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please help to solve this . Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2016 operations is

please help to solve this .

Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2016 operations is as follows:

a.January 1, 2016, beginning inventory had a cost of $400,000 and a retail value of $300,000.
b.Purchases during 2016 cost $1,955,000 with an original retail value of $3,800,000.
c.Freight costs were $25,000 for incoming merchandise.
d.Net additional markups were $150,000 and net markdowns were $650,000.
e.Based on prior experience, shrinkage due to shoplifting was estimated to be $30,000 of retail value.
f.

Merchandise is sold to employees at a 25% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2016 is $360,000.

g.Sales to customers totaled $2,750,000 for the year.
Required:
1.

Estimate ending inventory and cost of goods sold using the conventional retail method.

image text in transcribed Alquist Gompany uses the retail method to estimate its ending inventory. Selected information about its year 2015 operations is as follows: . January 1, 2010, beginning inventory had a cost of $400,000 and a retail value of $300,000. Purchases duling 2015 cost $1,055,000 1illlith an original retail value of $3,500,000. Freight costs were $25,000 for incoming merchandise. Met additional markups were $150,000 and net madtdowns 1.vere $550,000. Based on prior expedence, shrinkage due to shoplifting was estimated to be $30,000 of retail value. Merchandise is sold to employees at a 25% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2015 is $350,000. g. Sales to customers totaled $2,150,000 for the year. as so .crm Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method. Estimated ending inventory at retail Estimated ending inventory atcost Estimated oost of goods sold 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. [Assume stable prices.) Estimated ending inventory at retail _ Estimated ending inventory atcost _ Estimated cost of goods sold _

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