Your retail company had the following alphabetical results for 2021: Additional Mark - Ups $8,000 Additional...
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Your retail company had the following alphabetical results for 2021: Additional Mark - Ups $8,000 Additional Mark-Up Cancellations 3,000 Beginning Inventory. 9,000 cost and 31,000 retail Freight In 1,400 Mark Downs 9,000 Mark Down Cancellations 4,000 90,000 cost and 285,000 retail 700 cost and 2,300 retail 1,800 270,000 2,600 Purchases Purchase Returns Purchase Discounts. Sales Sales Returns Calculate the COST of the ending inventory (take the "cost / retail" ratio to three decimals) using the following retail methods. Please show all your work. 1. If using FIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory 2. If using AVERAGE, LCM (conventional method) retail method Cost of Goods Available for Sale Retail of Goods Available for Sale without 3. If using LIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory Your retail company had the following alphabetical results for 2021: Additional Mark - Ups $8,000 Additional Mark-Up Cancellations 3,000 Beginning Inventory. 9,000 cost and 31,000 retail Freight In 1,400 Mark Downs 9,000 Mark Down Cancellations 4,000 90,000 cost and 285,000 retail 700 cost and 2,300 retail 1,800 270,000 2,600 Purchases Purchase Returns Purchase Discounts. Sales Sales Returns Calculate the COST of the ending inventory (take the "cost / retail" ratio to three decimals) using the following retail methods. Please show all your work. 1. If using FIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory 2. If using AVERAGE, LCM (conventional method) retail method Cost of Goods Available for Sale Retail of Goods Available for Sale without 3. If using LIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory
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Answer 1 Using FIFO retail method Beginning inventory 9000 cost and 31000 retail Purcha... View the full answer
Related Book For
International Financial Management
ISBN: 978-0132162760
2nd edition
Authors: Geert Bekaert, Robert J. Hodrick
Posted Date:
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