Campbell Corporation uses the retail method to value its inventory. The following information is available for...
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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 $195,000 596,745 8,200 $285,000 845,000 Purchases Freight-in Net markups 21,000 5,000 805,000 Net markdowns Net sales 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.) X Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio Beginning inventory $ 195,000 $ 285,000 Purchases 596,745 845,000 Freight-in 8,200 Net markups 21,000 1,151,000 Net markdowns (5,000) Goods available for sale 799,945 1,146,000 Cost-to-retail percentage 69.80 X % Net sales (805,000) Estimated ending inventory at retail $ 341,000 Estimated ending inventory at cost 327,633 x 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 $195,000 596,745 8,200 $285,000 845,000 Purchases Freight-in Net markups 21,000 5,000 805,000 Net markdowns Net sales 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.) X Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio Beginning inventory $ 195,000 $ 285,000 Purchases 596,745 845,000 Freight-in 8,200 Net markups 21,000 1,151,000 Net markdowns (5,000) Goods available for sale 799,945 1,146,000 Cost-to-retail percentage 69.80 X % Net sales (805,000) Estimated ending inventory at retail $ 341,000 Estimated ending inventory at cost 327,633 x
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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