Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retall percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 53,000 $ 13,755 66,755 $ 68,000 33,400 3,000 (1,700) 102,700 102,700 %
Required: Complete the table below to estimate the average cost of ending inventory and cost of goods sold for October using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio Beginning inventory Net purchases Net markups Net markdowns Goods available for sale Cost-to-retall percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 53,000 $ 13,755 66,755 $ 68,000 33,400 3,000 (1,700) 102,700 102,700 %
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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