Required information [The following information applies to the questions displayed below] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a setail value of $53.000 and a cost of $36.930 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net arkups Net markdowns Cest $ 327,870 6,700 5,100 Cross purchases Purchase returns Purchase discounts 30,500 Sales Sales returns b. Transactions during 2022 were as follows: Cost $ 327,878 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory wes $61,880, the cost to retail percentage for 2023 under the LIFO retal method was 70%, and the appropriate price index was 104% of the January 1, 2023 price level. d. The retail value of the December 31, 2024, inventory was $53.500, the cost-to-retail percentage for 2024 under the UFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2023, price level, Required: 3. Assume Raleigh Department Store adopts the dolar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024. Note Dund unir enet.tn.retail narrantana rale dating to 3 darimal alaras fia 1724 child he antered as 17 31 and final 6,700 5,800 Retail 5 570,000 18,000 568,000 7,500 2,000 30,500 33,000 18,000 Total ending inventory at dollar-value LIFO retail cost 2023 Total ending inventory at dollar-value LIFO retail cost 2024 Retail $570,000 18,000 Employee discounts Freight-in Net markups Net markdowns Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $61880, the cost-to-retail percentage for 2023 under the LIFO retail method was 70%, and the appropriate price index was 104% of the January 1, 2023, price level. 540,000 7,500 2,000 33,000 18,000 d. The retail value of the December 31, 2024, inventory was $53,500, the cost-to-retail percentage for 2024 under the LIFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2023, price level. Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024. Note: Round your cost to retail percentage calculation to 2 decimal places (.e, 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar
Required information [The following information applies to the questions displayed below] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a setail value of $53.000 and a cost of $36.930 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net arkups Net markdowns Cest $ 327,870 6,700 5,100 Cross purchases Purchase returns Purchase discounts 30,500 Sales Sales returns b. Transactions during 2022 were as follows: Cost $ 327,878 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory wes $61,880, the cost to retail percentage for 2023 under the LIFO retal method was 70%, and the appropriate price index was 104% of the January 1, 2023 price level. d. The retail value of the December 31, 2024, inventory was $53.500, the cost-to-retail percentage for 2024 under the UFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2023, price level, Required: 3. Assume Raleigh Department Store adopts the dolar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024. Note Dund unir enet.tn.retail narrantana rale dating to 3 darimal alaras fia 1724 child he antered as 17 31 and final 6,700 5,800 Retail 5 570,000 18,000 568,000 7,500 2,000 30,500 33,000 18,000 Total ending inventory at dollar-value LIFO retail cost 2023 Total ending inventory at dollar-value LIFO retail cost 2024 Retail $570,000 18,000 Employee discounts Freight-in Net markups Net markdowns Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $61880, the cost-to-retail percentage for 2023 under the LIFO retail method was 70%, and the appropriate price index was 104% of the January 1, 2023, price level. 540,000 7,500 2,000 33,000 18,000 d. The retail value of the December 31, 2024, inventory was $53,500, the cost-to-retail percentage for 2024 under the LIFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2023, price level. Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024. Note: Round your cost to retail percentage calculation to 2 decimal places (.e, 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
Related questions
Topic Video
Question
Please dont give solutions image based thanx
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning