eBook Show Me HowSpreadsheetPrint Item Question Content Area Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method The following information relates to its operations during the year Cost Retail Inventory, January 1 $ 2 8 , 4 0 0 $ 4 0 , 2 0 0 Purchases 6 5 , 2 0 0 1 0 0 , 0 0 0 Markups ( net ) 1 , 9 0 0 Markdowns ( net ) 4 0 0 Sales 8 0 , 0 0 0 Required Question Content Area 1 Compute the ending inventory by the retail inventory method for the following cost flow assumption FIFO Round the cost to retail ratio to three decimal places If necessary, round dollar amounts to the nearest whole dollar HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO blank Cost Retail blank $ Select $ Select blank Select Select blank Select Select blank blank $fill in the blank d 1 0 0 0 afe 6 ff 1 0 2 0 1 0 fill in the blank d 1 0 0 0 afe 6 ff 1 0 2 0 1 1 Cost to retail ratio fill in the blank d 1 0 0 0 afe 6 ff 1 0 2 0 1 2 blank blank blank Select Select blank $ Select $ Select blank Select Select blank $ Select $ Select Question Content Area 2 Compute the ending inventory by the retail inventory method for the following cost flow assumption Average cost Round the cost to retail ratio to three decimal places If necessary, round dollar amounts to the nearest whole dollar HARMES COMPANY Calculation of ending inventory by retail inventory method Average Cost blank Cost Retail blank $ Select $ Select blank Select Select blank Select Select blank Select Select blank blank $fill in the blank 9 a 7 8 3 e 0 9 f 0 1 bfa 7 1 3 $fill in the blank 9 a 7 8 3 e 0 9 f 0 1 bfa 7 1 4 Cost to retail ratio fill in the blank 9 a 7 8 3 e 0 9 f 0 1 bfa 7 1 5 blank blank blank Select Select blank $ Select $ Select Question Content Area 3 Compute the ending inventory by the retail inventory method for the following cost flow assumption LIFO Round the cost to retail ratio to three decimal places If necessary, round dollar amounts to the nearest whole dollar HARMES COMPANY Calculation of ending inventory by retail inventory method LIFO blank Cost Retail blank $ Select $ Select Cost to retail ratio fill in the blank ffd 3 8 ff 5 8 ff 9 f 9 f 4 blank Select Select blank Select Select blank Select Select blank $ Select $ Select Cost to retail ratio fill in the blank ffd 3 8 ff 5 8 ff 9 f 9 f 1 7 blank blank blank Select Select blank $ Select $ Select Question Content Area 4 Compute the ending inventory by the retail inventory method for the following cost flow assumption Lower of cost or market ( based on average cost ) Round the cost to retail ratio to three decimal places If necessary, round dollar amounts to the nearest whole dollar HARMES COMPANY Calculation of ending inventory by retail inventory method Lower of Cost or Market ( based on average cost ) blank Cost Retail blank $ Select $ Select blank Select Select blank Select Select blank blank $fill in the blank 7 cda 8 7 fe 9 0 7 ff 9 d 1 0 $fill in the blank 7 cda 8 7 fe 9 0 7 ff 9 d 1 1 Cost to retail ratio fill in the blank 7 cda 8 7 fe 9 0 7 ff 9 d 1 2 blank blank blank Select Select blank Select Select blank $ Select $ Select

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eBook Show Me HowSpreadsheetPrint Item Question Content Area Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following

eBook Show Me HowSpreadsheetPrint Item

Question Content Area

Retail Inventory Method

Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year:

Cost Retail

Inventory, January

1

28, 400

40, 200

Purchases

65, 200 100, 000

Markups

(

net

) 1, 900

Markdowns

(

net

) 400

Sales

80, 000

Required:

Question Content Area

1 .

Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost

-

-

retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.

HARMES COMPANY

Calculation of ending inventory by retail inventory method

FIFO

blank Cost Retail

blank $

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank blank $fill in the blank d

1000

afe

6

1020_10

fill in the blank d

1000

afe

6

1020_11

Cost

-

-

retail ratio: fill in the blank d

1000

afe

6

1020_12

blank blank

blank

-

Select

-

-

Select

-

blank $

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank $

-

Select

-

-

Select

-

Question Content Area

2 .

Compute the ending inventory by the retail inventory method for the following cost flow assumption: Average cost. Round the cost

-

-

retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.

HARMES COMPANY

Calculation of ending inventory by retail inventory method

Average Cost

blank Cost Retail

blank $

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank blank $fill in the blank

9

783

09

01

bfa

7_13

$fill in the blank

9

783

09

01

bfa

7_14

Cost

-

-

retail ratio fill in the blank

9

783

09

01

bfa

7_15

blank blank

blank

-

Select

-

-

Select

-

blank $

-

Select

-

-

Select

-

Question Content Area

3 .

Compute the ending inventory by the retail inventory method for the following cost flow assumption: LIFO. Round the cost

-

-

retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.

HARMES COMPANY

Calculation of ending inventory by retail inventory method

LIFO

blank Cost Retail

blank $

-

Select

-

-

Select

-

Cost

-

-

retail ratio fill in the blank ffd

38

58

9

9

_4

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank $

-

Select

-

-

Select

-

Cost

-

-

retail ratio fill in the blank ffd

38

58

9

9

_17

blank blank

blank

-

Select

-

-

Select

-

blank $

-

Select

-

-

Select

-

Question Content Area

4 .

Compute the ending inventory by the retail inventory method for the following cost flow assumption: Lower of cost or market

(

based on average cost

) .

Round the cost

-

-

retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.

HARMES COMPANY

Calculation of ending inventory by retail inventory method

Lower of Cost or Market

(

based on average cost

)

blank Cost Retail

blank $

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank blank $fill in the blank

7

cda

87

907

9

_10

$fill in the blank

7

cda

87

907

9

_11

Cost

-

-

retail ratio fill in the blank

7

cda

87

907

9

_12

blank blank

blank

-

Select

-

-

Select

-

blank

-

Select

-

-

Select

-

blank $

-

Select

-

-

Select

-

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