DO NOT GIVE SOLUTION IN IMAGE FORMAT Goods available for sale:Beginning inventoryNet purchasesNet markupsNet markdownsTotal goods available for saleNet salesNet markupsNet markdownsEstimated ending inventory at retail0xCostCost RatioNumerator / Denominator =0x/$$ 220,500 $ 304,5001,249,5001,732,50063,000$ 1,470,000 ✓RetailResultEstimated ending inventory at cost: $ 00✔2,100,0001,659,000 x21,000 x0x. Note: Use the result above EXACTLY as shown to compute the following amount.x Valuing Inventory Using Conventional Retail MethodAt December 31, the following information is available from Palo Company's accounting records. If sales are $1,659,000 and markdowns total $21,000, compute estimated inventoryat December 31 using the conventional retail method.Inventory JanuaryPurchasesCost Retail$220.500 $3045001.249.500 1,732.50063.000NetmarkupsAvailable for sale $1.470.000 $2,100,000Note: Use negative signs as appropriate in the following schedule.Goods available for saleBeginning eventoryNet purchasesNetmarksNetmarkdownsTetal goods available for saleNet salesNetEstimadanding yCost220.500$ 304.5001,249.500 1.732.50063,00050Watail$1,470,0002,100,000165/800021,000

Name: DO NOT GIVE SOLUTION IN IMAGE FORMAT Goods available for sale:Beginnin
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Description: DO NOT GIVE SOLUTION IN IMAGE FORMAT Goods available for sale:Beginning inventoryNet purchasesNet markupsNet markdownsTotal goods available for saleNet salesNet markupsNet markdownsEstimated ending inventory at retail0xCostCost RatioNumerator / Denom

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Goods available for sale: Beginning inventory Net purchases Net markups Net markdowns Total goods available for sale Net sales Net markups Net markdowns Cost Retail $ 220,500 $ 304,500✔ 1,249,500✔ 1,732,500 63,000 0 0✔ 0✔ $ 1,470,000 ✓ 2,100,000 1,659,000 x 0

Goods available for sale: Beginning inventory Net purchases Net markups Net markdowns Total goods available for sale Net sales Net markups Net markdowns Cost Retail $ 220,500 $ 304,500✔ 1,249,500✔ 1,732,500 63,000 0 0✔ 0✔ $ 1,470,000 ✓ 2,100,000 1,659,000 x 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...

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