Jake Thomas Corporation uses the conventional retail method for financial reporting. The company's inventory records are summarized below. Description Cost Retail Beginning inventory $31,800 $53,000 Purchases 127,540 197,900 Additional markups 9,600 Markup cancellations 3,500 Markdowns 5,100 Markdown cancellations 4,000 Sales 230,000 Complete the partial table below to determine the cost-to-retail ratio. In the following step, complete the table by selecting the labels and entering the amounts needed to estimate Jake Thomas' ending inventory using the conventional retail method. (If an input field is not used in the table, leave the input field empty; do not enter a zero. Round the cost-to-retail ratio to two decimal places, X.XX%. Round all currency amounts to the nearest whole dollar.)
Jake Thomas Corporation uses the conventional retail method for financial reporting. The company's inventory records are summarized below. Description Cost Retail Beginning inventory $31,800 $53,000 Purchases 127,540 197,900 Additional markups 9,600 Markup cancellations 3,500 Markdowns 5,100 Markdown cancellations 4,000 Sales 230,000 Complete the partial table below to determine the cost-to-retail ratio. In the following step, complete the table by selecting the labels and entering the amounts needed to estimate Jake Thomas' ending inventory using the conventional retail method. (If an input field is not used in the table, leave the input field empty; do not enter a zero. Round the cost-to-retail ratio to two decimal places, X.XX%. Round all currency amounts to the nearest whole dollar.)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 7PA: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...
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Jake Thomas Corporation uses the conventional retail method for financial reporting. The company's inventory records are summarized below.
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Description
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Cost
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Retail
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Beginning inventory
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$31,800
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$53,000
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Purchases
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127,540
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197,900
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Additional markups
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9,600
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Markup cancellations
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3,500
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Markdowns
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5,100
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Markdown cancellations
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4,000
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Sales
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230,000
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Complete the partial table below to determine the cost-to-retail ratio. In the following step, complete the table by selecting the labels and entering the amounts needed to estimate Jake Thomas' ending inventory using the conventional retail method. (If an input field is not used in the table, leave the input field empty; do not enter a zero. Round the cost-to-retail ratio to two decimal places, X.XX%. Round all currency amounts to the nearest whole dollar.)
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Cost-to-Retail
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Description
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Cost
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Retail
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Ratio
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Subtotal
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Cost-to-retail ratio
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%
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Goods available for sale
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Less:
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Ending inventory at retail
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Ending inventory at LCM
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