Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and Allowances - P5,000 Sales Discounts - P3,000 Merchandise Inventory, Beginning - P15,000 Purchases - P70,000 Purchase Returns and Allowances - P8,000 Purchase Discounts - P6,000 Freight-in - P7,000 Merchandise Inventory,

The 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]. W 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%).

The 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%).

Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $145,400 658,600 27,700 990,600 76,300 11,900 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $

Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 160,000 640,000 30,000 1,000,000 70,000 12,000 Instructions a. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. b. Compute the estimated inventory at May 31, assuming that the gross profit is 301⁄3% of cost

The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date   Transaction Numberof Units Per Unit Total Apr. 3   Inventory 66   $300   $19,800   8   Purchase 132   360   47,520   11   Sale 88   1,000   88,000   30   Sale 55   1,000   55,000   May 8   Purchase 110   400   44,000   10   Sale 66   1,000   66,000   19   Sale 33   1,000   33,000   28   Purchase 110   440   48,400   June 5   Sale 66   1,050   69,300   16   Sale 88   1,050   92,400   21   Purchase 198   480   95,040   28   Sale 99   1,050   103,950     Required: 1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER…

Newell Company used a perpetual inventory system and completed the following transactions in October: Credit Sales Date Oct. 3 Oct. 11 Oct. 21 Oct. 23 Oct. 27 Amount $ 1,600 1,850 8,400 5,300 7,000 Terms 2/10, n/30 3/10, n/30 n/10 EOM 2/10, n/30 1/10 EOM Sales Returns Date Oct. 14 Oct. 23 Oct. 27 Oct. 29 Amount $ 600 500 250 1,500 Instructions Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 Oct. 16 Oct. 31 Nov. 2 Nov. 9

Stellar Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $161,900 697,000 31,400 924,000 73,200 12.100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Per Transaction of Units Unit Total Date $ 30,000 25 $1,200 Apr. 3 Inventory Purchase 93,000 75 1,240 Sale 11 40 2,000 80,000 Sale 30 30 2,000 60,000 Purchase 1,260 May 8 60 75,600 Sale 10 50 2,000 100,000 Sale 19 20 2,000 40,000 Purchase 28 80 1,260 100,800 Sale 2,250 June 5 40 90,000 Sale 16 25 2,250 56,250 Purchase 21 35 1,264 44,240 Sale 2,250 28 44 99,000 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Jour- nalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory…

The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory, Februray 28, 2018 $450,000 Inventory, March 31, 2018 330,500 Purchase discounts  12,450 Purchase returns and allowances 23,870 sales 276,900 sales discounts 34,660 Gross purchaases 120,400