User Account

All Pages

A department store using the conventional retail inventory

Assignment Help Accounting Basics
Reference no: EM131000089

Grand Department Store, 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 2011:

1085_254-B-A-V-I (820).png

Required:

1. Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2011.

2. A department store using the conventional retail inventory method estimates the cost of its ending inventory as $29,000. An accurate physical count reveals only $22,000 of inventory at lower of cost or market. List the factors that may have caused the difference between computed inventory and the physical count.

Reference no: EM131000089

Questions Cloud

There are no substitutes for eggs in an omelet : The following statement is given, “It’s not true there are substitutes for anything. If you want omelets, you need eggs. There are no substitutes for eggs in an omelet.”
Interior of the curve to a north-easterly point on the curve : Draw a bowed-out PPC with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the structure and performance. A movement from the interior of the curve to a north-easter..
Central corporation incurs substantial losses : Since its incorporation, Central has been involved in the manufacture of items that protect personal computers from static electricity. Unfortunately, this market is extremely competitive, and Central Corporation incurs substantial losses througho..
What strengths does an enterprise have : What value is created by the skills and capabilities in the organisation, and what extra could be done to provide the potential to create this value Rarity
A department store using the conventional retail inventory : Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2011.
Potentially improve social well-being by restricting entry : Comment on the following statement: “The free market allows hospitals to enter markets too easily; and regulators can potentially improve social well-being by restricting entry.”
What voltage is involved in the short circuit : What is the permittivity of this oil in C2/(N · m2). Consider a 1.36 kW short circuit through a 0.075 Ω resistance. What voltage is involved in the short circuit, in volts?
Recognized gain or loss on the distribution : (Assume that X Co. acquired the property distributed to D in a Sec. 351 transfer 6 months before adopting the plan of liquidation when the FMV of the property was $800 and X Co.'s basis was $2,800).
What term do economists use to describe this second outcome : If the CPI was 110 last year and is 116 this year, what is this year’s rate of inflation? What term do economists use to describe this second outcome? Inflation/deflation

Reviews

Write a Review

Accounting Basics Questions & Answers

  Gallatin carpet cleaning is a small family-owned business

gallatin carpet cleaning is a small family-owned business operating out of bozeman montana. for its services the

  Waterways is thinking of mass-producing one of its

waterways is thinking of mass-producing one of its special-order sprinklers. to do so would increase variable costs for

  Ratios liquidity ratios current ratioacid-test

Riodan manufactoring ratios Liquidity ratiosCurrent ratioAcid-test, or quick, ratioReceivables turnoverInventory turnoverProfitability ratiosAsset turnoverProfit marginReturn on assetsReturn on common stockholdersâ?? equitySolvency ratiosDebt...

  Cogs and inventory values using different systems

Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)

  Costs-fixed and variable costs

Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units ..

  Blue co has a patent on a communication process the company

blue co. has a patent on a communication process. the company has amortized the patent on a straight-line basis since

  Keeper statement of cash flows

Prepare Keeper's statement of cash flows for the year 2014 using the indirect method.

  Finding the optimal credit policy

Mimi Bobeck is a senior loan officer with Citybank in Cleveland, Ohio. Bobeck has both corporate and personal lending customers. On average, the profit contribution margin or interest rate spread is 1.5% on corporate loans and 2% on personal loans..

  Cash basis of income determination

Under the cash basis of income determination, how much should Dart report as Revenue for 2008?

  Whizbang corporation discovered that hazardous waste

whizbang corporation discovered that hazardous waste material was buried on property it now owns by the previous owner.

  Determine the write-off rustin

If Congress reenacts additional first-year depreciation for 2010, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2010.

  On january 1 2010 osborn company sold 12 bonds having a

on january 1 2010 osborn company sold 12 bonds having a maturity value of 800000 for 860651.79 which provides the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd