Question: i will thumbs up for correct answers and fast response. Grand Department Store, Inc., uses the retail inventory method to estimate ending Inventory for its

 i will thumbs up for correct answers and fast response. Grand
Department Store, Inc., uses the retail inventory method to estimate ending Inventory
i will thumbs up for correct answers and fast response.

Grand Department Store, Inc., uses the retail inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2021: $ 22,000 32,000 104,546 148,500 5,300 Inventory, October 1, 2021: At cost At retail Purchases (exclusive of freight and returns): At cost At retail Freight-in Purchase returns: At cost At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales Sales returns 2,300 3,000 2,700 275 820 4,700 141,800 4,070 Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2021. (Round your cost-to-retall percentage to 2 decimal places (.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.) Cost Retail Cost-to-Retal Ratlo Beginning inventory Goods available for sale (excluding net markdowns) Cost-to-retail percentage Goods available for sale (including net markdowns) 0 Estimated ending inventory at retail Estimated ending inventory at cost

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!