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I don't know fill out the last one. [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method
I don't know fill out the last one.
[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 $37.000 and a cost of $30.090 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $177,080 5,700 4,200 Retail $410,000 28.000 Gross purchases Purchase returns Purchese discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net narkdowns 245.000 5,500 3.000 29,500 17.000 28.000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020. inventory was $68,850, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $40,950, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price index was 105% of the January 1, 2020. price level. Required: 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be Indicated with a minus slgn.) Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio IS 30,000 S 37,000 177.030 410,000 29,500 5.700 28.000 4,200 0 17,000 492.000 28.000 $ 246.520 520,000 OOOO Less: Net markdowns Goods available for sale Cost-to-retail percentage 5296 Less: Net sales Sales IS 345,000 (5,500) 3,000 Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost (342,500) 177.500 IS IS 92,300XStep by Step Solution
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