Campbell Corporation uses the retail method to value its inventory. The following information is available for...
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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $230,000 $320, 000 570,880 9,680 Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 880,000 28,000 12,000 840, 000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retail Ratio Cost Retail Beginning inventory 230,000 S 320.000 Purchases 570,880 880 000 Freight-in 9,600 Net markups 28.000 1,228,000 Net markdowns (12,000) Goods available for sale 810,480 1,216,000 Cost-to-retail percentage Net sales (840,000) 376,000 Estimated ending inventory at retal Estimated ending inventory at cost Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $230,000 $320, 000 570,880 9,680 Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 880,000 28,000 12,000 840, 000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retail Ratio Cost Retail Beginning inventory 230,000 S 320.000 Purchases 570,880 880 000 Freight-in 9,600 Net markups 28.000 1,228,000 Net markdowns (12,000) Goods available for sale 810,480 1,216,000 Cost-to-retail percentage Net sales (840,000) 376,000 Estimated ending inventory at retal Estimated ending inventory at cost
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Step 1 Inventory is a item or good which is held by a business for sale to earn a profit Step 2 C... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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