Kieso, Intermediate Accounting, 16e Intermediate Accounting (ACCT 21 Assignment

Question

Kieso, Intermediate Accounting, 16e Intermediate Accounting (ACCT 21 Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 9-10 Sandhil Inc. had beginning inventory of $11,800 at cost and $21,000 at retail. Net purchases were $119,550 at cost and 00 at retail. Net markups were $10,600, net markdowns were $6,400, and sales revenue w ending inventory at cost using the conventional retail method. (Round ratios for decimal places, e.g. 78% and final answer to 0 decimal places, eg. 28,987.) computational purposes to o Ending inventory using the conventional retail method s Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 0 of 10 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Ans. Ending inventory using the conventional retail method $26,128 Cost Retail Beginning inventory 11800 21000 Add: Purchase 119550 153400 Add: Net markup 10600 Cost of goods available for sale 131350 185000 Less: Net markdown -6400 Sales price of goods available 178600 Less: Sales -141800 Ending inventory at retail 36800 Cost to retail percentage = Cost of goods available for sale at cost / Cost of goods available for sale at retail * 100 131350 / 185000 * 100 71% *Ending inventory at cost = 71% of ending inventory at retail 36800 * 71% 26128 Ans.4 CASES 1 2 3 4 5 Unit Inventory Price 13 13.8 11.96 8.5 14.1 Cases NRV Cost LCNRV 1 13 15.8 13 2 18.2 13.8 13.8 3 11.96 14.2 11.96 4 8.5 17.1 8.5 5 14.1 14.5 14.1 * Net realizable value (NRV)   =   Sales value - Estimated cost to complete - Estimated cost to sell Cases 1 (15 - 1.50 - 0.50) 2 (20.80 - 1.90 - 0.70) 3 (14.20 - 1.69 - 0.55) 4 (9.60 - 0.70 - 0.40) 5 (15.80 - 1 - 0.70)

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