For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory 340,000 540,000 Purchases 4,500,000 7,300,000 Freight in 100,000 Purchase return 150,000 300,000 Purchase allowance 90,000 Departmental transfer in 100,000 160,000 Net markup 200,000 Net markdown 500,000 Sales 6,500,000 Sales allowance 50,000 Employee discount 100,000 Spoilage and breakage 300,000 6. What is the estimated cost of ending inventory using the conservative retail? 668,354 c. 364,557 303,797 d. 360,000 7. What is the estimated cost of ending inventory using the average cost retail? 713,542 c. 384,000 389,189 d. 324,324

For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory 340,000 540,000 Purchases 4,500,000 7,300,000 Freight in 100,000 Purchase return 150,000 300,000 Purchase allowance 90,000 Departmental transfer in 100,000 160,000 Net markup 200,000 Net markdown 500,000 Sales 6,500,000 Sales allowance 50,000 Employee discount 100,000 Spoilage and breakage 300,000 6. What is the estimated cost of ending inventory using the conservative retail? 668,354 c. 364,557 303,797 d. 360,000 7. What is the estimated cost of ending inventory using the average cost retail? 713,542 c. 384,000 389,189 d. 324,324

Name: For numbers 6 and 7:Bruno Company provided the following data:
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Description: For numbers 6 and 7:Bruno Company provided the following data: Cost Retail Beginning inventory 340,000 540,000 Purchases 4,500,000 7,300,000 Freight in

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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. Ebasan Company used the average cost retail inventory method. The entity provided the following information for the current year: Cost Retail 1,500,000 2,200,000 Beginning inventory Net purchases 3,875,000 4,950,000 Departmental transfer -credit 200,000 300,000 Net markup 150,000 Inventory shortage at sales price 100,000 Employee discounts 200,000 Sales, including sales of P400,000 of items which were marked down from P500,000 4,000,000 What amount should Ebasan report as cost of ending inventory? 61.950.000
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