Calculate the estimated ending inventory at december 31

Assignment Help Accounting Basics

Reference no: EM133610296

Question: Panther, inc. wishes to estimate its ending inventory using a retail method. Information for the year ended December 31, 2020 is as follows: beginning Inventory (at cost) Beginning inventory (at retail) Purchases (at cost) Purchase Returns (at cost) Purchase Returns (at retail) $ 20,000 § 30,000 $110,000 § 10,000 § 15,000 sales (net) $240,000 Net Mark-Downs $ 15,000 Freight-In $ 15,000 Purchases (at retail) $ 230,000 Net Mark-Ups § 25,000

REQUIRED: Assuming Panther wishes to use the conventional (lower-of-cost-or-market) retail method, calculate the estimated ending inventory at December 31, 2020.

Reference no: EM133610296

Questions Cloud

Evaluating their child, administer an assessment to them : evaluating their child, administer an assessment to them, and be included in all IEP meetings. Parents are allowed to continue assessing their child or refuse

What is the balance of the treasury stock account : It later acquired 76,400 of these shares as treasury stock for $25 per share. what is the balance of the treasury stock account

Examples of how history can be viewed : Examples of how history can be viewed: segregation and stigma, medicalisation, The identification and humanisation of mental distress.

Which one are you or would you like to be and why : Which one are you, or would you like to be, and why? Incorporate at least one scholarly source into your response.

Calculate the estimated ending inventory at december 31 : Assuming Panther wishes to use the conventional (lower-of-cost-or-market) retail method, calculate the estimated ending inventory at December 31, 2020

Consider some cases where your expectations about what : Consider some cases where your expectations about what you think you might be going to experience have influenced your perceptions of what you actually

What are five tips for using examples in your speech : What are five tips for using examples in your speech? Why is it important that speeches be organized clearly and coherently?

Where do your state revenues originate : Where do your state revenues originate? What are the expenditures? Is it balanced? How does this compare to the federal budget

Determine baseline levels of their abilities : determine baseline levels of their abilities. After playing an action video game (a first-person combat simulation) for 1 hour a day over 10 days

User Account

All Pages