For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) Required a. Jill's Dress Shop had a beginning balance in its inventory account of $43,000. During the accounting period, Jill's purchased $84,000 of inventory, returned $5,600 of inventory, and obtained $810 of purchases discounts. Jill's incurred $1,120 of transportation-in cost and $660 of transportation-out cost. Salaries of sales personnel amounted to $34,000. Administrative expenses amounted to $38,600. Cost of goods sold amounted to $88,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $9,200. During the accounting period, Ken's purchased $41,700 of inventory, obtained $1,320 of purchases allowances, and received $420 of purchases discounts. Sales discounts amounted to $700. Ken's incurred $1,020 of transportation-in cost and $320 of transportation-out cost. Selling and administrative cost amounted to $12,900. Cost of goods sold amounted to $35,100. Cost of goods available for sale Ending Inventory Jill's Dress Ken's Bait Shop Shop

Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail sales value of $36,200.During the year, Garrison purchased inventory with a retail sales value of $771,100. After performing a physical inventory, Garrison computed the inventory at retail to be $54,700. The markup is 100% of cost.What is the ending inventory at its estimated cost?                                                                                                                                                                                A. $27,350    B. $136,750 C.$82,050

Suppose Dave's Discount's Merchandise Inventory account showed a balance of $8,000 before the year-end adjustments. The physical count of goods on hand totaled $7,400. Dave uses a perpetual inventory system. To adjust the accounts, which entry would the company make? O A. OB. O C. O D. Accounts and Explanation Accounts Payable Merchandise Inventory Accounts and Explanation Merchandise Inventory Cost of Goods Sold Accounts and Explanation Cost of Goods Sold Merchandise Inventory Accounts and Explanation Merchandise Inventory Accounts Receivable Debit 600 Debit 600 Debit 600 Credit 600 600 Credit 600 Credit 600 Debit Credit 600

Sant Summa is a retailer that purchases merchandise inventory from Lee Co.  Sant Summa record inventory purchases using the gross method and the perpetual inventory system.  Sant Summa started the month of July with $2,000 in inventory. Required:  Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information.                                     2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point.      (Inventory cost Lee $4,000)               3-Jul Paid $350 for shipping charges for the May 2 purchase.             4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co.            (inventory cost to Lee of $170)               13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts.         (Lee…

Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail Inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Beginning inventory. Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases Net markups Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period (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.) Cost $180,000 630,000 Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) sales Estimated ending…

On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory   $

On June 1, Delaware Co. had one unit in beginning inventory that cost $10.00. During June, Delaware paid cash to purchase two additional inventory items. Delaware purchased the first item for cash at a cost of $10.00, and the second at a cost of $12.00. Delaware Co. sold two inventory items for $24.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false. a) The amount of ending inventory will be $10 assuming the LIFO cost flow was used. b) Cost of goods sold would be $24 assuming the weighted average cost flow was used. c) Cash flow from operating activities in June would be $28 assuming a FIFO cost flow was used. d) Cash flow from operating activities in June would be $26 independent of what cost flow assumption was used. e) The amount of gross margin would be $26 assuming the FIFO cost flow was used.

Top Purse Company applies the periodic inventory system using the specific identification method.  The company had the following transactions related to its best selling purse. Date                 Transaction                  Units     Unit Cost      Total Cost November 1     Beginning inventory         5          300              1,500 November 3     Sale                                 2 November 8     Purchase                         9           320              2,880 November 10   Sale                                 4 November 17   Purchase                         3           340              1,020 Compute the cost of ending inventory for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.

Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method.   Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory: