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Cost Retail Inventory, Jan 1 Purchases Freight-in Purchase Discounts 8,700 55,300 2,000 14,000 80,300 500 Purchase Returns 5,200 1,000 8,600 1,500 1,200 Departmental Transfer – In Departmental Transfer - Out Mark-up Mark-up Cancellation Markdown 800 6,000 2,000 12,000 3,000 7,000 43,800 2,500 1,000 500 Markdown Cancellation Abnormal Spoilage Sales Sales Returns 5,000 Sales Discount Employee Discount Normal Spoilage 200 l....... .

Cost Retail Inventory, Jan 1 Purchases Freight-in Purchase Discounts 8,700 55,300 2,000 14,000 80,300 500 Purchase Returns 5,200 1,000 8,600 1,500 1,200 Departmental Transfer – In Departmental Transfer - Out Mark-up Mark-up Cancellation Markdown 800 6,000 2,000 12,000 3,000 7,000 43,800 2,500 1,000 500 Markdown Cancellation Abnormal Spoilage Sales Sales Returns 5,000 Sales Discount Employee Discount Normal Spoilage 200 l....... .

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 20GI
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What is the estimated ending inventory using average cost approach?
What is the cost of goods sold using FIFO cost approach?

Cost Retail Inventory, Jan 1 Purchases Freight-in 8,700 55,300 2,000 500 14,000 80,300 Purchase Discounts Purchase Returns 5,200 1,000 800 8,600 1,500 1,200 Departmental Transfer – In Departmental Transfer - Out Mark-up Mark-up Cancellation Markdown 6,000 2,000 12,000 3,000 7,000 43,800 2,500 1,000 500 Markdown Cancellation Abnormal Spoilage 5,000 Sales Sales Returns Sales Discount Employee Discount Normal Spoilage 200
Transcribed Image Text:Cost Retail Inventory, Jan 1 Purchases Freight-in 8,700 55,300 2,000 500 14,000 80,300 Purchase Discounts Purchase Returns 5,200 1,000 800 8,600 1,500 1,200 Departmental Transfer – In Departmental Transfer - Out Mark-up Mark-up Cancellation Markdown 6,000 2,000 12,000 3,000 7,000 43,800 2,500 1,000 500 Markdown Cancellation Abnormal Spoilage 5,000 Sales Sales Returns Sales Discount Employee Discount Normal Spoilage 200
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