Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 8.00

Fuque Inc.

(Retail Inventory Method) Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2013.

Inventory, October 1, 2013

  

At cost

$ 52,000

At retail

78,000

Purchases (exclusive of freight and returns)

  

At cost

272,000

At retail

423,000

Freight-in

16,600

Purchase returns

  

At cost

5,600

At retail

8,000

Markups

9,000

Markup cancellations

2,000

Markdowns (net)

3,600

Normal spoilage and breakage

10,000

Sales

390,000

Instructions

(a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or market inventory for October 31, 2013.

(b) A department store using the conventional retail inventory method estimates the cost of its ending inventory as $60,000. An accurate physical count reveals only $47,000 of inventory at lower-of-cost or market. List the factors that may have caused the difference between the computed inventory and the physical count.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 8.00

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