Back

This window shows your responses and what was marked correct and incorrect from your previous attempt.

Item5

0/10points awarded

ItemScored

Item 5

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:

	Cost			Retail
Merchandise inventory, January 1, 2021	$	215,000		$	305,000
Purchases		582,625			865,000
Freight-in		9,000
Net markups					25,000
Net markdowns					9,000
Net sales					825,000

Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

I do not know why I got it wrong

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: 5 Cost $215,000 582,625 9,000 Retail $305,000 865,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 1/10 oints awarded 25,000 9,000 825,000 Scored Required: Determine the December 31, 2021, inventory by 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.) Cost-to- Cost Retail Retail Ratio $ 215,000 $ 305,000 865,000 Beginning inventory Purchases Freight-in Net markups 582,625 9,000 25,000 1,195,000 (9,000) 1,186,000 Net markdowns Goods available for sale 806,625 Cost-to-retail percentage 68.01 X % Net sales Estimated ending inventory at retail Estimated ending inventory at cost (825,000) 361,000 (245,516) X