Jane Company used the retail inventory method to estimate inventory at year end.     Cost Retail Beginning Inventory 720,000 1,000,000 Purchases 4,080,000 6,300,000 Net Mark up   700,000 Net Markdown   500,000 Sales   6,820,000 Estimated normal loss   80,000   Under the conservative retail method, what is the goods available for sale- retail?   a. 7,300,000 b. 8,000,000 c. 7,500,000 d. 7,920,000

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Introduction: Ending inventory is the worth of products still offered for purchase and held by a…

Q: The following information is given about ZEE Company: Beginning inventory $120,000 Purchases 450,000…

A: As per the gross profit method, estimated inventory can be calculated by deducting the cost of goods…

Q: Presented below is information related to Ricky Henderson Company.     Cost   Retail Beginning…

A: Inventory refers to the goods held by the business either for selling or for further production so…

Q: The following is information for Palmer Co. Year 3 Year 2 Year 1 Cost of goods sold $578, 825 Ending…

A: Formula: Inventory Turnover = Cost of Goods sold / Average Inventory

Q: An entity uses the periodic inventory system. Beginning inventory listed 20,000 units at P6.10 each.…

A: >Inventory account is recorded and updated using the following Cost flow assumptions. #1:…

Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…

A: Total cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600

Q: Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods…

A: (1) Compute the Sparrow's ending inventory and cost of goods sold using the retail inventory method…

Q: On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following…

A: Average Cost method- It means the total cost of all the purchases which made during the period,…

Q: Carmela Company used the conservative retail inventory method. The following information relating to…

A: Cost to Retail Inventory In the cost to retail inventory method while calculating the ending…

Q: Bouquet Company used the conventional retail inventory method to account for inventory.     Cost…

A: Cost of Sales: The direct costs associated with the manufacturing of goods/services sold to your…

Q: Using the retail method and the following data, estimate the cost of ending inventory. (Round…

A: Formula: Cost to retail Ratio= Opening Inventory at Cost- Purchase at CostOPening Inventory at…

Q: MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical…

A: The loss of inventory may occur due to various reasons as flood, theft, shrinkage, etc.

Q: Based upon the following data, estimate the cost of ending inventory using the gross profit method.…

A: Ending inventory = Merchandise available for sale - Cost of Merchandise sold

Q: The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the…

Q: Instructions a. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of…

A: Cost of goods sold = Opening stock + Net purchases + Direct expenses - closing stock. Closing stock…

Q: William Company uses the periodic inventory system and theaccounts reflected the following data:…

A: In this numerical has covered the concept of LIFO and FIFO method for valuing the inventory.  FIFO…

Q: Mic Drop Company uses the first-in, first-out retail method of inventory valuation. The following…

A: Answer B  P220,000

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: >Under the Retail Inventory method, the Inventory at the end is first calculated at Retail value.…

Q: Compute for the cost of ending inventory using average cost retail method. " The following…

A: Inventory that is left after the sale is known as ending inventory.

Q: $12,500 Purchases 25,000 Sales during January 20,800 The estimated inventory at January 31, 2004, is…

A: The right option is c . $21,500

Q: Fainthearted Company provided the following information for the current year : COST RETAIL Beginning…

A: Particular Cost Retail Beginning inventory P750,000 P1,000,000 Add: Purchases P4,150,000…

Q: Problem 1 (Retail Method- Average) ABC Co. uses the retail inventory method to estimate its…

A: Following is the answer to the given question

Q: Aquarius Corporation used the conventional retail inventory method. Cost Retail Beginning inventory…

A: All amounts are in (P).

Q: The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Use the following information for Shafer Company to compute inventory turnover for year 2. Year 2…

A: Inventory Turnover- It refers to the ratio which shows how many times the inventory has been brought…

Q: The following data is available for Corona Trading: Cost Inventory, January 1 Purchases (net)…

A: THE retail inventory method is used by the retailers to estimate their ending inventory balance .…

Q: Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data…

A: Calculation of Cost to retail ratio: Cost of Inventory / Retail price of Inventory

Q: Selected financial information for Baird Company for Year 4 follows: Sales Cost of goods sold…

A: Average inventory = (Beginning inventory + Ending inventory)/2 Merchandise inventory turnover = Cost…

Q: Dollar Dress Shop’s inventory at cost on January 1 was $82,800. Its retail value was $87,500. During…

A: Cost ratio = (Cost of goods Available for sale at Cost / Cost of goods Available for sale at…

Q: Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data…

A: Cost to retail percentage is calculated by dividing the cost of goods available for sale by the…

Q: 2. Manual Corp. determined the following information for the purpose of applying the retail method…

A: Inventory costing helps in determining the cost incurred on inventory.

Q: Presented below is information related to Kuchinsky Company. Cost Retail Beginning inventory 280,000…

A: In conventional retail method, the inventory cost and retail prices have a relationship. It is…

Q: Presented below is information related to Bobby Engram Company.   00Cost00 0 Retail0…

A:

Q: Elijah Company uses the conventional retail inventory method to account for inventory. Cost Retail…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: In the table below there are missing figures. GHC GHC GHC GHC Opening inventory Closing inventory…

A: Gross profit is the profit from trading activity before adjusting the operational expenses. It is…

Q: Platinum Taco Shell Inc. uses a retail inventory method. Below is last year's data: Cost Retail…

A: Under this retail inventory method, the initial cost to retail ratio is computed first which is…

Q: Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales…

A: 1. Average Inventory = (Begining inventory + Ending inventory) / 2 2. Inventory Turnover ( in times…

Q: The following information relates to CEE Company: (Refor to image). Assuming CEE Company used the…

A: Cost to Retail Method For calculating the cost of ending inventory which uses many methods like…

Q: sing the gross profit method with the following cost data, estimate the cost of ending inventory.…

A: Ending inventory is the value of inventory remaining unsold at the end of the period.  The inventory…

Q: Boyne Inc. had beginning inventory of $24,000 at cost and $20,000 at retail. Net purchases were…

A: Formulas: Cost to retail ratio=Balance at costBalance at retail

Q: ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following…

A: Average retail method is used to estimate the ending inventory balances by calculating cost to…

Q: What is the cost of ending inventory? TONETTE Company uses the FIFO approach in estimating its…

A: The ending inventory is calculated as cost of goods available for sale minus cost of goods sold.…

Q: ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following…

A: The following computations are done for ABC Malls.

Q: relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail…

A: The value of goods still available for sale and held by a company at the end of an accounting period…

Q: Presented below is information related to Fusion Company. Retail Beginning inventory Purchases Cost…

A: Cost to retail :  = cost of goods sold ÷ retail value of goods    Cost of goods sold  = Op.…

Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: Webster Company uses the average retail method of inventory valuation. Following are the information…

A: Cost to retail ratio = P143000/ P300000) * 100 = 47.6667%

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.