Presented below is information related to Sage Inc. Cost Retail Inventory, 12/31/20 $245,700 $384,400 Purchases 818,428 1,450,600 Purchase returns 61,000 79,700 Purchase discounts 18,100 — Gross sales revenue — 1,411,200 Sales returns — 97,900 Markups — 118,900 Markup cancellations — 40,400 Markdowns — 44,800 Markdown cancellations — 20,100 Freight-in 41,900 — Employee discounts granted — 8,100 Loss from breakage (normal) — 4,600 Assuming that Sage Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021
Presented below is information related to Sage Inc. Cost Retail Inventory, 12/31/20 $245,700 $384,400 Purchases 818,428 1,450,600 Purchase returns 61,000 79,700 Purchase discounts 18,100 — Gross sales revenue — 1,411,200 Sales returns — 97,900 Markups — 118,900 Markup cancellations — 40,400 Markdowns — 44,800 Markdown cancellations — 20,100 Freight-in 41,900 — Employee discounts granted — 8,100 Loss from breakage (normal) — 4,600 Assuming that Sage Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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Question
Presented below is information related to Sage Inc.
Cost
|
Retail
|
|||
Inventory, 12/31/20
|
$245,700
|
$384,400
|
||
Purchases
|
818,428
|
1,450,600
|
||
Purchase returns
|
61,000
|
79,700
|
||
Purchase discounts
|
18,100
|
— | ||
Gross sales revenue
|
— |
1,411,200
|
||
Sales returns
|
— |
97,900
|
||
Markups
|
— |
118,900
|
||
Markup cancellations
|
— |
40,400
|
||
Markdowns
|
— |
44,800
|
||
Markdown cancellations
|
— |
20,100
|
||
Freight-in
|
41,900
|
— | ||
Employee discounts granted
|
— |
8,100
|
||
Loss from breakage (normal)
|
— |
4,600
|
Assuming that Sage Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
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