Based upon the following data, estimate the cost of ending inventory using the gross profit method. Sales $894,000 Estimated gross profit rate 39%     Beginning inventory $68,800 Purchases (net) 721,900 Merchandise available for sale $790,700 $fill in the blank 1

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Ending Inventory: Ending inventory is the value of the stock or product that is still available at…

Q: What is the cost-to-retail percentage to be used for ending inventory calculations?

A:

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Cost to retail ratio=Cost priceRetail price×100

Q: Calculate estimated cost of ending inventory using the gross profit method:   Gross profit on…

A: Cost of goods sold = Net sales - Gross profit = $27,000 - $27,000*40% = $16,200

Q: Jane Company used the retail inventory method to estimate inventory at year end.     Cost Retail…

A: Under the conservative retail method Goods available for Sale- Retail = Beginning Inventory +…

Q: a. Determine the ending inventory under the conventional retail method for the furniture department…

A:

Q: unland Inc. uses the conventional retail method to determine its ending inventory at cost. Assume…

A: ending inventory value at cost=ending inventory retail*cost to retail ratio

Q: Based on the following data, estimate the cost of ending merchandise inventory using the gross…

A: In gross profit method, cost of ending inventory is the difference between cost of goods available…

Q: Based on the following data, estimate the cost of ending merchandise inventory using the gross…

A: Cost of goods sold = Sales (net) - gross profit (35% of sales) Cost of goods sold = $729,000 -…

Q: Bouquet Company used the conventional retail inventory method to account for inventory.     Cost…

A: Cost of Sales: The direct costs associated with the manufacturing of goods/services sold to your…

Q: Using the retail method and the following data, estimate the cost of ending inventory. (Round…

A: Formula: Cost to retail Ratio= Opening Inventory at Cost- Purchase at CostOPening Inventory at…

Q: Audrey Company uses the LIFO retail inventory method and reports the following information:…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Compute for the cost of ending inventory using average cost retail method. " The following…

A: Inventory that is left after the sale is known as ending inventory.

Q: Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: Formula: Net Purchases = Purchases - Purchase returns and allowances - Purchase discounts

Q: Calculate estimated cost of ending inventory using the gross profit method: Gross profit on sales…

A: Cost of goods sold = sales - sales x gross profit ratio = 27000-27000*40% = $16200

Q: Crosby Department Store estimates inventory by using the retail inventory method. The following…

A:

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost to retail ratio = (Merchandise available for sale at cost / Merchandise available for sale at…

Q: Generally, ending inventory is required to be recorded under perpetual inventory system. O True O…

A: Solution 1: False. This is because ending inventory can be recorded under both periodic or perpetual…

Q: Ending Inventory at Cost 739,160 3,930,000 Goods Available for Sale at retail Sales Discount Net…

A: Answer) Calculation of Net Sales Net Sales = Gross Sales – Sales Discount Net Sales = 2,843,000 –…

Q: Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data…

A: Cost to retail percentage is calculated by dividing the cost of goods available for sale by the…

Q: Presented below is information related to Manama Company. Cost Retail Beginning inventory Purchases…

A: The conventional retail inventory method is an inventory valuation method that is put to use by…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Option d : $11,572 is the answer.

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A: Ending inventory = Cost of goods available for sale - Cost of goods sold Cost of goods sold = Sales…

Q: Ivanhoe uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost-to-Retail percentage = Goods available for sale at cost / Goods available for sale at retail…

Q: Bramble Inc. had a beginning inventory of $11,300 at cost and $21,500 at retail. Net purchases were…

A: The conventional retail method is a method that weighs the cost price of purchasing products versus…

Q: Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated…

A: Cost of goods sold = Sales - Gross profit = $9,250,000 - $9,250,000*36% = $5,920,000

Q: Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of…

A: The cost of goods sold refers to the direct costs of making products sold by a company (COGS). This…

Q: Coleman Company has provided the following information: beginning inventory, $100,000; cost of goods…

A: Formula: Ending inventory= beginning inventory + Purchases - cost of goods sold

Q: Please provide the missing items: 1. Sales =? Sales return and allowances = 12,300 Net Sales =?…

A: Net sales is the sales which has been earned and sold by the company by way of selling the products…

Q: Presented below is information related to Mantle Company.   Cost Retail  Beginning inventory $…

A: Net markup = $23,750 - $3,750 = $20,000 Net markdown = $8,750 - $1,250 = $7,500     Cost  Retail…

Q: Sauder Company reports goods available for sale at cost, $90,000. Beginning inventory at retail is…

A: Cost of ending inventory = Ending inventory at retail x Cost to Retail ratio where, Cost to Retail…

Q: At May 31, Lily Company has net sales of $320,000 and cost of goods available for sale of $216,000.…

A: Gross profit Value ={Net sales (×) Gross profit Rate}   Value of Ending Inventory = ​​​​​​= { Cost…

Q: sing the gross profit method with the following cost data, estimate the cost of ending inventory.…

A: Ending inventory is the value of inventory remaining unsold at the end of the period.  The inventory…

Q: Given the following, calculate the estimated cost of ending inventory using the gross profit method.…

A:

Q: July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 105 units at $20 2,100 22 Purchases 15…

A: In Average Cost Method of inventory valuation , inventory is valued at…

Q: relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail…

A: The value of goods still available for sale and held by a company at the end of an accounting period…

Q: please answer 4 and 5? answer are at the bottom what is the process to get these answers

A: 4. Determine the cost of ending inventory using perpetual FIFO method. Hence, the cost of ending…

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: Ending inventory is the amount of inventory unsold at the end of the period. It is inventory carried…

Q: Given the following: Number Cost purchased Total per unit $ 3 $ 105 January 1 inventory April 1 June…

A: Under FIFO method, it is assumed that first units comes in are the first unit goes out. So the…

Q: omputational. From the following information, determine the amount of ending inventory. Beginning…

A: The value of ending inventory can be calculated by subtracting the cost of goods sold from the…

Q: Webster Company uses the average retail method of inventory valuation. Following are the information…

A: Cost to retail ratio = P143000/ P300000) * 100 = 47.6667%

Q: 3. Refer to the information below that shows Boston Cycles' inventory data for the year ending…

A: Overstatement of ending inventory will decrease cost of goods sold and will increase gross profit in…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.