Question: Need help calculating estimated ending inventory at cost for the first two pictures and need help for the last pic too and if i am

 Need help calculating estimated ending inventory at cost for the first

two pictures and need help for the last pic too and if

i am missing anything, let me know! Raleigh Department Store uses the

Need help calculating estimated ending inventory at cost for the first two pictures and need help for the last pic too and if i am missing anything, let me know!

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available Information follows: a. The Inventory at January 1, 2019, had a retail value of $50,000 and a cost of $36,200 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $333,900 6,480 5,500 Retail $540,880 15,000 Gross purchases Purchase returns Purchase discounts Gross sales sales returns Employee discounts Freight-in Net markups Net markdowns 500,000 8,888 5,500 29,800 30,000 15,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $104,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price Index was 107% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, Inventory was $53,350, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price Index was 110% of the January 1, 2020, price level. Required: 1. Estimate ending Inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with a minus sign.) Cost Retail Cost-to-Retail Ratio $ 36,200 $ 50.000 540,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 333,900 29,000 (6,400) (5,500) (15,000) 30,000 605,000 (15,000) 590,000 Less: Net markdowns Goods available for sale S 387,200 Cost-to-retail percentage 64% S Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 500,000 (8,000) 5,500 S 590,000 Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available Information follows: a. The Inventory at January 1, 2019, had a retail value of $50,000 and a cost of $36,200 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $333,900 6,400 5,500 Retail $540,000 15,800 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 500,000 8,000 5,500 29,000 30,000 15,800 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $104,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price Index was 107% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, Inventory was $53,350, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price Index was 110% of the January 1, 2020, price level. Required: 2. Estimate ending Inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted should be indicated with a minus slgn.) Cost S 36,200 S Retail Cost-to-Retail Ratio 50,000 540,000 333,900 29,000 (15,000) Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) (6,400) (5,500) 30,000 (15,000) 540,000 590,000 351,000 387,200 S Cost-to-retail percentage 65% S 500.000 Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost (8,000) 5,500 S 590,000 Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $50,000 and a cost of $36,200 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $333,900 $540,000 6,400 15,000 5,500 500,000 8,000 5,500 29,000 30,000 15,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $104,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $53,350, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price index was 110% of the January 1, 2020, price level. Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending inventory for 2020 and 2021 Total ending inventory at dollar-value LIFO retail cost, 2020 Total ending inventory at dollar-value LIFO retail cost, 2021

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