Required: 1. 2. Estimate the ending inventory as of April 30, 2016, using the retail inventory method. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method.

Required: 1. 2. Estimate the ending inventory as of April 30, 2016, using the retail inventory method. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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Question

Please do not give solution in image format thanku

The following information is taken from the books of All in the Family Center for the first quarter of its
fiscal year ending on April 30, 2016
Inventory, start of period (January 1, 2016)
Net purchases during the period
Net sales for the period
Required:
1.
2.
Estimate the ending inventory as of April 30, 2016, using the retail inventory method.
Estimate the cost of goods sold for the time period, January 1, through April 30, using the
retail inventory method.
Ratio of cost to retail prices of goods available for sale Percentage:
1. Estimated ending inventory at Cost =
Cost
2. Estimated cost of goods sold
Cost
$ 37,000
174,000
Retail
$ 66,000
330,000
310,500
Retail
D

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