Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cost and $50,000 at retail. The following information relates to 2020.   0 Retail0  Net purchases ($108,500 at cost) $150,000 Net markups 10,000 Net markdowns 5,000 Sales revenue 126,900 Instructions a.    Assume Amiras decided to adopt the conventional retail method. Compute the ending inventory to be reported in the balance sheet. b.    Assume instead that Amiras decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. c.    On the basis of the information in part (b), compute cost of goods sold.

A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000

ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net markups 9,500 Net markdowns 16,000 Sales 400,000 Sales discount 3,500 If ABC company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?

Freedman Company estimates that sales this year of $12,000 will be returned next year and customers will be granted a full refund. Which of the following journal entries would Freedman Company record as part of its year-end adjustments assuming it uses the perpetual inventory system? a.Debit Estimated Returns Inventory for $12,000 and credit Income Summary for $12,000 b.Debit Sales Returns and Allowances for $12,000 and credit Cost of Goods Sold for $12,000 c.Debit Inventory Short and Over for $12,000 and credit Merchandise Inventory for $12,000 d.Debit Sales Returns and Allowances for $12,000 and credit Customer Refunds Payable for $12,000

You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date   Description   Quantity   Unit Cost orSelling Price June   1   Beginning inventory   40     $31   June   4   Purchase   135     34   June   10   Sale   110     61   June   11   Sale return   15     61   June   18   Purchase   55     37   June   18   Purchase return   10     37   June   25   Sale   65     67   June   28   Purchase   35     41

On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $170,000 and $273,000, respectively. Net purchases during the year at cost and at retail were $719,200 and $890,000, respectively. Markups during the year were $9,000. There were no markdowns. Net sales for 2024 were $844,400. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations.   Multiple Choice   $249,600   $327,600   $202,760   $262,080

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot

Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim income statements as originally reported under the LIFO method follow:     2019   2020   1stQ   2ndQ   3rdQ   4thQ   1stQ Sales $ 14,000     $ 16,000     $ 18,000     $ 20,000     $ 22,000   Cost of goods sold (LIFO)   4,400       5,400       6,200       7,400       8,900   Operating expenses   2,400       2,600       3,000       3,400       3,600   Income before income taxes $ 7,200     $ 8,000     $ 8,800     $ 9,200     $ 9,500   Income taxes (25%)   1,800       2,000       2,200       2,300       2,375   Net income $ 5,400     $ 6,000     $ 6,600     $ 6,900     $ 7,125       If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows:     2019   2020   1stQ   2ndQ   3rdQ   4thQ…

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $39,000 $51,000 Required 1 Required 2 Retail Price Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Ending inventory Index 1.30 1.50 Complete this question by entering your answers in the tabs below. 2021 Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.) Cost-to-Retail Percentage 78% 80% 2022