Presented below is information related to Bridgeport Inc Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $253,300 $394,400 927,853 1,482,100 59,900 18,300 Retail 42,200 79,400 1,405,900 96,100 119,800 39,600 44,600 19,700 8.100 4.200

Presented below is information related to Bridgeport Inc Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $253,300 $394,400 927,853 1,482,100 59,900 18,300 Retail 42,200 79,400 1,405,900 96,100 119,800 39,600 44,600 19,700 8.100 4.200

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 6P: Retail Inventory Method Turner Corporation uses the retail inventory method. The following...

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Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
A company makes a purchase of P2,100 of inventory, subject to credit terms of 3/10, n/45 and returns P500 of inventory prior to payment. What amount of the payment assuming payment is made within the discount period. P1,500 P1,455 P1,440 P1,552
3.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886
Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?
Seagull Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?
Retail Inventory Method EKC Company uses the retail inventory method. The following information for 2019 is available: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
Requlred Information [The following informetion applies to the questions dlisplayed below) Grant Enterprises and Lee Corporation report the following smounts for the year Grant $ 38,800 24,0 355,280 21,8ae Lee $ 56,00 Inventory (beginning) Inventory (ending) Purchases 185,8aa Purchase returns Requlred: 1. Calculate cost of goods sold for esch compeny Grant Lee Boginning inventory Cost of goods available for sale Cost of goods sold
6.2. Company pay VAT by the tax deduction method, accounting for inventories by perpetual inventory system, determination of price of inventories by FIFO method. Beginning balance: Acc 152: 10.000.000 VND (1000 units of A) Acc 153: 2.000.000 VND (100 units of T) During the period the following transactions occur: Requirement: Record transaction 1. Purchase 5.000 units of A on account, the price (excluded VAT) is 52 million VND, VAT rate at 10%. 2. Purchase 1.500 units of tool T with an invoiced price (with VAT) of 35.200.000 VND, VAT rate at 10%, pay by cash in bank. When checking before receiving, company find out some goods in bad quality. Company complain and ask for a purchase allowance. Three days later, seller accepted a 5% allowance of invoice price (with VAT) paid by cash on hand. 3. Issue 500 units of T from warehouse to be used for administrative purpose. They are estimated to be used up in 3 accounting periods. 4. Issue from warehouse 200 units of A for manufacturing. 5. A…
d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872