Mas Help Carved ork Required information [The following information applies to the questions displayed below) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Units 5,000 Date of Purchase Jan 10 Jan. 18 Totals Purchases Unit Cost $ 10 11 Total Cost $ 50,000 38,00 138,000 13,000 Includes purchase price and cost of freight Units 3,000 Sales Date of Sale 3.5 Jan. 12 Jan. 20 Total 3.000 10,000 CO G S Gatewa 5 8 Boca Homework Saved Help Save & Exit S Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: 5 $41,000 and a cost of $32,170 based on the conventional retail a. The inventory at January 1, 2019, had a retail value method b. Transactions during 2019 were as follows: 13 Cost Retail $224,310 $450,000 6,100 24,000 4,600 408,580 5,000 5,500 27,500 21,000 24,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns ed Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $59,800, the cost-to-retail percentage for 2020 under the LIFO retail method was 74%, and the appropriate price index was 104% of the January 1, 2020. price level. d. The retail value of the December 31, 2021, inventory was $47,080, the cost-to-retail percentage for 2021 under the LIFO retail method was 73%, and the appropriate price index was 107% of the January 1, 2020, price level. nces 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 Mas Help Carved ork Required information [The following information applies to the questions displayed below) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Units 5,000 Date of Purchase Jan 10 Jan. 18 Totals Purchases Unit Cost $ 10 11 Total Cost $ 50,000 38,00 138,000 13,000 Includes purchase price and cost of freight Units 3,000 Sales Date of Sale 3.5 Jan. 12 Jan. 20 Total 3.000 10,000 CO G S Gatewa 5 8 Boca Homework Saved Help Save & Exit S Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: 5 $41,000 and a cost of $32,170 based on the conventional retail a. The inventory at January 1, 2019, had a retail value method b. Transactions during 2019 were as follows: 13 Cost Retail $224,310 $450,000 6,100 24,000 4,600 408,580 5,000 5,500 27,500 21,000 24,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns ed Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $59,800, the cost-to-retail percentage for 2020 under the LIFO retail method was 74%, and the appropriate price index was 104% of the January 1, 2020. price level. d. The retail value of the December 31, 2021, inventory was $47,080, the cost-to-retail percentage for 2021 under the LIFO retail method was 73%, and the appropriate price index was 107% of the January 1, 2020, price level. nces 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
