inventories additional valuation issues 1

Presented below is information related to Flint Company.

Cost

Retail

Beginning inventory

$ 60,390

$98,000

Purchases (net)

125,010

212,000

Net markups

10,578

Net markdowns

25,795

Sales revenue

193,510

Compute the ending inventory at retail.

Ending inventory

$

Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%)

Cost-to-retail percentage

(1)

Excluding both markups and markdowns.

%

(2)

Excluding markups but including markdowns.

%

(3)

Excluding markdowns but including markups.

%

(4)

Including both markdowns and markups.

%

Which of the methods in (b) above does the following?

1. Provides the most conservative estimate of ending inventory.

2. Provides an approximation of lower-of-cost-or-market.

3. Is used in the conventional retail method.

Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)

Ending inventory

$

Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.)

Cost of goods sold

$

Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.)

Gross margin

$

show your solution

 

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