Beginning inventory. Net purchases Net markups Net markdowns Net sales. Beginning inventory Net purchases Net markups Net markdowns Cost $ 200,000 712,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Retail $ 350,000 879,000 16,000 5,000 849,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales $ Cost 200,000 $ 0 200,000 $ Retail 350,000 0 350,000 350,000 Cost-to-Retail Ratio % %

Beginning inventory. Net purchases Net markups Net markdowns Net sales. Beginning inventory Net purchases Net markups Net markdowns Cost $ 200,000 712,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Retail $ 350,000 879,000 16,000 5,000 849,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales $ Cost 200,000 $ 0 200,000 $ Retail 350,000 0 350,000 350,000 Cost-to-Retail Ratio % %

Name: Dinesh Bhai Beginning inventoryNet purchasesNet markupsNet markdownsNe
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Description: Dinesh Bhai Beginning inventoryNet purchasesNet markupsNet markdownsNet salesBeginning inventoryNet purchasesNet markupsNet markdownsCost$ 200,000712,000Required:Complete the table below to estimate the LIFO cost of ending inventory and cost of goods

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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...

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