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ss7ja [257]
3 years ago
12

LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The f

ollowing data pertain to one of its largest departments for the month of March 2021:
Cost Retail Beginning inventory $ 44,000 $ 64,000 Purchases 211,000 404,000 Freight-in 21,396 Purchase returns 6,000 8,000 Net markups 6,200 Net markdowns 3,900 Normal breakage 8,000 Net sales 284,000 Employee discounts 2,200
Sales are recorded net of employee discounts.
Required:
1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method.
2. Recompute the cost-to-retail percentage using the average cost method.
Business
1 answer:
Rom4ik [11]3 years ago
8 0

Answer:

See below

Explanation:

a. Estimated ending inventory and cost of goods sold for March

Costs Retail

Beginning inventory $44,000 $66,000

Add:

Net purchases $211,000 $404,000

Less:

Purchase return ($6,000) ($8,000)

Freight in $21,396 $0

Net markups $0 $6,200

Goods available for sale $270,396 $468,200

Less:

Net mark down $0 ($3,900)

Goods available for sale( after markup) $270,396 $464,300

b. Cost to retail percentage using average cost method

= [(Goods available for sale at cost(after markup / Goods available for sale at retail (after markup) ] × 100

= [($270,396 / $464,300)] × 100

= 58.24%

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