Question
Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Cost Retail Cost Retail Inventory, January 1 $30,000 $46,000
Retail Inventory Method
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Turner Corporation uses the retail inventory method. The following information relates to 2019:
Cost Retail Cost Retail Inventory, January 1 $30,000 $46,000 Additional markups $37,200 Purchases (gross price) 140,000 200,000 Markup cancellations 7,440 Purchases discounts taken 3,000 Markdowns 15,000 Purchases returns 6,000 9,000 Markdown cancellations 2,250 Freight-in 20,000 Net Sales 180,000 Employee discounts 3,000 Required:
1. Compute the cost of the ending inventory under each of the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar.
TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method FIFO For the year 2019 Cost Retail $fill in the blank ca032903dfaffc4_2 $fill in the blank ca032903dfaffc4_3 fill in the blank ca032903dfaffc4_5 fill in the blank ca032903dfaffc4_7 fill in the blank ca032903dfaffc4_8 fill in the blank ca032903dfaffc4_10 fill in the blank ca032903dfaffc4_12 fill in the blank ca032903dfaffc4_14 $fill in the blank ca032903dfaffc4_15 $fill in the blank ca032903dfaffc4_16 fill in the blank ca032903dfaffc4_18 fill in the blank ca032903dfaffc4_19 $fill in the blank ca032903dfaffc4_21 $fill in the blank ca032903dfaffc4_22 fill in the blank ca032903dfaffc4_24 fill in the blank ca032903dfaffc4_26 Ending inventory at retail $fill in the blank ca032903dfaffc4_27 Ending inventory at cost $fill in the blank ca032903dfaffc4_28 2. Compute the cost of the ending inventory under each of the following cost flow assumption: Average cost. Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar.
TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method Average Cost For the year 2019 Cost Retail $fill in the blank e1a7a0f74f96ffc_2 $fill in the blank e1a7a0f74f96ffc_3 fill in the blank e1a7a0f74f96ffc_5 fill in the blank e1a7a0f74f96ffc_6 fill in the blank e1a7a0f74f96ffc_8 fill in the blank e1a7a0f74f96ffc_10 fill in the blank e1a7a0f74f96ffc_11 fill in the blank e1a7a0f74f96ffc_13 fill in the blank e1a7a0f74f96ffc_15 fill in the blank e1a7a0f74f96ffc_17 $fill in the blank e1a7a0f74f96ffc_19 fill in the blank e1a7a0f74f96ffc_20 fill in the blank e1a7a0f74f96ffc_22 Ending inventory at retail $fill in the blank e1a7a0f74f96ffc_23 Ending inventory at cost $fill in the blank e1a7a0f74f96ffc_24 3. Compute the cost of the ending inventory under each of the following cost flow assumption: LIFO. Use the given beginning inventory cost in your ending inventory cost at LIFO calculation to avoid a rounding error. Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar.
TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method LIFO For the year 2019 Cost Retail $fill in the blank d8edea0b3f90fad_2 $fill in the blank d8edea0b3f90fad_3 $fill in the blank d8edea0b3f90fad_5 $fill in the blank d8edea0b3f90fad_6 fill in the blank d8edea0b3f90fad_8 fill in the blank d8edea0b3f90fad_10 fill in the blank d8edea0b3f90fad_11 fill in the blank d8edea0b3f90fad_13 fill in the blank d8edea0b3f90fad_15 fill in the blank d8edea0b3f90fad_17 $fill in the blank d8edea0b3f90fad_18 $fill in the blank d8edea0b3f90fad_19 $fill in the blank d8edea0b3f90fad_21 $fill in the blank d8edea0b3f90fad_22 fill in the blank d8edea0b3f90fad_24 Ending inventory at retail $fill in the blank d8edea0b3f90fad_25 Ending inventory at cost $fill in the blank d8edea0b3f90fad_26 4. Compute the cost of the ending inventory under each of the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. If required, round to the nearest dollar.
TURNER CORPORATION Calculation of Ending Inventory by Retail Inventory Method Lower of Cost or Market (based on average cost) For the year 2019 Cost Retail $fill in the blank 6f16c8081f91fad_2 $fill in the blank 6f16c8081f91fad_3 fill in the blank 6f16c8081f91fad_5 fill in the blank 6f16c8081f91fad_6 fill in the blank 6f16c8081f91fad_8 fill in the blank 6f16c8081f91fad_10 fill in the blank 6f16c8081f91fad_11 fill in the blank 6f16c8081f91fad_13 fill in the blank 6f16c8081f91fad_15 $fill in the blank 6f16c8081f91fad_16 $fill in the blank 6f16c8081f91fad_17 fill in the blank 6f16c8081f91fad_19 fill in the blank 6f16c8081f91fad_21 Ending inventory at retail $fill in the blank 6f16c8081f91fad_22 Ending inventory at LCM $fill in the blank 6f16c8081f91fad_23
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Principles Of Financial Accounting (Chapters 1-17)
Authors: John Wild
25th Edition
1260780147, 9781260780147
