Solve:

The records of Novak's Boutique report the following data for the month of April.

Sales revenue	$101,000	Purchases (at cost)	$45,800
Sales returns	1,800	Purchases (at sales price)	91,400
Markups	11,000	Purchase returns (at cost)	1,800
Markup cancellations	1,500	Purchase returns (at sales price)	2,700
Markdowns	9,900	Beginning inventory (at cost)	31,280
Markdown cancellations	2,600	Beginning inventory (at sales price)	50,800
Freight on purchases	2,200

Compute the ending inventory by the conventional retail inventory method.(Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using conventional retail inventory method

$

Solve:

Wildhorse Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,439at both cost and market value. At December 31, 2017, the inventory was $283,974at cost and $262,600at market value.

Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
(a)
(b)

Concord Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.

Item D	Item E	Item F	Item G	Item H	Item I
Estimated selling price	$125	$114	$99	$94	$114	$94
Cost	78	83	83	83	52	37
Cost to complete	31	31	26	36	31	31
Selling costs	10	19	10	21	10	21

Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.

ItemD	$
ItemE	$
ItemF	$
ItemG	$
ItemH	$
ItemI	$

Solve:

NovakCompany uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Inventory, May 1	$174,600
Purchases (gross)	607,000
Freight-in	29,300
Sales revenue	983,300
Sales returns	67,700
Purchase discounts	12,700

Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales.

The estimated inventory at May 31

$

Compute the estimated inventory at May 31, assuming that the gross profit is 20% of cost.(Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)

The estimated inventory at May 31

$

Solve:

Presented below is information related to Waterway Company.

Cost	Retail
Beginning inventory	$380,418	$282,000
Purchases	1,353,000	2,150,000
Markups	96,700
Markup cancellations	16,500
Markdowns	33,200
Markdown cancellations	4,600
Sales revenue	2,206,000

Compute the inventory by the conventional retail inventory method.(Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using conventional retail inventory method

$