A costume jewelry department showed the following figures for a six month period: Net sales: 125,000; Purchase (at retail) 100,000; Opening inventory (Feb. 1) 65,000; Markdowns 8,000; Employee discounts 3,600; Physical count (July 31) 31,000. What is overage in percentage (Show two decimal places)?
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- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Gros s marging The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820.In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for August was $400,000. Based on past experience, Joplin uses an estimatedreturn rate of 3% of sales. Record the journal entries for the monthly sales, cost of sales,estimated returns, and cost of estimated returns for August.
- Keep Calm Company provided the following information for the current year: Accounts receivable, January 1 2,100,000 Accounts receivable, December 31 2,700,000 Collections of accounts during the year 9,000,000 Inventory, January 1 4,500,000 Purchases during the year 5,800,000 All sales are made on account. The mark up on cost is 20% What is the estimated inventory. December 31?Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $52,000. Each month $5,000 of this total amount is depreciation expense and the remaining $47,000 relates to expenses that are paid in the month they are incurred. 5. The…Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May. Accounts receivable, May 1 Accounts receivable, May 31 Collections of accounts during May Inventory, May 1 Purchases during May $21,000 27,000 90,000 45,000 58,000 Answer the following Questions [DO NOT use commas (.) or dollar signs ($) when entering a number. For example, if you want to enter $1.000 simply write 1000]. 1. Sales revenue for the month of May = $ 2. Cost of goods sold for the month of May = $ 3. The gross profit for the month of May = $ 4. The cost of goods available for sale for the month of May = $ 5. The ending inventory to be reported on the balance sheet at the end of May=
- The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%Last year, Wilson's had credit sales of $927,000 and cost of goods sold of $762,000. The beginning of the year inventory was $138,000 and the end of the year inventory was $154,300. If the accounts receivables average $87,400, what is the operating cycle (using average inventories during the year)?Langston’s purchased $3,100 of merchandise during the month, and its monthly incomestatement shows a cost of goods sold of $3,000. What was the beginning inventory if the endinginventory was $1,250?
- A buyer had an inventory of $93,000 on August 1 and a planned EOM stock of $120,000. Planned sales for the department were $65,000, and planned markdowns for the month were $5,690. As of August 1, the buyer had merchandise on order of $32,000 at retail to be delivered during the month. Planned initial markup was 48.5%. Calculate the buyer's OTB at cost as of August 1. а. $33,830.35 b. $65,690.00 c. $11,690.00 d. $19,925 e. $38,690.00The management of Sheffield Industries estimates that credit sales for August, September, October, and November will be $525,000, $705,000, $880,000, and $465,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and NovemberThe records of Hamilton Apparel display the following data for the month of October: Sales $72,500 Purchase (at cost) $35,000 Sales returns $1,500 Purchase (at retail) $65,800 Markups $6,500 Purchase return (at cost) $1,500 Markup cancellations $900 Purchase return (at retail) $2,100 Markdowns $5,200 Beginning inventory (at cost) $20,500 Markdown cancellations $1,200 Beginning inventory (at retail) $30,700 Freight on purchase $2,200 Required: a. Estimate the ending inventory using the retail inventory method. Round the cost ratio to two decimal places based on % (e.g, 36.76%). [Please note it is NOT conventional retail method]. ۵ b. Estimate the ending inventory using the conventional retail inventory method. Round the cost ratio to two decimal places based on % (e.g, 36.76%).