Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use this information for the following three questions: The following data is available for Kroos Company. Kroos uses retail inventory method to determine inventory. Sales

Use this information for the following three questions: The following data is available for Kroos Company. Kroos uses retail inventory method to determine inventory. Sales revenue is recorded net of employee discounts, which totaled $2,000 in one year. Cost Retail Beginning Inventory 77,000 103,000 Purchases 193,000 288,000 Purchase Returns 5,000 8,000 Abnormal Spoilage 2,700 4,300 Amount ($) Amount ($) Freight-In 7,000 Markdowns 18,000 Normal Spoilage 7,800 Markdown Cancellations 6,000 Sales returns 6,000 Markups 19,000 Sales Revenue 218,000 Markup Cancellations 9,500

29. If Kroos uses conventional retail inventory method, ending inventory approximately?

30. If Kroos uses average cost retail inventory method, ending inventory is approximately:

31. If Kroos uses LIFO retail inventory method, ending inventory (assuming all markups, markdowns, and abnormal spoilage are associated with purchases) is approximate:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting With Integrated Data Analytics

Authors: Karen Congo Farmer, Amy Fredin

1st Edition

1119731860, 9781119731863

More Books

Students also viewed these Accounting questions

Question

7 Name at least three selection methods.

Answered: 1 week ago

Question

9 What is meant by the processual approach?

Answered: 1 week ago