Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail $ 55,000 $ 75,000 222,000 22,680 7,000 Beginning inventory Purchases 415,000 Freight-in Purchase returns 9,500 7,300 5,000 9,500 295,000 1,700 Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. xercise 9-17 (Algo) Part 1 equired: Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round ratio alculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail $ 55,000 $ 75,000 222,000 22,680 7,000 Beginning inventory Purchases 415,000 Freight-in Purchase returns 9,500 7,300 5,000 9,500 295,000 1,700 Net markups Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. xercise 9-17 (Algo) Part 1 equired: Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round ratio alculation 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: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.12AMCP

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