Problem 13-9 (IAA) Fairy Company provided the following information: 2019 2020 7,500,000 1,260,000 6,450,000 350,000 90,000 120,000 20,000 2,355,000 4,500,000 Sales Beginning inventory Purchases Freight in Purchase discounts Purchase returns Purchase allowances Ending inventory 3,180,000 220,000 45,000 40,000 15,000 What is the inventory on December 31, 2020? a. 2,370,000 b. 2,025,000 c. 3,285,000 d. 2,505,000

3 Freeflow Inc uses Gross profit method to estimate its closing Inventory       details for 2020 is given below                                 Cost Retail     Gross Sales       $1,685,000.00     Freight     $18,000.00       Markdown cancellation       $8,000.00     Markup       $71,000.00     Purchases     $975,000.00 $1,834,000.00     Markup cancellation       $18,000.00     purchase returns     $23,000.00 $36,000.00     Sales returns       $38,000.00     Op Inventory     $220,000.00 $411,000.00     Markdowns       $69,000.00                   Freeflow has averaged 64.5% gross margin                         Based on this, what amount will Freeflow report as cost of goods sold       Question 3 options:   605315   584685   422450   598175

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Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…

Item 13   A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

Question 3 (5%) Inventory data for Hot Buys Company for January 2020 are as follows: January I balance January 10 purchase 100 units at $28 January 15 sale January 21 purchase 90 units at $32 January 28 sale 80 units at $25 120 units 110 units Using FIFO, compute ending inventory as of January 31, 2020, and determine cost of goods sold for January.

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10. The Kansas Company provided the following data for its December 31, 2020, inventory maintained on the retail basis. At Cost At Retail Beginning inventory Purchases $120,000 $224,000 280,000 396,000 20,000 Markups (net) Markdowns (net) Sales (40,000) 520,000 What is the estimated inventory at December 31, 2020, valued at lower of average cost or market? a. $53,333 b. $75,000 c. $56,000 d. $50,000