Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan $ 300,000 $ 575,000 Merchandise inventory, August 1 Transactions during August: Purchases (net) 3,375,000 2,149,000 Sales 3,170,000 Ranchworks Co. Merchandise inventory, March 1 $ 880,000 Transactions during March through November: Purchases (net) 9,500,000 Sales 15,800,000 Estimated gross profit rate 38% Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and dis- covered that $369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?

Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:   Cost Retail Celebrity Tan Co.     Inventory, August 1 $ 300,000 $ 575,000 Transactions during August:      Purchases (net) 2,021,900 3,170,000  Sales   3,250,000       Ranchworks Co.     Inventory, March 1 $880,000   Transactions during March through November:      Purchases (net) 9,500,000    Sales 15,800,000   Estimated gross profit rate 38%       Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.* b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March…

The records of Culver's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellations 1,600 Purchase returns (at sales price) 2,800 Markdowns 9,600 Beginning inventory (at cost) 26,550 Markdown cancellations 2,700 Beginning inventory (at sales price) 44,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method %24

Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,700 Sales Returns and Allowances 2,070 Sales Discounts 4,171 Interest Revenue 424 Merchandise Inventory, January 1, 20-- 27,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 110,000 Purchases Returns and Allowances 4,540 Purchases Discounts 2,710 Freight-In 885 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,000 Supplies Expense 800 Phone Expense 900 Utilities Expense 7,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,600