Business, 07.07.2020 22:01 SKYBLUE1015

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $42,000 and a cost of $32,690 based on the conventional retail method.
Transactions during 2019 were as follows:

Cost Retail
Gross purchases $236,780 $460,000
Purchase returns 6,200 23,000
Purchase discounts 4,700
Gross sales 430,000
Sales returns 6,000
Employee discounts 5,000
Freight-in 27,000
Net markups 22,000
Net markdowns 23,000

Sales to employees are recorded net of discounts.

The retail value of the December 31, 2017, inventory was $78,225, the cost-to-retail percentage for 2017 under the LIFO retail method was 72%, and the appropriate price index was 105% of the January 1, 2017, price level.
The retail value of the December 31, 2018, inventory was $54,540, the cost-to-retail percentage for 2018 under the LIFO retail method was 71%, and the appropriate price index was 108% of the January 1, 2017, price level.

Required:
a. Estimate ending inventory for 2016 using the conventional retail method.
b. Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail method.
c. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2017. Estimating ending inventory for 2017 and 2018.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 03:10

Beswick company your team is allocated a project involving a major client, the beswick company. although the organization has many clients, this client, and project, is the largest source of revenue and affects the work of several other teams in the organization. the project requires continuous involvement with the client, so any problems with the client are immediately felt by others in the organization. jamie, a member of your team, is the only person in the company with whom this client is willing to deal. it can be said that jamie has:

Answers: 2

Answer

Business, 22.06.2019 12:00

Agovernment receives a gift of cash and investments with a fair value of $200,000. the donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. the $200,000 gift should be accounted for in which of the following funds? a) general fund b) private-purpose trust fund c) agency fund d) permanent fund

Answers: 1

Answer

Business, 22.06.2019 19:50

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency,government intervention can improve overall welfare o markets allocate goodseffectively

Answers: 1

Answer

Business, 22.06.2019 22:20

Mattress wholesalers, inc. is constantly trying to reduce inventory in its supply chain. last year, cogs was $7.47 million and inventory was $1.47 million. this year, cogs is $8.65 million and inventory investment is $1.64 million.a) what was its weeks of supply last ) what is its weeks of supply this ) is mattress wholesalers making progress in its inventory reduction effort? since the number of weeks that cover the supply has mattress wholesalers is making in its inventory reduction effort.

Answers: 3

Answer

You know the right answer?

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. A...

Questions