Question: Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $76,500 and $131,000, net purchases at cost and retail were $323,000 and $491,000, and sales during the first six months totaled $501,000. The estimated inventory at June 30, 2021, would be:

Multiple Choice

$80,740.
$72,490.
$64,240.
$77,440.

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!

HP Inc. (formerly Hewlett-Packard Company) issued zero-coupon notes at the end of its 1997 fiscal year that mature at the end of its 2017 fiscal year. One billion, eight hundred million dollars face...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $60,000 and $120,000, net...

Fad City sells novel clothes that are subject to a great deal of price volatility. A recent item that cost $2130 was marked up $12.50, marked down for a sale by $6.80 and then had a markdown...

Help Save & Exit Submit Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $61,500 and $121,000, net...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $64,500 and $123,000, net...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $90,000 and $140,000, net...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $70,500 and $127,000, net...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $85,500 and $137,000, net...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $88,500 and $139,000, net...

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $60,000 and $120,000, net...

A coin is tossed twice. Consider the following events. A: Heads on the first toss. B: Heads on the second toss. C: The two tosses come out the same. (a) Show that A, B, C are pairwise independent but...

A handball player throws a ball from A with a horizontal velocity v0. Knowing that d = 15 ft, determine(a) The value of v0 for which the ball will strike the corner C,(b) The range of values of v0...

An accountant is performing a preparation of an entity's financial statements in adherence with the Statement on Standards for Accounting and Review Senvices. The accountant becomes aware of...

Bed & Bath, a retailing company, has two departmentsHardware and Linens. The companys most recent monthly contribution format income statement follows: Total Department Hardware Linens Sales $...