1.) Beginning Inventory 183,000 7.

) Goods Availabe for Sale

Purchases 163,200 Net Sales
GAS 346,000 Employee Discounts
Loss from Breakage
A/R June 30 153,000 Ending Inventory of Retail
Collection, June 30 255,000
A/R June 1 -102,000 Ending Inventory of Cost
306,000
8.) Cost of Goods Available for Sale
306,000 / 150% = 204,000 Ending Inventory
Cost of Sales
346,000
-204,000 9.) Estimated Ending Inv. Of Cost
Estimated Cost 142,800 Physical Inventory

2.) Beginning Inventory 520,000

Purchases 4,120,000 10.) Retail Beg. Inventory
Purchase Returns -60,000 Purchases
Goods Availabe for Sale 4,580,000 Net Mark Ups
Cost of Sales -4,200,000
Ending Inventory 380,000 Sales
Usable Items -70,000 Net Mark Downs
Est. Cost of Inv. Loss P 310,000

3.) Beginning Inventory 130,500

Net Purchases 878,000
Goods Availabe for Sale 1,008,500 11.) Beginning Inventory
Cost of Sales 831,574 Purchases
Ending Inventory 176,926 Purchase Returns
Not Destroyed Items -85,000 Net Mark Ups
Estimated Loss P 91,926 Net Mark Downs

4.) Beginning Inventory 550,000 Net Sales

Net Purchases 3,100,000
Goods Availabe for Sale 3,450,000 Abnormal Shortage
Cost of Sales 2,618,000 Employee Discounts
Ending Inventory 832,000 Normal Shortage
Usable Items 50,000
Inventory Loss 782,000
12.)
5.) Cost Retail
Beginning Inventory 1,000,000 2,200,000
Net Purchases 15,700,000 26,100,000
Net Mark Ups 600,000
 Net Mark Downs -900,000
16,700,000 28,000,000

Ave. Cost to Retail Ratio: 0.6 or 60% = 16,800,000 / 28,000,000

6.) Cost Retail

Beginning Inventory 1,100,000 2,200,000
Purchases 15,800,000 26,300,000
Freight In 400,000
Purchase Returns -600,000 -1,000,000
Purchase Allowance -300,000
Dept. Transfer In 400,000 800,000
Net Mark Up 600,000
Net Mark Downs -900,000
Goods Availabe for Sale 16,800,000 28,000,000

Ave. Cost to Retail Ratio: 0.6 or 60% = 16,800,000 / 28,000,000

Goods Availabe for Sale 28,000,000

Net Sales -24,350,000
Employee Discounts -600,000
Loss from Breakage -50,000
Ending Inventory Retail 3,000,000
Availabe for Sale 28,000,000
es -24,350,000
ee Discounts -600,000
m Breakage -50,000
nventory of Retail 3,000,000
60%
Inventory of Cost 1,800,000

Goods Available for Sale 16,800,000

nventory -1,800,000
Sales 15,000,000

ed Ending Inv. Of Cost 1,800,000

-1,020,000
780,000

eg. Inventory 326,900

es 1,386,100
rk Ups 2,000
1,715,000
-1,302,000
rk Downs -96,300
316,700
82%
P 251,111

ng Inventory 3,600
es 100,000
e Returns -6,000
rk Ups 18,000
rk Downs -2,800
112,800
es -70,200
42,600
mal Shortage -4,000
ee Discounts -1,600
-2,600
34,400

Cost Retail
Beginning Inventory 280,000 390,000
Purchases 1,820,000 3,000,000
Net Mark Ups 110,000
2,100,000 3,500,000
Net Mark Downs -40,000
Sales Price of Goods Avail 3,460,000
Sales -3,150,000
Ending Inventory at Retail P 310,000
60%
Ending Inventory at Cost 186,000