Brief Exercise 9-1 Brief Exercise 9-8 Boyne Inc. had beginning


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Brief Exercise 9-1Brief Exercise 9-8 Boyne Inc. had beginning inventory of $18,800 at cost and $20,900 at retail. Net purchases were $117,091 at cost and $182,200 at retail. Net markups were $12,600; net markdowns were $8,600; and sales revenue was $158,700. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Exercise 9-3Exercise 9-7 Phil Collins Realty Corporation purchased a tract of unimproved land for $51,000. This land was improved and subdivided into building lots at an additional cost of $28,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Exercise 9-12Exercise 9-16 Gheorghe Moresan Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Exercise 9-19Exercise 9-21 The financial statements of ConAgra Foods, Inc.’s 2012 annual report disclose the following information. Problem 9-4 Eastman Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) $ 85,300 Sales revenue $420,100 Purchases 363,600 Sales returns 21,300 Purchase returns 34,000 Gross profit % based on net selling price 33 % Merchandise with a selling price of $39,300 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,790. The company does not carry fire insurance on its inventory. Compute the amount of inventory fire loss. (Do not use the retail inventory method.) Inventory fire loss $ (in millions) May 27, 2012 May 29, 2011 May 30, 2010 Inventories $1,870 $1,803 $1,598 Fiscal Year 2012 2011 Net sales $13,263 $12,303 Cost of goods sold 10,436 9,390 Net income 474 818 Compute ConAgra’s (a) inventory turnover and (b) the average days to sell inventory for 2012 and 2011. (Round times to 1 decimal place, e.g. 7.6 and all other answers to 0 decimal places, e.g. 65.) 2012 2011 Inventory turnover: times times Average days to sell inventory: days Presented below is information related to Ricky Henderson Company. Cost Retail Beginning inventory $ 54,960 $ 294,400 Purchases 1,458,000 2,148,000 Markups 95,700 Markup cancellations 16,500 Markdowns 40,300 Markdown cancellations 7,000 Sales revenue 2,329,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $ Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction. Lumber Millwork Hardware Inventory, Jan. 1, 2014 $272,500 $93,940 $52,500 Purchases to Aug. 18, 2014 1,520,800 380,900 161,000 Sales to Aug. 18, 2014 2,067,300 561,730 263,340 Submit your estimate of the inventory amounts immediately preceding the fire. Lumber Millwork Hardware Inventory $ $ Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 179,300 Purchases (gross) 648,000 Freight-in 31,700 Sales revenue 1,035,700 Sales returns 83,400 Purchase discounts 12,500 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. The estimated inventory at May 31 $…

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