Solution-What is the estimated cost of ending inventory

What is the estimated cost of ending inventory

Assignment Help Financial Accounting

Reference no: EM133066504

Question - Empress Company used the retail inventory method to approximate the ending inventory.

The following information is available for the current year.

	Cost	Retail
Beginning Inventory	650,000	1,200,000
Purchases	9,000,000	14,700,000
Freight-in	200,000
Purchase Return	300,000	500,000
Purchase Allowances	150,000
Departmental Transfer in	200,000	300,000
Net Markup		300,000
Net Markdown		1,000,000
Sales		9,500,000
Sales Discounts		100,000
Employee Discounts		500,000
Estimated Normal shoplifting losses		600,000
Estimated normal shrinkage		400,000

Required -

1. What is the estimated cost of ending inventory using the conservative approach?

2. What is the estimated cost of ending inventory using the average cost approach?

Reference no: EM133066504

Questions Cloud

Remote workshop discussion : Remote Workshop Discussion - What tools and techniques would you use if you are not able to physically meet in the same venue with your team

What goals do you have of the workshop : What goals do you have of the workshop? What are you hoping to achieve from the session? How would you define a successful workshop outcome?

Determining the total freight : The freight rate basis for shoes is W/M, and the freight rate is USD 200, with a 10% port surcharge. How much is the total freight?

Determine equations for atc-tc and mc : GlueTooth®, the popular new startup company that manufacturers the world's first-ever Bluetooth-enabled denture adhesive, estimated its short-run costs using a

What is the estimated cost of ending inventory : Empress Company used the retail inventory method to approximate the ending inventory. What is the estimated cost of ending inventory

How will money market prices change : As a manager of a firm, you are concerned about a potential change in interest rates, which would affect money market prices. An economic report has recently hi

Discuss the concept of the regulatory state : Discuss the concept of the 'regulatory state' and examine whether this conceptapplies to the Singapore economy.

Develop a user flow of your solution prototype : Develop a user flow of your solution prototype. Do you believe that you are ready to transition your design to mock-up stage, or would it be easier

Participation and attainment has increased : If employers use educational attainment as a proxy for the qualities they desire in an employee, how far would you agree that they will hire the best worker for

User Account

All Pages

What is the estimated cost of ending inventory

Reference no: EM133066504

Reference no: EM133066504

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT