Oriole Corporation had the following amounts, all at retail: Beginning inventory $3900 Purchases $123000 Purchase returns 6300 Net markups 19500 Abnormal shortage 4300 Net markdowns 3100 Sales 80000 Sales returns 1950 Employee discounts 1750 Normal shortage 2750 What is Oriole's ending inventory at retail? O $51900 O $53650 O $54450
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- Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?Seagull Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?
- Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 4200 Purchases $ 151000 Purchase returns 6600 Net markups 21000 Abnormal shortage 4600 Net markdowns 3400 Sales revenue 83000 Sales returns 2100 Employee discounts 1900 Normal shortage 2900 What is Sunland’s ending inventory at retail using the conventional retail method?Webster Company uses the average retail method of inventory valuation. Following are the information available: Retail P 60,000 220,000 20,000 40,000 180,000 Beginning inventory Purchases Cost P 23,000 120,000 Net markups Net markdowns Sales revenue What is the estimated cost of ending inventory? P80,000 P48,000 а. b. с. P44,000 d. P38,133relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail inventory method, what is the cost of its ending inventory at cost? * Retail Cost 500,000.00 Inventory, 12/31/2021 725,000.00 2,220,000.00 35,000.00 Purchases 1,285,000.00 Purchase returns 20,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations Mark-down 160,000.00 70,000.00 65,000.00 32,000.00 Mark-down cancellations Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
- The following information relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional rotail inventory method. what is the cost of its ending inventory at cost? Cost 500,000.00 1,285,000.00 Retail 725,000.00 2,220,000.00 35,000.00 Inventory, 12/31/2021 Purchases Purchase returns 20,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 70,000.00 160,000.00 70,000.00 Sales allowances Mark-ups Mark-up cancellations Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following information is available: • Beginning inventory: P115,000 at cost; P300,000 at retail • Purchases: P600,000 at cost; P1,100,000 at retail • Net additional markups – P100,000; net markdowns – P200,000 • Sales revenue – P900,000 Applying the lower of cost or net realizable value, what is the estimated cost of the ending inventory using the FIFO basis? A. P240,000 B. P220,000 C. P400,000 D. P200,000Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following information is available: • Beginning inventory: P115,000 at cost; P300,000 at retail • Purchases: P600,000 at cost; P1,100,000 at retail • Net additional markups – P100,000; net markdowns – P200,000 • Sales revenue – P900,000 What is the estimated cost of the ending inventory using the FIFO retail method? A. P240,000 B. 200,000 C. 400,000 D. 220,000
- ABC Co. has the following information:Inventory, beg. 80,000Inventory, end. 128,000Purchases 320,000Freight-out 16,000Purchase returns 18,000Purchase discounts 11,200How much is ABC Co.’s cost of sales?Sheridan Corporation had the following amounts, all at retail: Beginning inventory $ 4100 Purchases $ 150000 Purchase returns 6500 Net markups 20500 Abnormal shortage 4500 Net markdowns 3300 Sales revenue 82000 Sales returns 2050 Employee discounts 1850 Normal shortage 2850 What is Sheridan’s ending inventory at retail using the conventional retail method? $75650. $79350. $80150. $77500.8. Banana Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using FIFO retail? a. 368,950 b. 258,265 c. 250,886 d. 258,625
