Calculate the shortage percent.  Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%). NOTE.  There are four questions associated with this data.  You will ultimately complete a complete RIM exercise.     Cost ($) Retail ($) Opening inventory 130,410 201,543 Gross purchases 418,390 884,916 Returns to vendors 1,726 3,514 Cash discounts 2,040   Alteration costs 1,620   Freight 1,690   Gross Sales   806,430 Customer returns   60,340 Markdowns   120,630 Markdown cancellations   3,048 Additional markup   360 Employee discounts   1,010 Closing physical inventory   212,803

Q: In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought…

A: I am only answering the question under FIFO method as it is mentioned in the question. Periodic…

Q: Calculate the missing information. Round dollars to the nearest cent and percents to the nearest…

A: The question is based on the concept of calculation of markup on selling price. formula as, Mark…

Q: The following data are available from the records of ABC Corporation.…

A: Cost of goods sold = Annual sales × Cost percentage= Ᵽ 396,000 × 70%= Ᵽ 277,200   Inventory…

Q: Find the gross margin percent when: Gross sales 435,000 Customer returns and allowances 49,000…

A: Net Sales = Gross Sales - Customer returns and allowances = 435,000 - 49,000 = 386,000   Gross…

Q: PROBLEM #1 MISSING ELEMENTS - RECONSTRUCTION Presented below is an income statement. Net Sales Gross…

A: Income statement is one of the financial statement which shows all incomes and all expenses of the…

Q: .The following data were related to ABC Corp.                                                  COST…

A: The ending inventory can be calculated on the basis of the cost to retail ratio. It can be…

Q: how do I calculate ending inventory for FIFO, LiFO, and average. I am working on problem p7-2  page…

A: There are 3 methods for the valuation of inventory: First in, first Out Method:First in, first Out…

Q: Double West Suppliers (DWS) reported sales for the year of $290,000, all on credit. The average…

A: Sales = $290,000 Average gross profit = 30% of sales   Beginning Ending Accounts receivable…

Q: What is the amount of gross sales for the current year? GREEN Enterprises reported the following…

A: Gross sales can be calculated by adding up sales returns and allowances to the net sales. Net sale…

Q: 9. Using the facts in Problem #7, please do the journal entry for your company selling 250 items of…

A: As payment is made within dsicount period hence 1% discount will be provided.

Q: 28. Kokong Company provided the following information for the current year: P 2,100,000 Accounts…

A: Inventory means the goods in which business deals. Inventory can be calculated by preparing the…

Q: 10. Using the following information, what is the amount of net sales? P28,000 Purchases Merchandise…

A: Sales is the revenue generated from the day to day operations of the firm. The net sales is the…

Q: Question 4: Presented below is information related to ABC company as at 31/12/208 Cost Retail…

A: The question is based on the concept of Cost Accounting.

Q: Using the data below, determine the closing book inventory.  Not all information given may be…

A: The value of products available for sale at the end of an accounting period is known as ending…

Q: Exercise 9-21 Presented below is information related to Riverbed Company. Cost Retail $234,424…

A: The retail inventory method is a method that is used for the estimation of the merchandise value.…

Q: First Quarter $ 18,000 $ 21,600 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases $…

A: The Income Statement is an essential economic statement which shows a company's profit and loss over…

Q: 5) The trial balance for a merchandiser, before the journal entries below, is as follows. A physical…

A:

Q: MC42 The following data is available for Corona Trading: Cost P 47,075 213,327 3,400 Retail P 70,025…

A: Cost of goods sold: Cost of goods sold refers to the expenses incurred by the company in order to…

Q: What is the average collection period assuming annual data is used? quarterly data is used?

A: Assuming Annual data:  Average Collection period= [Account receivable/Sales]× 365  Assuming…

Q: blem 8 OPERATING AND CASH CONVERSION CYCLES. Consider the following selected financial data for the…

A: The operating cycle and cash conversion cycle is calculated as the number of days required to…

Q: In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought…

A: Perpetual inventory system:-in this method, a record of sales and purchase of inventory is the…

Q: SELL THRU PERCENT

A: ST% = SALES/BOH Ending of week on hand inventory(EOH) of the last week becomes the Beginning of week…

Q: 3. Tree and Shrub Nursery has a store inventory that is one half the recommended inventory turnover…

A: Inventory Turnover - The Inventory Turnover ratio indicates how many times an organization's…

Q: 5. The average inventory of Wallpaper Outlet is $21,700. Their annual sales for last year were…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4]…

A: The Cost to Retail Percentage or the Cost to Retail Ratio, determines the portion of the cost of the…

Q: Customer returns and allowances for department #620 came to $5,500. Gross sales in the department…

A: Net sales means the amount of revenue earned and it is calculated by deducting the sale return ,…

Q: OF ACCOUNTING 9. Using the following information, what is the amount of gross profit? Purchases…

A: SOLUTION GROSS PROFIT = NET SALES - COST OF GOOD SOLD.

Q: QUESTION 6 A company had the following purchases during its first year of operations: Purchases…

A: Introduction:- a) Calculation of weighted average cost per unit as follows:- weighted average cost…

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: 7. Canyon City Retail uses the moving average flow assumption. On July 1, there were 150 units on…

A: Using moving average method, average cost per unit is calculated as total cost of goods available…

Q: Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4]…

A: The conventional retail method is where a relationship exists between the retail price of the…

Q: On December 31st, Datton, Inc. has cost of goods sold of $540,000. ending inventory is $100,000,…

A: Accounts payable turnover is the ratio which is used to measure the rate at which the entity is…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: Inventory: The inventory is an asset to the business. The asset is a benefit or resource that has a…

Q: M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual…

A: Organizations do not keep the cost information of each unit of inventory. When a unit of inventory…

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Solution: Sales during the year = Ending accounts receivable + collection of accounts - beginning…

Q: A department store paid $47.88 for a dinner plate set Overhead expense is 21% of the regular selling…

A: Answer: Calculation of the operating profit or loss on the sale: Operating profit or loss = Sales -…

Q: Problem #2 (Adapted) The following selected data were taken from the records of Delta Company:…

A: Ratio analysis means where the various ratio can be found out with different name and meaning and…

Q: Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and…

A: Net sales = Sales - Sales returns and allowances Cost of goods sold = Beginning inventory +…

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.