Rainey Retailers disclosed the following data for January. Beginning inventory Sales Sales returns (items restored to...
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Rainey Retailers disclosed the following data for January. Beginning inventory Sales Sales returns (items restored to inventory) Purchases Purchase returns Freight-in Goods available for sale: Beginning inventory Net purchases Total goods available for sale Net sales Estimated ending inventory at retail Calculate estimated ending inventory using the average cost retail method. • Note: Use negative signs as appropriate in the following schedule. Numerator / Denominator 0x / $ $ $ Cost Ratio 0x $ At Cost At Retail $40,000 $52,000 300,000 6,000 18,000 Cost 620,000 10,000 600,000 12,000 40,000 $ 312,000 352,000 Estimated ending inventory at cost: $ 0 $ Result Retail 52,000 588,000 640,000 645,000 * 0 x • Note: Use the result above EXACTLY as shown to compute the following amount. не X Rainey Retailers disclosed the following data for January. Beginning inventory Sales Sales returns (items restored to inventory) Purchases Purchase returns Freight-in Goods available for sale: Beginning inventory Net purchases Total goods available for sale Net sales Estimated ending inventory at retail Calculate estimated ending inventory using the average cost retail method. • Note: Use negative signs as appropriate in the following schedule. Numerator / Denominator 0x / $ $ $ Cost Ratio 0x $ At Cost At Retail $40,000 $52,000 300,000 6,000 18,000 Cost 620,000 10,000 600,000 12,000 40,000 $ 312,000 352,000 Estimated ending inventory at cost: $ 0 $ Result Retail 52,000 588,000 640,000 645,000 * 0 x • Note: Use the result above EXACTLY as shown to compute the following amount. не X
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Answer rating: 100% (QA)
To calculate the estimated ending inventory using the average cost retail method we need to calculate the costtoretail ratio The costtoretail ratio is ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
Posted Date:
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