Bramble Inc. had beginning inventory of 19,500 at retail. Net purchases were 169,900 atretail. Net markups were 7,000, and sales revenue was $132,900. Compute ending inventoryat cost using the conventional retail method. (Round ratios for computational purposes to 0decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28, 987.) Endinginventory using the conventional retail method $

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Answered: Bramble Inc. had beginning inventory of…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were $105,056 at cost and $159,600 at retail. Net markups were $9,600, net markdowns were $6,500, and sales revenue was $160,600. 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
Vaughn Inc. had beginning inventory of $11,160 at cost and $18,600 at retail. Net purchases were $141,750 at cost and $186,300 at retail. Net markups were $9,800, net markdowns were $7,100, and sales revenue was $158,300. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, eg. 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using LIFO retail method $
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 Suun
Bramble Inc. had beginning inventory of $11,395 at cost and $21,500 at retail. Net purchases were $122,915 at cost and $186,600 at retail. Net markups were $9,100, net markdowns were $6,600, and sales revenue was $159,100. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using LIFO retail method $
Kingbird Beachwear Inc. had beginning inventory of $38,400 at cost and $46,080 at retail. Net purchases were $201,600 at cost and $234,240 at retail. Net markups were $5,760, net markdowns were $17,280, and sales revenue was $220,800. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 5,275.) Ending inventory using the conventional retail method $
Larkspur Beachwear Inc. had beginning inventory of $30,400 at cost and $36,480 at retail. Net purchases were $159,600 at cost and $185,440 at retail. Net markups were $4,560, net markdowns were $13,680, and sales revenue was $174,800. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 5,275.) Ending inventory using the conventional retail method $
Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Beginning inventory Net purchases Net markups Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold × Answer is not complete. Cost-to-Retail Cost Retail Ratio $ 190,000 $ 290,000 660,000 865,000 20,000 (5,000) 660,000 880,000 850,000 1,170,000 65.52 % 75.00 % (836,000) $ 334,000 (46,008) X

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