Eaton co uses the retail inventory method to estimate its

Reference no: EM13603793

Eaton Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2007, are as follows: The Inventory balance at cost on Jan/31/2007 is $200,000 and is determined to be $300,000 at retail prices. Purchases made during the year cost $1,200,000 and are determined to be $1,600,000 at retail prices. In addition, Sales for the period are $1,600,000, estimated normal shoplifting losses are $20,000, markdowns are $140,000, markdown cancelations are $30,000, markups are $130,000. Abnormal spoilage is $40,000 cost and $65,000 retail. Freight costs are $17,000. Purchase discounts are $15,000 and employee discounts are $15,000.

a) Under the lower-of-cost-or-market (conventional) method, calculate Eaton's estimated inventory at July 31, 2007.

b) Under the average cost method, calculate Eaton's estimated inventory at July 31, 2007.

c) Under the LIFO method, calculate Eaton's estimated inventory at July 31, 2007.

Reference no: EM13603793

Questions Cloud

If mr chu purchased bond b on a coupon payment day when the : mr. chu has identified the following bond bond b for investmenta 1 million par 12 semi-annual coupon bond interest will

Calculate the heat emitted to the environment btusec the : a 600 mw coal-fired power plant has an overall thermal efficiency of 38. it is burning coal that has a heating value of

A rush order was accepted by red machine conversions for : a rush order was accepted by red machine conversions for five van conversions. the labor time records for the week

When traveling at 150 ms you notice that exactly two waves : while anchored in the middle of a lake you count exactly three waves hitting your boat every 14.0 s. you raise anchor

Eaton co uses the retail inventory method to estimate its : eaton co. uses the retail inventory method to estimate its inventory for interim statement purposes. data relating to

Gaelic industries inc operating at full capacity sold 22350 : gaelic industries inc. operating at full capacity sold 22350 units at a price of 150 per unit during 2010. its income

A female orb spider has a mass of 045 g she is suspended : a female orb spider has a mass of 0.45 g. she is suspended from a tree branch by a 1.2 m length of 0.0020mm diameter

Qualitatively plot the following processes on p-v t-v and : qualitatively plot the following processes on p-v t-v and p-t diagrams. use an arrow sign pointing to the process

Vicki barr ss 036-47-2189 is a grade 1 machinist who earns : vicki barr ss 036-47-2189 is a grade 1 machinist who earns 20 per hour. on monday june 12 through wednesday june 14

User Account

All Pages