Required information (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 $42,000 and a cost of $32,690 based on the conventional ret method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Cost Retail $236,780 $460,000 6,200 23,000 4,700 430,000 6,000 5,000 27,000 22,000 Retu requirea information [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 $42,000 and a cost of $32,690 based on the conventional retail method b. Transactions during 2019 were as follows: Cost Retail $236,780 $460,000 6,200 23,000 4,700 430,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 6,000 5,000 27,000 22,000 23,000 5,eee Return Employee discounts Freight-in Net markups Net markdowns 27,000 22,000 23,000 Sales to employees are recorded net of discounts C. The retail value of the December 31, 2020, inventory was $53,045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020 price level. d. The retail value of the December 31, 2021, inventory was $47,170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020. price level. "equired: Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted hould be indicated with a minus sign.) Answer is not complete. Cost Retail Cost-to- Retail 4 5 of 5 Next > Vhow/connect.html 2. Estimate ending Inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted should be indicated with a minus sign.) % Answer is not complete. Cost Retail Costo- Retail Ratio $ 42,000 460,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 32,690 236,780 27,000 (6,200) (4,700) 22,000 32,690 42.000 Cost-to-retail percentage 78% Less: Net sales Sales S430.000 e here to search - nomy inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to should be Indicated with a minus sign.) Answer is not complete. Cost Retail Ratio 42,000 4 00,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 32,800S 236,780 27.000 (0,200) (4.700) 22,000 (23.000) $ 32,690 42,000 Cost-to-retail percentage $ Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 430.000 (0,000) 5.000
