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8 8 Part 2 of 2 2.5 points Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4) LeMay Department Store uses the retail inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021 Cost Retail Beginning inventory $ 58,000 $ 78,000 Purchases 225,000 418,000 Freight-in 21,060 Purchase returns 8,500 11,000 Net markup 7,600 Net markdown 5,300 Normal breakage 11,000 Net sales 298.000 Employee discounts 2,000 Spoed Book Hint Sales are recorded net of employee discounts Print Exercise 9-17 (Algo) Part 2 References 2. Recompute the cost-to-retail percentage using the average cost method. (Round your percentage answer to 2 decimal places le.. 0.1234 should be entered as 12.34%).) Colloretat percentage 9 Exercise 9-21 (Algo) Dollar-value LIFO retail (LO9-5) 5 points Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Sipped Merchandise inventory, January 1, 2021 Net purchases Met markups Net markdowns Net sales Cost Retail $ 245,000 $350,000 458,800 615,000 18,000 13,000 460,000 Book Related retail price indexes are as follows: Print January 1, 202 December 31, 2021 1.00 1.20 References Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail Ending inventory at cost Cost of goods sold 10 Exercise 9-25 (Algo) Error correction; inventory error [LO9-7) 5 points During 2021, WMC Corporation discovered that its ending Inventories reported in its financial statements were misstated by the following material amounts: Skipped 2019 2020 understated by overstated by $124,000 154,000 eBook WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (ignore income taxes) 2. Prepare a journal entry to correct the errors. Print References Complete this question by entering your answers in the tabs below. Required Required 2 Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) Retained earnings would be Required Required 2 > Help Se 10 Required 1 Required 2 Prepare a journal entry to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required in the first account Meld.) 5 ponts View transaction list Skloord Journal entry worksheet Book Record the entry to correct the errors Print Note: Enter debits before credits References Event General Journal Debit Credit 1 Racord entry Clear entry View general Journal
