complete requirement 1, 2 & 3.
show working
Check my work mode: This shows what is correct or incorrect for the work you have completed so forte Required Information [The following information applies to the questions displayed below) 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 retall value of $42.000 and a cost of $32,690 based on the conventional retail method b. Transactions during 2019 were as follows: Cost $236,780 6,200 4,789 Retail $460,000 23, eee Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 430,000 6,000 5, eee 27,000 22,00 23,000 Sales to employees are recorded net of discounts The real value of the December 3 2020, inventory was 553.045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1 2020, price level d. The retail value of the December 31, 2021. inventory was 547,170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020 price level. Required: Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with LUCorrect for the work you have completed se 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be Indicated with a minus slgn.) Answer is not complete cost Retail COSE-D Retail Ratio 42,000 460,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 32,600 236.780 27.000 (6,200) (4.700) (23,000) Less: Net markdowns Goods available for sale 22.000 501,000 (23,000) 478,000 $ 285.570 Cost-to-retail percentage 57% 430,000 0.000) 5.000 Estimated ending invertory at retai $ 475.000 Estimated ending inventory at oost 27930 The following information applies to the questions displayed below.] 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 $42.000 and a cost of $32,690 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Emplayee discounts Freight-in Net markups Net markdowns Cost Retail $236,780 $460,000 6,280 23,000 4,700 430,000 6,000 5,800 27,000 22,000 23,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $53.045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level d. The retail value of the December 31, 2021, inventory was $47.170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020. price level. Pequired: Estimate ending Inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted hould be indicated with a minus sign.) Required: 2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the UFO retail method. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Cost Retail Cost-to- Retail Ratio $ 32.800 236.780 42,000 450.000 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 SSGOSO 27,000 (0.200) (4.700) (23.000) 22.000 (23.000) 438,000 478.000 252,880 285,670 5 Cost-to-retail percentage Less Net sales sales returns 430,000 (0,000) 5.000 discounts Estimated ending inventory at retai $ 478.000 Estimated ending inventory at cost 38.750 Required Information [The following information applies to the questions displayed below.) 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 $42,000 and a cost of $32,690 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 $236,780 $460,000 6,200 23,00 4,700 430,000 6,000 5,000 27,000 22,000 23,000 Sales to employees are recorded net of discounts. C. The retail value of the December 31, 2020, inventory was $53,045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level d. The retail value of the December 31, 2021. Inventory was $47170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020. price level quired: >250,700 6,289 4,799 >00,000 23,898 of 3 ross purullases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 430,000 6,000 5, 27,000 22,800 23,600 Sales to employees are recorded net of discounts. The retail value of the December 31, 2020, inventory was $53,045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level d. The retail value of the December 31, 2021, inventory was $47170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% 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. er is not complete. Total ending inventory at dolor volue LIFO retail cost 2020 Total ending inventory at dollar-value LIFO retail cost 2021 50.000 LUCorrect for the work you have completed se 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be Indicated with a minus slgn.) Answer is not complete cost Retail COSE-D Retail Ratio 42,000 460,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 32,600 236.780 27.000 (6,200) (4.700) (23,000) Less: Net markdowns Goods available for sale 22.000 501,000 (23,000) 478,000 $ 285.570 Cost-to-retail percentage 57% 430,000 0.000) 5.000 Estimated ending invertory at retai $ 475.000 Estimated ending inventory at oost 27930 The following information applies to the questions displayed below.] 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 $42.000 and a cost of $32,690 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Emplayee discounts Freight-in Net markups Net markdowns Cost Retail $236,780 $460,000 6,280 23,000 4,700 430,000 6,000 5,800 27,000 22,000 23,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $53.045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level d. The retail value of the December 31, 2021, inventory was $47.170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020. price level. Pequired: Estimate ending Inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted hould be indicated with a minus sign.) Required: 2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the UFO retail method. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Cost Retail Cost-to- Retail Ratio $ 32.800 236.780 42,000 450.000 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 SSGOSO 27,000 (0.200) (4.700) (23.000) 22.000 (23.000) 438,000 478.000 252,880 285,670 5 Cost-to-retail percentage Less Net sales sales returns 430,000 (0,000) 5.000 discounts Estimated ending inventory at retai $ 478.000 Estimated ending inventory at cost 38.750 Required Information [The following information applies to the questions displayed below.) 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 $42,000 and a cost of $32,690 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 $236,780 $460,000 6,200 23,00 4,700 430,000 6,000 5,000 27,000 22,000 23,000 Sales to employees are recorded net of discounts. C. The retail value of the December 31, 2020, inventory was $53,045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level d. The retail value of the December 31, 2021. Inventory was $47170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020. price level quired: >250,700 6,289 4,799 >00,000 23,898 of 3 ross purullases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 430,000 6,000 5, 27,000 22,800 23,600 Sales to employees are recorded net of discounts. The retail value of the December 31, 2020, inventory was $53,045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level d. The retail value of the December 31, 2021, inventory was $47170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% 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. er is not complete. Total ending inventory at dolor volue LIFO retail cost 2020 Total ending inventory at dollar-value LIFO retail cost 2021 50.000
