Question 14 HELP CENTER The following data relates to Khairan stores for the month of December...

 

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Question 14 HELP CENTER The following data relates to Khairan stores for the month of December 2021. Cost 62,000 280,000 Beginning inventory (Dec 1) Purchases Additional information are as follows: Purchase discount received- 10,000 Purchase returns, trade/retail- 5,000/8000 Retail 82,000 360,000 4 out of 5 points Freight out 20,000 Due to rising inflation, there was mark up on prices totaling 29,000 in the middle of December On 20th December, due to Christmas rush, there was additional mark up totaling 6,000. However, 50% of the additional mark up was cancelled on 28th December after the Christmas rush Required: 1. Compute the current year additions 2. Compute goods available for sale, cost and retail On 30th December, to clear the warehouse for the year, the company decided to offer a generous mark down on prices totaling 30,000 Normal spoilage and breakages was 10% of purchases Total sales was 320,000 at December 31st, 2021 Sales discount was 10,000 for customers who paid cash within a month. 3. Compute the cost to retail percentage (round up to nearest whole number) 4. Compute the ending inventory at cost 5. What amount will appear in the inventory section of the balance sheet on December 31, give reason or Question 14 HELP CENTER The following data relates to Khairan stores for the month of December 2021. Cost 62,000 280,000 Beginning inventory (Dec 1) Purchases Additional information are as follows: Purchase discount received- 10,000 Purchase returns, trade/retail- 5,000/8000 Retail 82,000 360,000 4 out of 5 points Freight out 20,000 Due to rising inflation, there was mark up on prices totaling 29,000 in the middle of December On 20th December, due to Christmas rush, there was additional mark up totaling 6,000. However, 50% of the additional mark up was cancelled on 28th December after the Christmas rush Required: 1. Compute the current year additions 2. Compute goods available for sale, cost and retail On 30th December, to clear the warehouse for the year, the company decided to offer a generous mark down on prices totaling 30,000 Normal spoilage and breakages was 10% of purchases Total sales was 320,000 at December 31st, 2021 Sales discount was 10,000 for customers who paid cash within a month. 3. Compute the cost to retail percentage (round up to nearest whole number) 4. Compute the ending inventory at cost 5. What amount will appear in the inventory section of the balance sheet on December 31, give reason or