Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratiocalculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)Cost-to-RetailRatioCostRetailBeginning inventory230,000 S320.000Purchases570,880880 000Freight-in9,600Net markups28.0001,228,000Net markdowns(12,000)Goods available for sale810,4801,216,000Cost-to-retail percentageNet sales(840,000)376,000Estimated ending inventory at retalEstimated ending inventory at cost Exercise 9-14 (Algo) Conventional retail method (LO9-3)Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:Cost$230, 000 $320, 000570,8809,600RetailMerchandise Inventory, January 1, 2021PurchasesFreight-inNet narkupsNet markdownsNet sales880, 00028,00012,000840, 000Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratiocalculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

Name: Required:Determine the December 31, 2021, inventory by applying the c
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Description: Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratiocalculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with

Solution Inventory is a item or good which is held by a business for sale to earn a profit.

Business

Accounting

Exercise 9-14 (Algo) Conventional retail method (LO9-3) Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $230, 000 $320, 000 570,880 9,600 Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net narkups Net markdowns Net sales 880, 000 28,000 12,000 840, 000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.)

Exercise 9-14 (Algo) Conventional retail method (LO9-3) Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $230, 000 $320, 000 570,880 9,600 Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net narkups Net markdowns Net sales 880, 000 28,000 12,000 840, 000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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37.The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost RetailBeg. invy 809,000 1,400,000Purchases 2,970,000 4,200,000Freight-in 40,000 Net markups 130,000Net markdowns 30,000Sales 4,000,000Sales discount 75,000At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method? a. 1,134,000 b. 1,700,000 c. 2,680,000 d. 2,800,000
Required Information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5) [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 2022 Cost Retail $ 96,000 $160,000 520,000 803,000 2,700 3,000 4,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2822 Cost $600,000 $950,000 2,400 5,750 8,000 Retail Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO…
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost RetailMerchandise inventory, January 1, 2021 $190,000 $280,000Purchases 600,000 840,000Freight-in 8,000Net markups 20,000Net markdowns 4,000Net sales 800,000 Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided.
Required Information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Average Cost Retail Method Cost Retail $ 96,000 $160,000 520,000 883,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2022 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost…
This window shows your responses and what was marked correct and incorrect from your previous attempt. Exercise 9-14 (Algo) Conventional retail method [LO9-3] Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Retail $350,000 910,000 Cost Merchandise inventory, January 1, 2021 Purchases $260,000 544,420 10,800 Freight-in Net markups Net markdowns 34,000 18,000 870,000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (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.) Cost-to- Retail Ratio Cost Retail 24 260,000 $ 350,000 Beginning inventory 544,420 910,000 Purchases 10,800 Freight-in 34,000 Net markups 1,294,000 (18,000) Net markdowns 815,220 1,276,000 Goods available for sale 74.29 X % Cost-to-retail percentage (870,000) Net sales $…
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 X Answer is complete but not entirely correct. Average Cost Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 950,400 x 725,191 X (236,600) X 2021 Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Required: 2. Estimate the 2021 ending inventory and cost of…
The Yes Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost RetailBeg. invy 809,000 1,400,000Purchases 2,970,000 4,200,000Freight-in 40,000 Net markups 130,000Net markdowns 30,000Sales 4,000,000Sales discount 75,000At what amount would Yes Company report as its estimated cost of goods sold under the FIFO retail method?
! Required Information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Conventional Retail Method Retail Cost $ 96,000 $160,000 803,000 520,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2822 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional…
Es Exercise 9-14 (Algo) Conventional retail method [LO9-4] Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Retail Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: Cost $ 270,000 629,000 16,000 $ 288,000 904,000 28,000 4,800 880,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. 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 Purchases Freight-in Net markups Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 270,000 $ 288,000 288,000 270,000 288,000 % $ 288,000
Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2024 2024 Cost Retail $ 150,500 $ 215,000 640,000 852,000 2,700 6,800 5,650 474,400 $ 354,756 $ (579,600) $ 1.00 1.25 1.25 2025 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation…
8. Banana Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using FIFO retail? a. 368,950 b. 258,265 c. 250,886 d. 258,625