Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March beginning inventory Purchases Freight-in Purchase returns Net markups Netmarkdowns Cost $ 42,000 200,000 13,200 5,000 Co to retail percentage Betall $ 62,000 400,000 Normal breakage et sales teployee discounts Sales are recorded net of employee discounts. 50.70 7,000 6,000 3,700 7,000 202,000 2,000 Exercise 9-17 (Algo) Part 2 2. Recompute the cost-to-retall percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (l.e., 0.1234 should be entered as 12.34%).
Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March beginning inventory Purchases Freight-in Purchase returns Net markups Netmarkdowns Cost $ 42,000 200,000 13,200 5,000 Co to retail percentage Betall $ 62,000 400,000 Normal breakage et sales teployee discounts Sales are recorded net of employee discounts. 50.70 7,000 6,000 3,700 7,000 202,000 2,000 Exercise 9-17 (Algo) Part 2 2. Recompute the cost-to-retall percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (l.e., 0.1234 should be entered as 12.34%).
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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