Question: Hello! please answer all parts to the question clearly please its sometimes hard to understand the experts please thank you! provide the answer TO EACH

Hello! please answer all parts to the question clearly please its sometimes hard to understand the experts please thank you!
provide the answer TO EACH QUESTION CLEARLY please!!!
PLEASE CLEARLY LABLE THE ANSWER
 Hello! please answer all parts to the question clearly please its
sometimes hard to understand the experts please thank you! provide the answer

Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2021 fiscal year: Cont Retail $ 420,000 Beginning inventory Net purchases Freight-in $230,000 650,000 1,190,000 15,400 Net markups 18,000 Net markdowns 6,000 Normal spoilage Sales 3,000 1,320,000 The company records sales to employees net of discounts. These discounts totaled $17,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) O Beginning inventory. Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 230,000 $ 650,000 15,400 895,400 $ Retail 420,000 1,190,000 18,000 1,628,000 (6,000) 1,622,000 (3,000) (1,320,000) (17,000) 282,000 Cost-to-Retail Ratio

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!