107 10.108 Given the following information calculate:109 A. The closing book inventory at cost:110 B. The gross cost of merch sold:111112CostRetail$65,250.00 $145,000.00$51,750.00 $115,000.00$9,000.00opening inventory113gross purchases114returns to vendors$20,000.00115additional markup$2,000.00116freight$3,000.00117total merch handledCMU =%3!118net sales$95,000.00 cost % =%3D19$18,000.00$2,000.00net markdowns20employee discounts21total retail deductions22closing book inventory23gross cost of merch sold24

Name: 107 10.108 Given the following information calculate:109 A. The closi
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Description: 107 10.108 Given the following information calculate:109 A. The closing book inventory at cost:110 B. The gross cost of merch sold:111112CostRetail$65,250.00 $145,000.00$51,750.00 $115,000.00$9,000.00opening inventory113gross purchases114returns to

Retail inventory method refers to an accounting method which is used by the companies to compute the…

Answered: Given the following information…

Business

Accounting

Given the following information calculate: A. The closing book inventory at cost: B. The gross cost of merch sold:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the gross method? 91,807 93,807 93,650 95,650
37.The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost RetailBeg. invy 809,000 1,400,000Purchases 2,970,000 4,200,000Freight-in 40,000 Net markups 130,000Net markdowns 30,000Sales 4,000,000Sales discount 75,000At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method? a. 1,134,000 b. 1,700,000 c. 2,680,000 d. 2,800,000
15.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the net method? 91,807 93,807 93,650 95,650
27.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886
30.Banana Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using FIFO retail? a. 368,950 b. 258,265 c. 250,886 d. 258,625
6. Cypress Corp. uses dollar-value LIFO. Certain information follows:YearEnding InventoryCurrent Cost Index2004 $5,000 1002005 5,610 1012006 5,304 1022007 6,042 103Compute the ending 2007 inventory.a. $5,742b. $5,888c. $5,866d. $5,881 Please show work. Do not use excel
56.EEE Company uses the first-in, first-out retail method of inventory valuation. The following information is available: Cost Retail Beginning inventory P 2,500,000 4,000,000 Purchases 13,500,000 16,000,000 Net markups 3,000,000 Net markdowns 1,000,000 Sales 15,000,000 What would be the estimated cost of the ending inventory?
E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)
55.XXX Company uses the average cost retail method to estimate its inventory. Data relating to the inventory at December 31, 2020 are: Cost Retail Inventory, January 1 P 2,000,000 P3,000,000 Purchases 10,600,000 14,000,000 Net markups 1,600,000 Net markdowns 600,000 Sales 12,000,000 Estimated normal shoplifting losses 400,000 Estimated normal shrinkage is 5% of sales Trinidad’s cost of goods sold for the year ended December 31, 2019 is
54.DDD uses the retail inventory method to approximate the lower of average cost or market. The following information is available for the current year: Cost Retail Beginning inventory P 1,300,000 P 2,600,000 Purchases 18,000,000 29,200,000 Freight in 400,000 Purchase returns 600,000 1,000,000 Purchase allowances 300,000 Departmental transfer in 400,000 600,000 Net markups 600,000 Net markdowns 2,000,000 Sales 24,400,000 Sales discounts 200,000 Employee discounts 600,000 What should be reported as the estimated cost of inventory at the end of the current year?
61. Information pertaining to the inventory of Javelin Company for the ended December 31, 2022 follows: Beginning inventory 200,000* Ending inventory 300,000** Total purchases 830,000 Purchases returns 35,000 Freight-in 10,000 Purchase discounts 5,000 *Includes items A and B costing P20,000 and P30,000, respectively. The net realizable value of item A is P15,000 and item B is P27,000. **Includes cost of items A and B still unsold at the end of the year. The net realizable value of A is P23,000 and item B is P29,000. How much is the cost of goods sold under the direct method of accounting for write-off and reversal of write-down of inventories?
6. Cypress Corp. uses dollar-value LIFO. Certain information follows: Ending Inventory - Year Current Cost Index 2004 $5,000 100 2005 5,610 101 2006 5,304 102 2007 6,042 103 Compute the ending 2007 inventory. a. $5,742 b. $5,888 c. $5,866 d. $5,881