Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail $ 39,000 184,000 Cost Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales $ 31,000 121,600 6,600 4,500 11,000 15,500 12,500 6,100 171,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio Beginning inventory 24 31,000 39,000 Purchases 121,600 184,000 Freight-in 6,600 Purchase retuns (4,500) 11,000 Net markups 15,500 227,500 Net markdowns (12,500) Goods available for sale 154,700 215,000 Cost-to-retail percentage 68.00 % Normal spoilage (6,100) Net sales (171,000) Estimated ending inventory at retail Estimated ending inventory at cost 37,900 25,772 O Estimated cost of goods sold 24 116,280 X Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Retail $ 39,000 184,000 Cost Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales $ 31,000 121,600 6,600 4,500 11,000 15,500 12,500 6,100 171,000 Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio Beginning inventory 24 31,000 39,000 Purchases 121,600 184,000 Freight-in 6,600 Purchase retuns (4,500) 11,000 Net markups 15,500 227,500 Net markdowns (12,500) Goods available for sale 154,700 215,000 Cost-to-retail percentage 68.00 % Normal spoilage (6,100) Net sales (171,000) Estimated ending inventory at retail Estimated ending inventory at cost 37,900 25,772 O Estimated cost of goods sold 24 116,280 X
Expert Answer:
Answer rating: 100% (QA)
Cost Retail Cost to retail ratio Beginning inventory 3100000 12160000 3900000 18400000 Purchases ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Required: Estimate the ending inventory and cost of...
-
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Required: Estimate the ending inventory and cost of...
-
Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows: Required: Estimate the ending inventory and cost of...
-
Consider an electric motor with a shaft power output of 20 kW and an efficiency of 88 percent. Determine the rate at which the motor dissipates heat to the room it is in when the motor operates at...
-
Grape Corporation has placed a term loan request with its lender and submitted the following balance sheet entries for the year just concluded and the pro forma balance sheet expected by the end of...
-
.. Given a set of particles in the plane with position vectors F1, T2, Tn and masses m, m2, ..., mn, the position vector of the center of mass of the system is Tem Mm+m2 + +mn. = (mir+m2r2+ + mnrn),...
-
A damped single-degree-of-freedom system has a mass \((m)\) of \(5 \mathrm{~kg}\), stiffness \((k)\) of \(20 \mathrm{~N} / \mathrm{m}\), and a damping constant \((c)\) of \(5 \mathrm{~N}-\mathrm{s} /...
-
In 2010, the Keenan Company paid dividends totaling $3.6 million on net income of $10.8 million. The year was a normal one, and earnings have grown at a constant rate of 10% for the past 10 years....
-
Wind blows through a 7 x 10 ft garage door with a speed of 2 ft/s as shown. Determine the average speed of the air through the two 3 x 4 ft windows. 16 ft 3ft 3ft -22 ft- 2 ft/s 10ft! 30
-
Modify the sentence-generator program of Case Study so that it inputs its vocabulary from a set of text files at startup. The filenames are nouns.txt, verbs. txt, articles.txt, and prepositions.txt....
-
Provide an outline for the minimum content of a comprehensive annual financial report (CAFR). Include in your outline only the major content categories - no need to drill down to the i, ii level....
-
A body vibrating with viscous damping makes five complete oscillations per second, and in 50 cycles its amplitude diminishes to \(10 \%\). Determine the logarithmic decrement and the damping ratio....
-
Is the phase angle corresponding to the peak amplitude of a viscously damped system ever larger than \(90^{\circ}\) ?
-
What are the amplitude and the phase angle of the response of a viscously damped system in the neighborhood of resonance?
-
What is the frequency of the response of a viscously damped system when the external force is \(F_{0} \sin \omega t\) ? Is this response harmonic?
-
Lines parallel to imaginary axis a. Different values of damped natural frequency b. Different values of reciprocals of time constant c. Different values of damping ratio d. Different values of...
-
How is the term element related to the course student learning outcome: Explain matter at the microscopic level?
-
Research an article from an online source, such as The Economist, Wall Street Journal, Journal of Economic Perspectives, American Journal of Agricultural Economics, or another academic journal. The...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended January 30, 2016, are available in Connect. This...
-
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2018 fiscal year was $1,250,000. Depreciation expense of $140,000...
-
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2018, is presented below. The company uses the perpetual inventory system and all sales to customers are made...
-
Reverse-current readings (in nanoamperes) are made at the location of a transistor on an integrated circuit. A sample of size 10 is taken every half hour. Since some of the units may prove to be...
-
In order to establish control charts for an extraction job, 30 samples of five measurements of the extracted ores are taken, and the results are \(\overline{\bar{x}}=25.96\) tons and \(\bar{s}=1.5\)...
-
If the sample standard deviations instead of the sample ranges are used to estimate \(\sigma\), the control limits for the resulting \(\bar{x}\) chart are given by \(\overline{\bar{x}} \pm A_{1}...
Study smarter with the SolutionInn App