a. b. Merchandise $10,700 $13,300 a. $ b. $ Freight Paid by Seller $376 $58 Freight Terms FOB Shipping Point, 1/10, net 30 FOB Destination, 2/10, net 45 Returns and Allowances $1,100 $2,900

Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…

sh16 Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15, n/45. The cost of the goods sold was $14,693. Abbey Co. issued a credit memo for $4,100 for merchandise returned that originally cost $1,189. What is the amount of gross profit earned by Abbey Co. on these transactions? a.$13,504 b.$19,816 c.$16,396 d.$4,100

Question 8) Below is a series of cost of goods sold sections for companies A, P. M. and W. M $700 (g) 290 7,410 (h) 8,050 Beginning inventory Purchases Purchases returns and allowances. Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $375 2,250 195 (a) 180 P $120 1,080 (d) 990 (e) 1,250 1,370 W $(j) 32,670 (k) 28,840 1,980 (1) 52,180 12,580 39,600 (b) 2,610 (1) 540 1,150 (c) 7,600 Instructions (no color required): Fill in the lettered blanks to complete the cost of goods sold sections. (1) 1,230

Question Content Area Transactions for Buyer and Seller Ellis Co. sold merchandise to Angelleti Co. on account, $148,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,160. Ellis Co. paid freight of $2,100. Assume that all discounts are taken. Question Content Area Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank.   Question Content Area Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.

Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394

determine missing amount

Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer. Company B: Beginning inventory type your answer... and Ending inventory type your answer.

Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 4. Which retail inventory method excludes markups but includes markdowns in calculating the cost ratio? (LIFO Retail Method, Average Cost Method, LCM Conventional Method or none of these) Thank you Brenda

determine missing amount