Drake Corporation had the following amounts, all at retail: Beginning inventory $  3,600   Purchases $140,000 Purchase returns 6,000   Net markups 18,000 Abnormal shortage 4,000   Net markdowns 2,800 Sales 72,000   Sales returns 1,800 Employee discounts 1,600   Normal shortage 2,600 What is Drake's ending inventory at retail? Group of answer choices $74,400. $76,000. $77,600. $78,400

Q: Presented below is information related to Ricky Henderson Company.   00Cost00 00Retail00…

A: Cost to retail ratio = $1,575,000/$2,500,000                              = 63%

Q: Presented below is information related to Sage Inc.     Cost   Retail Inventory, 12/31/20…

A: Formula: Cost to retail ratio = Total cost / Total retail   Total cost gets divided with total…

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: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…

A:

Q: Presented below is information related to Manama Company Cost $550,000 2,100,000 Retail $600,000…

A:

Q: The following information was developed for Carla Vista Department Store:     At Cost   At Retail…

A: Ending inventory = Cost of goods available for sales - Cost of sales

Q: ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases…

A: Cost of sales refers to the total amount incurred by an entity for producing the product and selling…

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

A: Ending inventory is the amount of closing inventory remained unsold at the end of accounting period.

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: Presented below is information pertaining to ABC Co.:   Cost Retail Inventory, January 1 21,750…

A: FIFO cost method- It is a method to calculate cost of inventory of the entity. In it, the goods…

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: COST OF GOODS SOLD= OPENING INVENTORY+PURCHASES-PURCHASE RETURNS-PURCHASE DISCOUNTS-FREIGHT…

Q: The records of Marigold's Boutique report the following data for the month of April. $89,500…

A: Cost to retail ratio = $78,599 / $148,300                                = 53%

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: Glamor Company provided the following data: Beginning inventory Cost 500,000 770,000 Selling price…

A: Inventory valuation method include: FIFO Method LIFO Method Average cost method FIFO Method - As…

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

A: Ending inventory means the inventory remaining at the end of the year after sale the product during…

Q: ry (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000…

A: Given  Sales = 500,000 Purchases = 225,000 Inventory (at the beginning of the year)=16,000 Inventory…

Q: Presented below is information pertaining to ABC Co.:   Cost Retail Inventory, January 1 21,750…

A: The method of costing inventory where the retail cost ratio is to be obtained in order to have the…

Q: Headache Co.'s records show the following information: 15. Purchases Purchase returns Purchase…

A: Gross Profit = Net Sales - Cost of Goods Sold Net Sales = Gross Sales - (Sales discounts + Sales…

Q: Walker Corp. is a merchandising company that uses the periodic inventory system. Selected account…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory  Net income = Sales - COGS -…

Q: For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory…

A: The conventional retail inventories technique is focused on the cost-retail price connection of a…

Q: Cayden Company provided the following information: Inventory, January 1 Cost P350,000 Retail 650,000…

A: The approach in which the inventory which is purchased at the beginning would be sold first followed…

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: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Opening Inventory + Net Purchases + Freight-in Cost of goods sold…

Q: Crosby Department Store estimates inventory by using the retail inventory method. The following…

A:

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

A: Solution:- Calculation of the ending inventory by the conventional retail inventory method as…

Q: Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: The September 30 inventory at Liverpool Piano Repair was $43,750 at cost and $62,500 at retail.…

A: “Hello, since you have posted multiple questions. We will solve first question for you. Please…

Q: The following information is given about Arab Inc., sales were $500,000 and sales discounts were…

A: Cost of goods sold = Sales - Gross Profit Cost of goods sold = Cost of goods available for sale -…

Q: Presented below is information related to Waveland Inc.      Cost    Retail Inventory, 12/31/20…

A:

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

A: The conventional retail inventory method is an inventory valuation method that is put to use by…

Q: Given the following information, what is the cost-to-retail ratio? Beginning inventory at cost…

A: Particulars Cost Retail Beginning inventory $20,000 $35,000 Purchases  100,000 168,000 Goods…

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

A: Sheffield Company : S.no   Cost ($) Retail ($) 1 Beginning Inventory 374,710 283,000 2…

Q: Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase…

A: Gross profit = net sales ×25% = 452000 ×25% = 113000

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: Cynosure Company provided the following data: Cost Retail 340,000 4,500,000 100,000 150,000 90,000…

A: The retail inventory method is one of the accounting technique which is used to estimate the value…

Q: Presented below is information related to Marin, Inc. Cost Retail Beginning inventory $ 527,000 $…

A: The value of products still available for sale and kept by a corporation at the end of an accounting…

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

A:

Q: Cayden Company provided the following information: Inventory, January 1 Cost P350,000 Retail 650,000…

A: Retail inventory method…

Q: Presented below is information related to Manama Company. Cost Retail $600,000 3,700,000 170,000…

A: Working note :- 1)  computation of Ending inventory at cost :- Total cost as per cost inventory…

Q: Presented below is information related to Mantle Company.   Cost Retail  Beginning inventory $…

A: Net markup = $23,750 - $3,750 = $20,000 Net markdown = $8,750 - $1,250 = $7,500     Cost  Retail…

Q: how much is the ending inventory if the gross profit rate is 25%

A: Beginning Inventory + Purchases - Purchase Discount + Freight in + Gross profit = Closing inventory…

Q: Presented below is information related to Kingbird, Inc.     Cost   Retail Beginning inventory…

A: Working Note: Cost to retail ratio = Cost of goods available for sale at Cost / Cost of goods…

Q: Question

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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: Presented below is information related to XYZ, Inc. Cost Retail Beginning inventory Purchases $…

A: The retail inventory method is used by the retailers in case of resale of inventory.

Q: Given the following information for Miller, Inc.:   Cost Retail Markdown cancellations   $950…

A: This method is used to estimate the value of inventory by measuring the cost of inventory relative…

Q: ventory, February 1, 20X0            P70,800                   P  98,500 Markdo

A: FIFO-: FIFO is used for “First-In, First-Out”. It is a procedure utilized for cost flow hypothesis…

Q: Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year,…

A: Given:  Beginning inventory -  $94,000 Purchase of merchandise - $435,000 Discount rate - 1% Freight…

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%

Q: ABC Groceries provided the following information: Cost Retail Beginning inventory 555,200 945,000…

A: Inventory valuation is done through various methods such as the first-in-first-out method (fifo),…

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.