Complete the following schedule by using the retail method to estimate ending inventory for September and October.
Question:
Transcribed Image Text:
September Cost October Retail Cost Retail Beginning inventory.74,950 112,000 Cost of goods purchased.. Goods available for sale 395,00000 461,590 674,000 Less: Net sales at retail... Ending inventory at retail Cost to retail ratio Estimated ending inventory 614,000 700,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Beginning inventory Cost of goods purchased Goods available for sale Less Net s...View the full answer
Answered By
Sufiyan Ahmed Tariq
I am a Chartered Accountant and an Associate Public & Finance Accountant. I also hold a bachelors of Commerce degree. I have over 8 years of experience in accounting, finance and auditing. Through out my career, I have worked with many leading multinational organisation.
I have helped a number of students in studies by teaching them key concepts of subjects like accounting, finance, corporate law and auditing. I help students understanding the complex situation by providing them daily life examples.
I can help you in the following subject / areas:
a) Accounting;
b) Finance;
c) Commerce;
d) Auditing; and
e) Corporate Law.
4.90+
7+ Reviews
17+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
Retail Inventory Method Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month...
-
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of...
-
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...
-
Currently the rate of return of the risk-free government bond is 3% while the expected rate of return on the market is 11%. Using CAPM, calculate the rate of return required for A plc who has a beta...
-
1. How did the Dallas Cowboys use information visualization? 2. What were the challenge, the proposed solution, and the obtained results?
-
BH A company spends x hundred dollars on an advertising campaign. The amount of money in sales S (x) (in $1000) for the 4-month period after the advertising campaign can be modeled by s(x)=4+7ln(x+1)...
-
A representative section from a composite lamina is shown in Figure 2.7 along with the transverse stress and strain distributions across the fiber and matrix materials in the section. The composite...
-
During company estimates that total factory overhead costs will be $750,000 for the year. Direct labor hours are estimated to be 300,000. For Darling company, (a) Determine the predetermined factory...
-
Internal auditors are often used to review an organization's financial statements such as balance sheets, income statements, and cash flow statements prior to public filings. Auditors seek to verify...
-
Use polygons and lines to create a graphics image that looks like a fireworks display. Write an application that extends JPanel and displays the fireworks. Save the file as JFireworksPanel.java.
-
Best Stereo Centre showed the following selected information on August 31, 2014: Using the retail method, estimate the cost of the ending inventory . Cost Retail $104,000 Cost of goods available for...
-
Refer to the information in QS 6-6. Determine the cost of the 140 units that remain in ending inventory , assuming: a. FIFO b. Weighted average. Round numbers to the nearest cent and use a periodic...
-
A 60 g tennis ball with an initial speed of 32 m/s hits a wall and rebounds with the same speed. FIGURE P11.39 shows the force of the wall on the ball during the collision. What is the value of F max...
-
QUESTION 1 Description: In your homework you had to create a linked list and a hash table using your linked list class. In that solution you used a linked list class within a hash table class. For...
-
NIKE ADS https://musebycl.io/sports/nike-unleashes-pulsating-womens-soccer-ad-2022-euros https://www.forbes.com/sites/timnewcomb/2022/03/17/women-athletes-participate-...
-
Complete the program so that each cell of array sum contains the sum of the corresponding cells of valA and valB: class Exercise3 { public static void main(String[] args) { int[] valA = {13, -22, 82,...
-
Estimate the 5 - day 9 9 % VaR for the portfolio assuming that its annual volatility calculated on the basis of weekly returns from the most recent 1 - year time window is 3 1 . 7 5 % .
-
Find and simplify. f(x)=3x (a) f(x + h) f(x) (b) f(x + h) - f(x) h
-
Set up appropriate equations and solve the given stated problems. All numbers are accurate to at least two significant digits. One pump can empty an oil tanker in 5.0 h, and a second pump can empty...
-
Consider the combustion of methanol below. If 64 grams of methanol reacts with 160 grams of oxygen, what is the CHANGE in volume at STP. 2CH3OH(g) + 3O2(g) 2CO2(g) + 4H2O(1) The volume decreases by...
-
What is the difference between a stock dividend and a stock split? Discuss.
-
Why do laws place limits on treasury stock purchases?
-
Why do laws place limits on treasury stock purchases?
-
4. The water in Earth's atmosphere blocks most of the infrared waves coming from space. In order to observe light of this wavelength, the Kuiper Airborne Observatory has been developed. The...
-
What amount of gain should Pharoah recognize on the exchange assuming lack of commercial substance?
-
If R1=7 Q, R2=3 Q, R3=9 Q, V= 12 V, and V2=8 V. Find the current (in A) that pass through R. R R R V V 2 +
Study smarter with the SolutionInn App