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Klio2033 [76]
3 years ago
13

The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchases during

May, at retail, $42,900; at cost, $31,550 Freight-in, $2,000; purchase discounts, $250 Additional markups, $3,800; markup cancellations, $400; net markdowns, $1,300 Sales during May, $45,500 Calculate the estimated inventory at May 31 on a LIFO basis.
Business
1 answer:
bulgar [2K]3 years ago
3 0

Answer:

$9,3

Explanation:

                             COST    RETAIL    RATIO

Inventory, May 1 $10,440        $14,500 .72

Purchases           31,550            42,900

Freight-in          2,000

Purchase discounts

                          (250)

Net markups                                  3,400

Net markdowns                           (1,300)

Totals excluding beginning inventory

                        33,300                45,000   .74

Goods available $43,740          59,500

Sales                                          (46,500)

Inventory, May 31                         $13,000

Estimated inventory, May 31

($13,000 × .72) $ 9,360

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Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business (Click the icon to view the assembled data of Centerpiece Arrangements.) Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Net Income

i Data Table $ $ Insurance Expense Service Revenue Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 6,500 92,000 800 13,000 7,000 6,400 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 42,000 2,600 2,500 4,500 3,500 27,600 5,200

Answer:

Centerpiece Arrangements

Income Statement for the year ended December 31, 2024:

Service Revenue                       $92,000

Expenses:

Insurance expense $6,500

Utilities expense              800

Rent expense                 13,000

Salaries expense        42,000

Total Expense             $62,300

Net Income                     $29,700

Explanation:

a) Data:

Trial Balance as for December 31, 2024:

                                           $           $

Insurance Expense        6,500

Service Revenue                         92,000

Utilities Expense               800

Rent Expense               13,000

Common Stock                              7,000

Cash                              6,400

Retained Earnings,

 January 1, 2018                           5,200

Salaries Expense       42,000

Accounts Payable                        2,600

Office Supplies            2,500

Dividends                     4,500

Accounts Receivable  3,500

Equipment                27,600

Total                      $106,800 $106,800

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