M13. Smith Kine Company maintains inventory records at selling prices as well as at cost For 2024, the records indicate the following data($ in 0001)Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsfiet markupsNet nerkdownsNet salesCost$.99500Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold351Retail$ 1501,045(in 000)3Required:Assuming the price level increased from 1.00 at January 1 to 135 at December 31, 2024, use the dollar-value LIFO retall method toapproximate cost of ending inventory and cost of goods soldvers in thousands.Note: Round your Intermediate and final answers to the nearest whole doller. Enter your answers in tY921 Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data(S in 000s).Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsNet markupsNet markdownsSNet salesCost$ 90Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold590351Retail$ 1501,045Required:Assuming the price level increased from 1.00 at January 1 to 1.35 at December 31, 2024, use the dollar-value LIFO retail method toapproximate cost of ending inventory and cost of goods sold..Note: Round your Intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.(5 in 0005)137921

Name: M13. Smith Kine Company maintains inventory records at selling prices
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: M13. Smith Kine Company maintains inventory records at selling prices as well as at cost For 2024, the records indicate the following data($ in 0001)Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsfiet markupsNet nerkdownsNet sales

Inventory is one of the current assets that is owned by the business. Finished goods, work in…

Business

Accounting

Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 35 Estimated ending inventory at retail Estimated ending inventory at cost 1 HA Required: Assuming the price level increased from 1.00 at January 1 to 1.35 at December 31, 2024, use the doliar-value LIFO retail method to approximate cost of ending Inventory and cost of goods sold. Note: Round your Intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. ($ in 000s) 921

Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 35 Estimated ending inventory at retail Estimated ending inventory at cost 1 HA Required: Assuming the price level increased from 1.00 at January 1 to 1.35 at December 31, 2024, use the doliar-value LIFO retail method to approximate cost of ending Inventory and cost of goods sold. Note: Round your Intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. ($ in 000s) 921

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

See similar textbooks

Similar questions

Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.