Business, 19.04.2021 15:20 whocaresfasdlaf9341

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 $35,000 and a cost of $29,050 based on the conventional retail method.
b. Transactions during 2019 were as follows:

Cost Retail
Gross purchases $154,950 $390,000
Purchase returns 5,500 30,000
Purchase discounts 4,000
Gross sales 341,000
Sales returns 5,000
Employee discounts 4,000
Freight-in 30,500
Net markups 15,000
Net markdowns 30,000

Sales to employees are recorded net of discounts.

The retail value of the December 31, 2019, 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, 2019, price level. The retail value of the December 31, 2020, 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, 2019, price level.

Required:
a. Estimate ending inventory for 2019 using the conventional retail method.
b. Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method.
c. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2019. Estimating ending inventory for 2019 and 2020.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 23:30

Acompany is developing a new highperformance wax for cross country ski racing. in order to justify the price marketingwants, the wax needs to be very fast. specifically, the mean time to finish their standard test course should be less thanseconds for a former olympic champion. to test it, the champion will ski the course 8 times. the champion's times(selected at random) are 59.9 61.9 48.8 52.2 46.6 45.3 50.6 and 41.1 seconds to complete the test course. complete parts a and b below.a) should they market the wax? assume the assumptions and conditions for appropriate hypothesis testing are metfor the sample.assume=0.05. what are the null and alternative hypotheses? choose the correct answer below.b) suppose they decide not to market the wax after the test, but it turns out that the wax really does lower the champion'saverage time to less thanseconds. what kind of error have they made? explain the impact to the company of such anerror.

Answers: 2

Answer

Business, 22.06.2019 02:50

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

Answers: 3

Answer

Business, 22.06.2019 10:00

Employees at a library check out books to patrons. books have an isbn and a name. the library sometimes has multiple copies of the same book. books have one or more authors. a patron is an individual who has an active (non-expired) library card. for each library card, we store the person's first and last names and their address. for each employee, we store their employee id, current salary, first and last name and their address. we also store the employee id of their current manager. each time we check out a book to a patron we need to store the date of the transaction, the employee who checked out the book to the patron, and the library card of the patron. some employees have library cards. if an employee patron turns in a book late, the fine that they pay is a percentage of their salary. some employees are authors who have library cards—they are allowed to check out as many books as they like.

Answers: 1

Answer

Business, 22.06.2019 11:40

Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes

Answers: 1

Answer

You know the right answer?

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

Questions