Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I DO NOT NEED AN EXPLANATION, JUST GIVE ME THE CORRECT ANSWERS! Raleigh Department Store uses the conventional retail method for the year ended December

image text in transcribedimage text in transcribed

I DO NOT NEED AN EXPLANATION, JUST GIVE ME THE CORRECT ANSWERS!

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 $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $101,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 67%, and the appropriate price index was 105% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $46,980, the cost-to-retail percentage for 2021 under the LIFO retail method was 66%, and the appropriate price index was 108% 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. Total ending inventory at dollar-value LIFO retail cost, 2020 Total ending inventory at dollar-value LIFO retail cost, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting

Authors: Frank Wood, Alan Sangster

9th Edition

0273655523, 9780273655527

More Books

Students also viewed these Accounting questions

Question

=+a) Make a decision tree for these decisions.

Answered: 1 week ago

Question

Explain the various techniques of Management Development.

Answered: 1 week ago

Question

Identify sustainable HRM practices in an organization.

Answered: 1 week ago

Question

How would you describe the new culture?

Answered: 1 week ago