Gillespie Week 7 MBAA 603

Gillespie Week 7 MBAA 603 - Tim Gillespie Week 7 Homework...

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Unformatted text preview: Tim Gillespie Week 7 Homework E8-26 The following information relates to the Choctaw Company. Date Price Index 31-Dec-07 $70,000.00 100% 31-Dec-08 $88,200.00 105% 31-Dec-09 $95,120.00 116% 31-Dec-10 $108,000.00 120% 31-Dec-11 $100,000.00 125% Use the dollar-value LIFO method to compute the ending inventory for Choctaw Company for 2007 to 2011 2007 $70,000.00 $70,000.00 $70,000.00 $70,000.00 $70,000.00 2008 $88,200.00 $84,000.00 $70,000.00 $70,000.00 $84,700.00 $14,000.00 $14,700.00 $84,700.00 2009 $95,120.00 $82,000.00 $70,000.00 $70,000.00 $82,600.00 $12,000.00 $12,600.00 $82,600.00 2010 $108,000.00 $90,000.00 $70,000.00 $70,000.00 $92,200.00 $12,000.00 $12,600.00 $8,000.00 $9,600.00 $92,200.00 2011 $100,000.00 $80,000.00 $70,000.00 $70,000.00 $80,500.00 $10,000.00 $10,500.00 $80,500.00 Ending Inventory End- of-Year Prices Ending Inventory End- of-Year Prices Inventory at Base Year Prices Layers at Base Year Prices Price Index Layers at LIFO COST Dollar-Value LIFO Inventory Tim Gillespie Week 7 Homework E9-20 The records of Mandy's Boutique report the following data for the month of April. Sales $95,000.00 Purchases (at cost) $55,000.00 Sales Returns $2,000.00 Purchases (at sales price) $88,000.00 Markups $10,000.00 Purchase Returns (at cost) $2,000.00 Markup Cancellations $1,500.00 Purchase Returns (at sales price) $3,000.00 Markdowns $9,300.00 Beginning Inventory (at cost) $30,000.00 Markdown Cancellations $2,800.00 Beginning Inventory (at sales price) $46,500.00 Freight on Purchases $2,400.00 Compute the ending inventory by the conventional retail inventory method. Cost Retail Beginning Inventory $30,000.00 $46,500.00 Purchases $55,000.00 $88,000.00 Freight In $2,400.00 Less: Purchases Returns $2,000.00 $3,000.00 Merchandise Availabe for Sale $85,400.00 $131,500.00 Add: Markups $10,000.00 Less: Markup Cancellations $1,500.00 Cost to Retail Ratio $85,400.00 $140,000.00 61% Less: Sales $95,000.00 Add: Sales Returns $2,000.00 Ending Inventory at Retail $47,000.00 Ending Inventory at Cost $28,670.00 Tim Gillespie Week 7 Homework E9-26 Mander Coproration began operations on January 1, 2010, with a beginning inventory of $34,300 at cost and $50,000 at retail. The following information relates to 2010....
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This note was uploaded on 02/25/2012 for the course ACCOUNTING 401 taught by Professor Johnson during the Spring '12 term at Regis University.

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Gillespie Week 7 MBAA 603 - Tim Gillespie Week 7 Homework...

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