Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Merchandise inventory, January 1, 2021 Purchases $270,000 629,000 16,000 Retail $288,000 904,000 Freight-in Net markups Net markdowns Net sales 28,000 4,800 880,000 Required: Determine the December 31, 2021, inventory by applying the conventignal retail method using the information provided. (Round ratio calculation to 2 decimal places (I.e., O.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retail Cost Retail Ratio Beginning inventory 24 270,000 $ 288,000 Purchases 629,000 904,000 Freight-in 16,000 Net markups 28,000 1,220,000 (4,800) Net markdowns 915,000 1,215,200 Goods available for sale 75.29 % Cost-to-retail percentage (880,000) Net sales 225 000 < Prev. 5 of 9 Next >

Waterway Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,257,900 at both cost and realizable value. At December 31, 2020, the inventory was $286,249,300 at cost and $262,969,900 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:    ($ in 000s)   Cost Retail Beginning inventory $ 80   $ 125   Purchases   671     1,006   Freight-in on purchases   30         Purchase returns   1     2   Net markups         4   Net markdowns         8   Net sales         916       2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)

On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10

Seiz Company used perpetual inventory system to record inventory transactions for 2021. Inventory                           P 1,900,000 Sales                                      6,500,000 Sales returns                           150,000 Cost of goods sold              4,600,000 Inventory losses                     120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing  P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31.  The goods were included in the physical count.  The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000.  Any inventory writedown is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? a. 5,020,000 b. 4,500,000 c. 4,720,000 d. 4,920,000

During January 2019, Marta Company, which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: Units Unit Cost Bal. 1/1/19 Purchased on 1/4/19 Sold on 1/20/18 Purchased on 1/25/18 Under the moving average method, what amount should Metro report as Cost of Sales on January 1,000 40 600 @ 120 900 400 @ 200 31,