Please do not give salutations in image format thankuh Required information[The following information applies to the questions displayed below.]Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Availableinformation follows:a. The inventory at January 1, 2022, had a retail value of $41,000 and a cost of $32,170 based on the conventional retailmethod.b. Transactions during 2022 were as follows:Gross purchasesPurchase returnsPurchase discountsSalesSales returnsEmployee discountsFreight-inCost$ 224,3106,1004,60027,500Retail$ 450,00024,000400,5005,0005,500Net markupsNet markdownsSales to employees are recorded net of discounts.c. The retail value of the December 31, 2023, Inventory was $59,800, the cost-to-retail percentage for 2023 under theLIFO retail method was 74%, and the appropriate price index was 104% of the January 1, 2023, price level.d. The retail value of the December 31, 2024, inventory was $47,080, the cost-to-retail percentage for 2024 under theLIFO retail method was 73%, and the appropriate price index was 107% of the January 1, 2023, price level.21,00024,000Required:1. Estimate ending inventory for 2022 using the conventional retail method.Note: Amounts to be deducted should be indicated with a minus sign. Round your cost-to-retail percentage calculation to 2decimal places (.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar. Required informationNote: Amounts to be deducted should be indicated with a minus sign. Round your cost-to-retail percentage calculation to 2decimal places (i.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar.Beginning inventoryGoods available for sale.Cost-to-retail percentageLess: Net salesSalesSales returnsEmployee discountsEstimated ending inventory at retailEstimated ending inventory at costCostRetailCost-to-RetailRatio

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Description: Please do not give salutations in image format thankuh Required information[The following information applies to the questions displayed below.]Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Availab

Working : Cost to retail percentage = (Goods available for sale at cost / Goods available for sale…

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Required information (The following information applies to the questions displayed below.) Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $41,000 and a cost of $32.170 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Salam Cost $ 224,310 6,100 4,600 Retail $450,000 24,000 400,500

Required information (The following information applies to the questions displayed below.) Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $41,000 and a cost of $32.170 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Salam Cost $ 224,310 6,100 4,600 Retail $450,000 24,000 400,500

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.2DC

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