Zomino Corporation had the following amounts under retail inventory method: Beginning inventory cost 3,600 Purchases cost 120,000 Purchase returns cost 6,000 Net mark-ups 18,000 Abnormal shortage cost 4,000 Net markdowns 2,800 Sales 72,000 Sales returns 1,800 Sales discounts 3,000 Abnormal shortage retail 5,500 Purchase returns retails 7,500 Purchases retail 200,000 Purchase allowance 1,000 Beginning inventory retail 5,000 How much is the estimated cost of inventory under FIFO? A. 74,446 B. 73,857 C. 75,474 D. 137,000 Answer: B. 73,857 Use the following information for the next two (2) questions: The operations of a department of Push-ups Company that uses FIFO retail inventory method are presented below: Beginning inventory sales price 2,500,000 Markdown cancellation 180,000 Beginning inventory cost 1,400,000 Mark-up cancellation 90,000 Purchases cost 3,600,000 Sales 4,000,000 Purchases sales price 4,800,000 Employee discount 100,000 Freight in 200,000 Sales returns 50,000 Departmental transfer credit cost 150,000 Abnormal loss from breakage sales price 70,000 Departmental transfer credit sales price 320,000 Abnormal loss from breakage cost 50,000 7) How much is the estimated cost of ending inventory? A. 2,107,185 B. 2,080,340 C. 2,950,000 D. 2,360,000 8) How much is the estimated cost of goods sold? A. 2,892,815 B. 2,919,660 C. 2,640,000 D. 2,050,000

The following information is available from Bulacan Crispy Company's accounting records for the current year: Purchases 4,700,000 Purchase discounts 150,000 Beginning inventory 1,450,000 Ending inventory 1,650,000 Freight out 400,000 The company gives out sales discounts to long term customers. Sales discounts granted for the year amounted to 250,000. Sales returns increased this year to 2% of sales or 300,000 in value. The Companys cost of goods sold for the current year is A. 4,050,000 B. 4,100,000 C. 4,350,000 D. 3,800,000 Kindly Show the solution the highlighted answers. Thank you and Godbless