Trask inc uses the average cost retail method to

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Fraud Examination
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Chapter 12 / Exercise 10
Fraud Examination
Albrecht/Albrecht
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Trask Inc. uses the average cost retail method to estimate its ending inventory. Partial information at June 30, 2013, is as follows:Required:99.Estimate the ending inventory as of December 31, 2013. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013:Required:
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Fraud Examination
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Chapter 12 / Exercise 10
Fraud Examination
Albrecht/Albrecht
Expert Verified
100.Compute the cost-to-retail percentage used by Penfold's Paints. Penfold's Paints uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013:Required:101.Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. Required:Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2013:
102.Determine the cost-to-retail percentage used by Littleton. Assume stable retail prices during the period. Required:Littleton Company uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following partial data has been summarized for December 31, 2013:103.Estimate the ending inventory as of December 31, 2013. Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2013:Required:
104.Compute the cost-to-retail percentage used by New York Sales Inc.
data has been summarized for December 31, 2013:Required:105.Estimate the cost of ending inventory applying the conventional retail method.
been summarized for December 31, 2013:Required:
106.Estimate the cost of ending inventory applying the conventional retail method. Required:Zanesville Pots Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for the year ended December 31, 2013:107.Estimate the cost of ending inventory applying the conventional retail method. Assume that sales are recorded net of employee discounts. Cornhusker Can Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2013:Required:
108.Compute the net markups for Cindy Lou Linens during 2013. Cindy Lou Linens uses the conventional retail method to estimate its ending inventories. The company records sales net of employee discounts. The following partial data has been summarized for the year ended December 31, 2013:Required:109.Estimate the ending inventory for December 31, 2013. Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records:Required:
110.Estimate the cost of ending inventory for December 31, 2013.

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