June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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**EXERCISE 6-10
| Purpose: | (L.O. 8) This exercise illustrates the use of the retail inventory method to estimate ending inventory. |
The records of Petite Clothiers report the following figures for the month of September:
| Sales | $79,000 |
| Sales returns | 1,000 |
| Freight on purchases | 2,400 |
| Purchases (at cost) | 48,000 |
| Purchases (at sales price) | 92,000 |
| Purchase returns (at cost) | 2,000 |
| Purchase returns (at sales price) | 3,000 |
| Beginning inventory (at cost) | 30,000 |
| Beginning inventory (at sales price) | 51,000 |
Instructions
Compute an estimate of the cost of ending inventory by using the retail inventory method.
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