Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Costdata for the most recent quarter is shown below:Beginning inventoryNet purchasesCost$ 46,000154,000Retail$ 63,000215,000Net markups22,000Net markdowns35,000Net sales220,000The conventional cost-to-retail percentage is:Note: Round your answer to 1 decimal place.Multiple ChoiceО75.5%.О66.7%.71.9%.

We'll first calculate the cost of goods available for saleCost of Goods Available for Sale =…

Answered: Willie Nelson's Boots uses the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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louie company sells Astro's photocards for P30 each. the following was taken from the inventory records during march: date photocard units cost march 03 purchase 500 P15 march10 sale 300 17 purchase 1000 P17 20 sale 600 23 sale 300 30 purchase 1000 P20 1. Determine the cost of sales and cost of ending inventory using First-in-First-out Method (Periodic) 2.Determine the cost of sales and cost of ending inventory using Weighted Average Method 3. Determine the cost of sales and cost of ending inventory using Moving Average Method
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Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
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Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending Inventory at Lower-of-Average-Cost-Or-Market $ ____________
vi.3
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventory

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