Vaughn Inc. had beginning inventory of $12,411 at cost and $19,700 at retail. Net purchases were...

Vaughn Inc. had beginning inventory of $12,411 at cost and $19,700 at retail. Net purchases were $99,730 at cost and $153,700 at retail. Net markups were $10,500, net markdowns were $6,400, and sales revenue was $149,700. Assume the price level increased from 100 at the beginning of the year to 105 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.)

Expert Solution

ekkarill92 answered 1 year ago

Pharoah Inc. had beginning inventory of $12,017 at cost and $19,700 at retail. Net purchases were...

Pharoah Inc. had beginning inventory of $12,017 at cost and $19,700 at retail. Net purchases were $112,000 at cost and $174,400 at retail. Net markups were $9,100, net markdowns were $7,400, and sales revenue was $160,500. Assume the price level increased from 100 at the beginning of the year to 105 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0...

Swifty Inc. had beginning inventory of $11,000 at cost and $19,800 at retail. Net purchases were...

Swifty Inc. had beginning inventory of $11,000 at cost and $19,800 at retail. Net purchases were $122,300 at cost and $184,200 at retail. Net markups were $11,000, net markdowns were $7,000, and sales revenue was $140,100. Compute ending inventory at cost using the conventional retail 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 the conventional retail method

Sheffield Inc. had beginning inventory of $25,200 at cost and $42,000 at retail. Net purchases were...

Sheffield Inc. had beginning inventory of $25,200 at cost and $42,000 at retail. Net purchases were $252,000 at cost and $357,000 at retail. Net markups were $21,000, net markdowns were $14,700, and sales revenue was $308,700. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0...

Retail Inventory Method Beginning Inventory At cost $100,000 At retail $125,000 Net purchases At cost $300,000...

Retail Inventory Method Beginning Inventory At cost $100,000 At retail $125,000 Net purchases At cost $300,000 At retail $360,000 Net markups $15,000 Net markdowns $10,000 Net sales at retail $280,000 Average cost per unit $8.00 Average selling price per unit $10.00 Using the gross profit inventory estimation method: 1. Compute gross profit on sales. 2. Compute cost of goods sold. 3. Compute the estimated cost of ending inventory. Using the conventional (average LCM) inventory estimation method: 1. Compute the ending...

Presented below is information related to Marin, Inc. Cost Retail Beginning inventory $331,500 $585,000 Purchases 1,482,000...

Presented below is information related to Marin, Inc. Cost Retail Beginning inventory $331,500 $585,000 Purchases 1,482,000 2,613,000 Freight on purchases 63,180 Markups 136,500 Markup cancellations 109,200 Abnormal shortage 11,700 20,280 Markdowns 68,640 Markdown cancellations 9,360 Employee discounts 4,056 Sales revenue 2,788,500 Sales returns 78,000 Normal shortage 13,650 Purchase returns 17,160 31,980 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 Larkspur, Inc. Cost Retail Beginning inventory $416,500 $735,000 Purchases 1,862,000...

Presented below is information related to Larkspur, Inc. Cost Retail Beginning inventory $416,500 $735,000 Purchases 1,862,000 3,283,000 Freight on purchases 79,380 Markups 171,500 Markup cancellations 137,200 Abnormal shortage 14,700 25,480 Markdowns 86,240 Markdown cancellations 11,760 Employee discounts 5,096 Sales revenue 3,503,500 Sales returns 98,000 Normal shortage 17,150 Purchase returns 21,560 40,180 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 Sage Hill, Inc. Cost Retail Beginning inventory $450,500 $795,000 Purchases...

Presented below is information related to Sage Hill, Inc. Cost Retail Beginning inventory $450,500 $795,000 Purchases 2,014,000 3,551,000 Freight on purchases 85,860 Markups 185,500 Markup cancellations 148,400 Abnormal shortage 15,900 27,560 Markdowns 93,280 Markdown cancellations 12,720 Employee discounts 5,512 Sales revenue 3,789,500 Sales returns 106,000 Normal shortage 18,550 Purchase returns 23,320 43,460 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...

Cost Retail Beginning inventory 347,900 784,000 Purchases 730,100 980,000 Freight in &nb

Cost Retail Beginning inventory 347,900 784,000 Purchases 730,100 980,000 Freight in 39,200 - Mark ups - 98,000 Mark downs - 116,375 Sales - 686,000 Find Ending Inventory using avg. cost, conventional, LIFO methods

The beginning inventory and purchases of Commodity A for the period were as follows: Beginning inventory...

The beginning inventory and purchases of Commodity A for the period were as follows: Beginning inventory 24 units @ $10 each First purchase 32 units @ $11 each Second purchase 20 units @ $13 each Third purchase 20 units @ $15 each The company uses the periodic system and there were 25 units of Commodity A in the inventory at the end of the period. REQUIRED: Determine the cost of the 25 units in the inventory by each of the following...

Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods...

Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods Sold Inventory Event Unit Cost Total Cost Unit Cost Total Cost Total Cost QTY Bought Qty sold Qty Unit Cost Beginning Inventory 150 755 First Sale 120 First Purchase 400 785 Second Sale 200 Second Purchase 300 805 Sale 290 The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year A....

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