The records for the Clothing Department of Kingbird's Discount Store are summarized below for the month of January.Inventory, January 1: at retail $24,800; at cost $16,800Purchases in January: at retail $139,500; at cost $76,339Freight-in: $7,200Purchase returns: at retail $3,100; at cost $2,200Transfers in from suburban branch: at retail $13,000; at cost $9,300Net markups: $7,900Net markdowns: $4,100Inventory losses due to normal breakage, etc.: at retail $500Sales revenue at retail: $96,400Sales returns: $2,300(a)Compute the inventory for this department as of January 31, at retail prices.Ending inventory at retail$

Let's set up the calculation: 1. Beginning inventory (retail): * Starting inventory = $24,800 2.…

Answered: The records for the Clothing Department…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

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Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
The records for the Clothing Department of Oriole's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,300; at cost $17,300 Purchases in January: at retail $137,800; at cost $84,760 Freight-in: $7,200 Purchase returns: at retail $2,900; at cost $2,200 Transfers in from suburban branch: at retail $13,200; at cost $9,100 Net markups: $8,100 Net markdowns: $4,000 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: $96,700 Sales returns: $2,400
The records for the Clothing Department of Sheffield's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24,900; at cost $17,200 Purchases in January: at retail $139,300; at cost $85,588 Freight-in: $6,900 Purchase returns: at retail $3,100; at cost $2,400 Transfers in from suburban branch: at retail $12,800; at cost $9,000 Net markups: $7,800 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: $96,100 Sales returns: $2,300 (a) ✓ Your answer is correct. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ 83600 (b) eTextbook and Media × Your answer is incorrect. Compute the ending inventory using lower-of-average-cost-or-market. Ending inventory at lower-of-average-cost-or-market $ 53760 Attempts: 3 of 5 used
The records for the Clothing Department of Sage's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24,900; at cost $16,600 Purchases in January: at retail $138,700; at cost $81,892 Freight-in: $7,000 Purchase returns: at retail $3,000; at cost $2,200 Transfers in from suburban branch: at retail $12,800; at cost $9,300 Net markups: $8,200 Net markdowns: $4,000 Inventory losses due to normal breakage, etc: at retail $400 Sales revenue at retail: $96,600 Sales returns: $2,400
The records for the Clothing Department of Blossom's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $17,200 Purchases in January: at retail $138,900; at cost $80,320 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,400 Transfers in from suburban branch: at retail $13,100; at cost $9,000 Net markups: $8,000 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $500 Sales revenue at retail: $95,500 Sales returns: $2,300 (a) × Your answer is incorrect. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail +A $ 35496
The records of Hot’s Department Store report the following data for the month of January: Beginning inventory at cost P 440,000 Beginning inventory at sales price 800,000 Purchases at cost 4,500,000 Initial markup on purchases 2,900,000 Purchase returns at cost 240,000 Purchase returns at sales price 350,000 Freight on purchases 100,000 Additional markup 250,000 Markup cancellations 100,000 Markdown 600,000 Markdown cancellations 100,000 Net sales 6,500,000 Sales allowance 100,000 Sales returns 500,000 Employee discounts 200,000 Theft and other losses 100,000 Using the average retail inventory method, Hot’s ending inventory at cost is
The following information was taken from the records of GALATIANS Boutique Shop for the month of December: Sales P198,000 Purchases at cost P96,000 Sales returns 4,000 Purchases at retail 176,000 Additional Markups 20,000 Purchase return at cost 4,000 Markup cancellations 3,000 Purchase return at retail 6,000 Markdowns 18,600 Beg. inventory at cost 60,000 Markdown cancellations 5,600 Beg. inventory at retail 93,000 Freight-in 4,800 Purchase discount 16,000 Abnormal losses @ cost 15,000 Discount for employees 5,000 Abnormal losses @ retail 23,000 Normal losses 20,000 What is the cost of ending inventory under FIFO method (round off CTR to whole number, example: 32%)
The records of Sunland's Boutique report the following data for the month of April. Sales revenue $106,300 Purchases (at cost) Sales returns 2,100 Purchases (at sales price) 10,100 Purchase returns (at cost) 1,700 Purchase returns (at sales price) 9,800 Beginning inventory (at cost) 2,900 Beginning inventory (at sales price) Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases 2,600 $51,500 88,500 2,100 3,000 17,564 Ending inventory using conventional retail inventory method $ 42,500 Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, e.g. 28,987.)
Prepare journal entries to record each of the following sales transactions of a merchandising company. Assume a perpetual inventory system and use of the gross method (beginning inventory equals $9,000). June 1 Sold 50 units of merchandise to a customer for $150 per unit under credit terms of 2∕10, n∕30, FOB shipping point, and the invoice is dated June 1. The 50 units of merchandise had cost $100 per unit. 7 The customer returns 2 units purchased on June 1 because those units did not fit its needs. The seller restores those units to its inventory (as they are not defective) and credits Accounts Receivable from the customer. 11 The seller receives the balance due from the June 1 sale to the customer less returns and allowances. 14 The customer discovers that 10 units have minor damage but keeps them because the seller sends a $50 cash payment allowance to compensate.
Axel Company and Rod Company completed the following merchandising transactions in the month of April. Axel Company follows periodic inventory system and Rod Company follows perpetual inventory system. Journalize for the month of April, Axel Company's transactions and Rod Company's transactions. April 9 April 12 April 18 Axel Company sold $52,000 of merchandise on account to Rod Company, terms FOB shipping point, 1/10, n/30. The cost of the merchandise sold was $28,500. The appropriate party also paid $100 for the freight charge. Axel Company granted Rod Company $4,600 credit for merchandise returned costing $2,700. Axel Company received the balance due from Rod Company. Instructions: a. Journalize the above transactions on the books of Axel Company. b. Journalize the above transactions on the books of Rod Company.
A gift store reported the following records for its operation during the month of February. @Cost @Retail Inventory on Feb. 1 $280,000 $435,000 Net sales $440,000 Markdowns $88,000 Returns to vendors $15,000 $20,000 Employee discounts $15,000 Purchases $320,000 $498,000 A. What was the book value of the closing inventory at retail in February? B. What was the cumulative markup% of total merchandise handled in February? (Hint: Cumulative MU% is the MU% for Total Merchandise Handled (TMH), and TMH = Opening inventory + Purchases – RTV) Cost Retail C. What was the book inventory at cost on February 28 when the store closed? D. The physical inventory at retail taken after closing the store on February 28 amounted to $368,000. Did this store experience a shortage or an overage or…
The records of Sage's Boutique report the following data for the month of April. Sales revenue $107,400 Purchases (at cost) Sales returns 1,900 Purchases (at sales price) Markups 10,300 Purchase returns (at cost) Markup cancellations 1,400 Purchase returns (at sales price) Markdowns 8,600 Beginning Inventory (at cost) Markdown cancellations 2,700 Beginning Inventory (at sales price) Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method S $44,200 83,000 1,900 3,000 22,312 42,300

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