Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Purchases Add: Markups (net) Less: Markdowns (net) $35,000 $70,000 140,000 240,379 3,000 2,000 180,000 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales ✓ Cost 140,000 ✓ Retail 240,379 ✔ 3,000 ✓ 2,000 ✓ 000 000 180,000 X ✓
Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Purchases Add: Markups (net) Less: Markdowns (net) $35,000 $70,000 140,000 240,379 3,000 2,000 180,000 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales ✓ Cost 140,000 ✓ Retail 240,379 ✔ 3,000 ✓ 2,000 ✓ 000 000 180,000 X ✓
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 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...
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