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- When you undertook the preparation of the financial statements for Cullumber Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales At Cost At Retail $106,600 $126,000 15,900 55,400 10,600 21,266 12,700 232,800 311,900 355,100 4,700 5,700 10,600 4,500 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) Ending inventory at lower-of-cost-or-market $When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market At Cost $126,600 $ 25,130 276,800 5,700 At Retail $150,000 18,900 65,400 12,600 15,100 370,900 422,100 6,700 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 12,600 5,500When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales At Cost $126,600 25,130 276,800 5,700 At Retail $150,000 18,900 65,400 12,600 15,100 370,900 422,100 6,700 12,600 5,500 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, eg. 15.25% and final answer to 0 decimal places, eg. 5,125.)
- Accounting Compute for the net sales that would be reported in LIVA company's Income Statement. You are to be assigned to prepare the financial statement of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost - 739, 160 Goods Available for Sale at retail - 3, 930, 000 Sales Discount - 16, 000 Net markdowns - 48, 500 Net markups - 30, 000 Beginning inventory at retail - 1, 450, 000 Purchases at retail - 2, 422, 000 The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.Using the same information as in part A, compute the ending inventory at January 31, 2022, under LIFO Retail inventory method assuming that there was no change in the price index during the year.. When you undertook the preparation of the financial statements for Telfer Company at January 31, 2021, the following data were available: At Cost At Retail Inventory, February 1, 2020 $70,800 $98,500 Markdowns 35,000 Markups 63,000 Markdown cancellations 20,000 Markup cancellations 10,000 Purchases 219,500 294,000 Sales revenue 335,000 Purchases returns and allowances 4,300 5,500 Sales returns and allowances 10,000 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Answer:
- You are assigned to prepare the financial statements of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost 739,160 Goods Available for Sale at retail 3,930,000 Sales Discount 16,000 48,500 Net markdowns Net markups 30,000 Beginning inventory at retail 1,450,000 2,422,000 Purchases at retail The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.Sundown Company is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory is valued at P7,600,000.· Goods costing P250,000 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 12, 2021. The goods were shipped December 31, 202 FOB shipping point.· Goods costing P850,000 were shipped on December 31, 2020 to a customer FOB shipping point. The goods were included in ending inventory for 2020 even though the sale was recorded in 2020.· A P350,000 shipment of goods to a customer on December 31, 2020 FOB destination was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 15, 2021. The sale was properly recorded in 2021.· An invoice for goods costing P350,000 was received and recorded as purchase on December 31, 2020. The related goods shipped FAS were in transit on December 31, 2020 and received on January 5, 2021 and were…Compute for the net sales that would be reported in LIVA company's Income Statement. You are assigned to prepare the financial statements of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost 739,160 Goods Available for Sale at retail 3,930,000 16,000 48,500 Sales Discount Net markdowns Net markups 30,000 Beginning inventory at retail 1,450,000 Purchases at retail 2,422,000 The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.
- A company's inventory on December 31, 2024, was $247,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Inventory costing $12,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $14,000, shipped f.o. b. destination from a vendor on December 28, 2024, was received on January 3, 2025. Inventory costing $70,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $54,000 was being held on consignment by another company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Please explain your answer in detail of why you included or excluded?The inventories of Berry Company for the years 2019 and 2020 are as follows: Cost NRVJanuary 1, 2019 $10,000 $10,000December 31, 2019 13,000 11,500December 31, 2020 15,000 14,000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Refer to your answer for E8-6. How does the use of a periodic or perpetual inventory system affect the valuation of inventory?A company's inventory on December 31, 2024, was $247,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Inventory costing $ 12,000, shipped f.o. b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $14, 000, shipped f.o. b. destination from a vendor on December 28, 2024, was received on January 3, 2025. Inventory costing $70,000 was shipped to a customer f.o. b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $54,000 was being held on consignment by another company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Please explain your answer in detail of why you included or excluded?