Estimate ending inventory using given methods

Assignment Help Accounting Basics

Reference no: EM132086257

Question: Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

	Cost	Retail
Beginning inventory	$44,000	$70,000
Net purchases	157,000	210,000
Net markups		20,000
Net markdowns		35,000
Net sales		222,000

To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations)

Reference no: EM132086257

Questions Cloud

Bans corporations from making political contributions : A state statute that bans corporations from making political contributions that individuals can make is likely to be unconstitutional under

In what direction would cost of goods sold : If 20,630 of these recorders were in finished goods inventory at the end of 2016, by how much and in what direction (higher or lower) would 2016 cost of goods.

Describes organization interview goals : Which of following questions related to resolving conflict should the organization ask? Which of the following BEST describes organization's interview goals?

Post the above transactions to t-accounts : William Waterspout set up a retailing business selling gardening tools, called ‘Toolgarden' on 1 November 2016.

Estimate ending inventory using given methods : Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below.

Sample report or white paper and analyze its coherence plan : Find a sample report or white paper and analyze its coherence plan. Does it have enough coherence helpers?

What are the sociocultural forces of bangladesh : What are the Sociocultural forces of Bangladesh. What are the main produces of Bangladesh?. What are some Imported items of Bangladesh?

Compute the net amount of cash received : Wilke Company issued at 103 plus accrued interest $4,000,000, 9% bonds. The bonds are dated January 1, 2015, and pay interest semiannually on July 1.

Identify the defensive marketing strategy of company : Contrast marketing plans from the perspective of situation analysis, strategy, and performance. Identify the defensive marketing strategy of a company.

User Account

All Pages