
— |
||
| Employee discounts |
— |
8600 |
||
| Net markups |
— |
70000 |
||
| Net markdowns |
— |
78000 |
||
| Sales revenue |
— |
1620000 |
The approximate cost of the ending inventory by the conventional
retail method is (Hint: Round intermediate calculation to 3 decimal
places, e.g. 0.635 and final answer to 0 decimal places.)
| $769481. |
| $401000. |
| $350595. |
|
$519400. |
Sunland Sales Company uses the retail inventory method to value
its merchandise inventory. The following information is available
for the current year:
|
Cost |
Retail |
|||
| Beginning inventory |
$ 36000 |
$ 51000 |
||
| Purchases |
250000 |
320000 |
||
| Freight-in |
3100 |
— |
||
| Net markups |
— |
9100 |
||
| Net markdowns |
— |
13000 |
||
| Employee discounts |
— |
1000 |
||
| Sales revenue |
— |
265000 |
If the ending inventory is to be valued at the
lower-of-cost-or-market, what is the cost-to-retail ratio?
| $286000 ÷ $384000 |
| $289100 ÷ $380100 |
| $289100 ÷ $367100 |
| $289100 ÷ $371000 |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
1. Blossom Co. uses the conventional retail inventory method. The following information is available for the...
1. Blossom Co. uses the conventional retail inventory method.
The following information is available for the current year.
Cost Retail Beginning inventory $ 299000 $475000
Purchases 1050000 1530000
Freight-in 13500 — Employee discounts — 6700 Net markups — 47000
Net markdowns — 67000 Sales revenue — 1430000
The ending inventory at retail should be
a.$548300
b. $615300.
c. $581800
d.. $568200.
2. Sunland Corporation had the following amounts, all at
retail:
Beginning inventory
$ 3000
Purchases
$139000
Purchase returns
5400...
Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2016:...
Retail Inventory Method
Turner Corporation uses the retail inventory method. The
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
20,000
—
Net Sales
—
190,000
Employee discounts
—
3,000
Required:
1. Compute the cost of the ending inventory under each of...
Happy Company uses the periodic inventory method and had the following inventory information available:
Happy Company uses the periodic inventory method and had the
following inventory information available:
Units Unit Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$400
1/20
Purchase
400
$6
$2400
7/25
Purchase
200
$7
$1400
10/20
Purchase
300
$8
$2400
1,000
$6,600
A physical county if inventory on December 31 revealed that
there were 400 units on hand
Answer questions below and show computations supporting the
answer:
Assume that the company uses the FIFO...
The following information is available for the month ofApril. The company uses the perpetual inventory method....
The following information is available for the month ofApril.
The company uses the perpetual inventory method. April 1 inventory
balance 120 units @$8.04 each April 10purchase 200 units @ $8.20
each April 20purchase 410 units @ $8.40 each April 22sale 630 units
@ $15.00 each April 25purchase 310 units @ $8.59 each a. Compute
the value of ending inventory under LIFO,show steps. b. Compute the
value of ending inventory under FIFO,show steps. c. Which inventory
costing method results in the...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had the
following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there
were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had
the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that
there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
SJH Company uses the periodic inventory method and had the following inventory information available: &n
SJH Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$5
2,000
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,200
A physical count of inventory on December 31 revealed that there
were 350 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Q. Assume that the
company uses...
Shanrock Company uses the periodic inventory method and had the following inventory information available: &nb
Shanrock Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$6
2,400
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,600
A physical count of inventory on December 31 revealed that there
were 400 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Assume that the...
Noa Corporations uses the retail inventory method to estimate its ending inventory. The following information relates...
Noa Corporations uses the retail inventory method to estimate
its ending inventory. The following information relates to Noa
Corporation’s inventory at both cost and retail for the current
year.
Description
Cost
Retail
Beginning Inventory
$55,000
$78,500
Purchases
250,000
325,000
Purchase discount
10,000
Freight-In
5,000
Additional markups
24,000
Markup cancellations
7,000
Markdowns
12,000
Markdown cancellations
3,500
Sales
400,000
Instructions: Answer each of the following questions.
What is the ending inventory at retail?
If the ending inventory is to be valued at...
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
$28,800
$41,500
Purchases
66,300
104,100
Markups (net)
—
1,700
Markdowns (net)
—
700
Sales
—
82,300
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...
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