Presented below is information related to Headland Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost Retail $148,740 $285,000 1,359,000 2,148,000 96,200 16,300 31,800 4,700 2,209,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $

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Valuing Inventory at Lower-of-Cost-or-Market Management of Tarry Company takes the position that under the lower-of-cost-or-market rule, the two items below are reported in ending inventory at $119,520 (total). Inventory cost is reported using LIFO. • Edgers: 2,160 in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. • Hedge clippers: 1,440 in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. a. Compute your inventory valuation by item and in total for the Tarry Company inventory reported above. Inventory valuation for edgers $ Inventory valuation for hedge clippers Total inventory valuation b. Prepare the entry, if any, to report inventory at the lower-of-cost-or-market. Assume that all adjustments directly impact cost of goods sold and…

Crane Department Store estimates inventory by using the retail inventory method. The following information was developed: At Cost At Retail Beginning inventory $350000 $700000 Goods purchased 850000 1300000 Net sales 1410000 The estimated cost of the ending intentory is O $364000. O $336000. O $354000. O $236000.