Ending inventory using the conventional retail method

Assignment Help Financial Accounting

Reference no: EM13825147

Boyne Inc. had beginning inventory of $15,800 at cost and $28,600 at retail. Net purchases were $117,119 at cost and $178,900 at retail. Net markups were $10,400; net markdowns were $8,700; and sales revenue was $147,600. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Reference no: EM13825147

Questions Cloud

Prepare all necessary entries to record : Explain whether each of the above is an accounting change in estimate (or change in estimate affected by a change in principle), change in accounting principle, an error correction or none of the above. Prepare all necessary entries to record/corre..

Conduct research on the economic performance of india : The report has been arranged for the research that has been conducted for the economic performance of India over the last ten years, from 2004 to 2013, by applying the macroeconomic indicators of real GDP and real GDP per capita.

How much cash will be distributed to partner in liquidation : After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. The firm has cash of $12,000 and office equipment of $13,000. The partners decide to liquidate the partnership. The office..

How the shipping container made the world smaller : How the Shipping Container Made the World Smaller and the World Economy

Ending inventory using the conventional retail method : Boyne Inc. had beginning inventory of $15,800 at cost and $28,600 at retail. Net purchases were $117,119 at cost and $178,900 at retail. Net markups were $10,400; net markdowns were $8,700; and sales revenue was $147,600. Ending inventory using the ..

Prepare the journal entry for arness to record the sale : Arness Woodcrafters sells $246,800 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 6% and retains an amount equal to 5% of accounts receivable. Arness estimates the fair value of the recour..

Compute cost-efficiency variances for direct labor-materials : A company that uses a standard cost accounting system manufactured 20,000 boat fenders during 2014, using 144,000 square feet of extruded vinyl purchased at $1.05 per square foot. Compute the cost and efficiency variances for direct materials and dir..

Relationship between law and ethics : Explain the relationship between law and ethics. In Michigan, corporate status may only be challenged by _______

Big business on national and regional cultures : Examine the impact of and responses to globalised Big Business on national and regional cultures.

User Account

All Pages