I need answers for checking and review purposes. Thanks Elijah Company uses the conventional retail inventory method to account for inventory.RetailBeginning inventory and purchoses 7.800.000 11.960,000520.000780.00010.140.000CostNet markupNetmarkdownSalesWhat amount should be reported as cost of sales for the year?Elijah Company uses the average retail inventory method to account for inventory.CostRetailBeginning inventory and purchases 7,605,000 11,960,000Net markup520.000Netmarkdown780,000Sales10,140,000What amount should be reported as cost of sales for the year?Oliver Company provided the following data:Retail832,000Beginning inventoryPurchasesFreight inPurchase returnCost442.0005,850,000 9,490,000130,000195.000325,000118,300130.000Purchase allowance208,000195,000650,0008,580.00065,000130,000260,000Departmental transfer inNet markupNet markdownSalesSales allowanceEmployee discountSpoilage and breakageCompute for the ending inventory under the FIFO retail approach.Ava Company's inventory records showed the following information on December 31,20x1.CostRetailInventory, January 1Sales364,000 910,0006.500,0003,224,000 6,708,00097,500PurchasesFreight inMarkupMarkup cancelationMarkdownMarkdown cancelationEstimated normal shrinkage is 2% of sales.650,00078,000325.00065.000The entity uses the retail inventory method in estimating the value of its inventory.What is the estimated cost of inventory on December 31, 20xl at approximate lower ofaverage cost or net realizable value approach?Liam Company provided the following information for the current year:Net SalesFreight InPurchase Discount4,680,000117,00065.000Ending Inventory312.000The gross margin is 40% of sales. What is the cost of goods available for sale? On September 30, 20x1, a fire at Olivia Company's only warehouse caused severe damaged to the entireinventory. Based on recent history, the entity has a gross profit of 30% on cost of sales.The following information is available from the records for the nine months ended September 30, 20xl:715,0003,978.00078,0005,252,000520,000Inventory - January 1PurchasesPurchase returnsSalesSales returnsSales allowances130,000A physical inventory disclosed usable damaged goods which can still be sold for P65,000.1. What is the estimated cost of goods sold for the nine months ended September 30, 20x1?2. What is the estimated cost of ending inventory for the nine months ended September 30, 20x1?3. What is the estimated cost of ending inventory loss due to fire?Oliver Company provided the following data:Cost442,0005,850,000 9,490,000130,000195,000117,000130,000Retail832,000Beginning inventoryPurchasesFreight inPurchase return325,000Purchase allowanceDepartmental transfer inNet markup208,000195,000650,0008,580,00065,000130,000260.000Net markdownSalesSales allowanceEmployee discountSpoilage and breakage1. Compute for the ending inventory under the conservative retail approach.2. Compute for the ending inventory under the average cost retail approach.Noah Company has a recent gross profit history of 40% of net sales. The following dataare available from the accounting records for the three months ended March 31:845,0004,160,0005.850.00097,50065,000Inventory - January 1PurchasesNet SalesPurchase returnsFreight InUsing the gross profit method, what is the estimated cost of inventory on March 31?Charlotte Company uses the FIFO retail method of inventory valuation. The followinginformation is available for the current year:CostRetailBeginning inventory780,000 1,950,000Purchases3,900,000 7.150.000Net additional markup650,000Netmarkdown1,300,000Sales5,850,000What is the estimated cost of the ending inventory?Emma Company estimated the cost of its physical inventory on March 31 for use ininterim financial statement. The rate of mark up on cost is 25%. The inventory onJanuary was P7,150,000. During the period January I to March31, the entity hadpurchases of P5,590,000, purchase returns of P260,000 and sales of P9,750,000.What is the estimated cost of inventory on March 31?

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Elijah Company uses the conventional retail inventory method to account for inventory. Cost Retail Beginning inventory and purchases 7.800.000 11.960.000 Net markup Netmarkdown 520.000 780.000 Sales 10.140.000 What amount should be reported as cost of sales for the year?