A business using the retail method of inventory costing determines that merchandise inventory at retail is $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of inventory to be reported on the financial statements?

The following accounts and balances are taken from the books of Bosox Company which             uses the periodic inventory system.                                         Sales     $470,000       Sales returns and allowances     15,000       Sales discounts     2,500       Purchases     255,000       Purchases returns and allowances     18,000       Purchases discounts     5,000       Transportation-In     1,500       Operating expenses     125,000                     Beginning inventory     $40,000       Ending inventory     35,000                     a. Calculate the cost of good sold             b. Calculate the gross profit             c. Calculate the net income

Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail sales value of $36,200.During the year, Garrison purchased inventory with a retail sales value of $771,100. After performing a physical inventory, Garrison computed the inventory at retail to be $54,700. The markup is 100% of cost.What is the ending inventory at its estimated cost?                                                                                                                                                                                A. $27,350    B. $136,750 C.$82,050

Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction?     Debit Credit A. Sales revenue 11,700                  Accounts receivable   11,700   Cost of goods sold 7,900                  Merchandise inventory   7,900 B. Accounts receivable 11,700                  Merchandise inventory   7,900                Sales revenue   3,800 C. Accounts receivable 3,800                  Sales revenue   3,800 D. Accounts receivable 11,700                  Sales revenue   11,700   Cost of goods sold 7,900                  Merchandise inventory   7,900 Group of answer choices A. B. C. D.

Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year:   Cost Retail Inventory, January 1 $32,500 $65,000 Purchases 130,000 215,667 Markups (net) — 3,000 Markdowns (net) — 2,000 Sales — 190,000 Required: Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANYCalculation of ending inventory by retail inventory methodFIFO

The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first.   2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory   $

[The following information applies to the questions displayed below.]  A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.   Inventory Quantity Unit Cost Unit NRV Furniture 170 $ 82   $ 97   Electronics 47   370     285       Record the adjustment for inventory. Note: Enter debits before credits.         Transaction General Journal Debit Credit 1 Cost of Goods Sold       Inventory