Question: Emporia Shoe Shop had goods available for sale in 2014
Emporia Shoe Shop had goods available for sale in 2014 with a retail price of $120,000. The cost of these goods was $84,000. If sales during the period were $80,000, what is the ending inventory at cost using the retail inventory method?
Answer to relevant QuestionsFarley Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be included or excluded from the inventory taking.(a) Goods shipped on consignment ...In its first month of operation, Franklin Company purchased 120 units of inventory for $6, then 200 units for $7, and finally 140 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom ...Gomez Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $300,000. In reviewing the details of the count and related ...Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold.InstructionsCompute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO ...The cost of goods sold computations for Alpha Company and Omega Company are shown below.Instructions(a) Compute inventory turnover and days in inventory for each company.(b) Which company moves its inventory morequickly?
Post your question