Quiz – DK Super Stores Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given inventory, net purchases, net sales, and ending inventory, they ask you to calculate the cost-to-retail percentage used.
Given inventory, net purchases, net sales, and ending inventory, they ask you to calculate the cost-to-retail percentage used.
Estimate the cost of ending inventory applying the conventional retail method when given the beginning inventory, purchases, markups, markdowns, spoilage, and net sales.
Given the beginning inventory, net purchases, and sales, they ask you to determine the estimated inventory using the average cost retail method.
Given the inventory, purchases, freight-in, sales, and returns, they ask you to determine the ending inventory.
Prepare the necessary adjusting journal entry at year-end along with preparing a journal to record the purchase made.
Given the inventory amount and the market price at two different times, they ask you to determine the loss on commitment and the amount of inventory that should be recorded at.
Given beginning inventory and purchases along with sales, they ask you to determine the estimated inventory.
Determine the cost-to-retail percentage used by the company, given the beginning inventory, purchases, markups, markdowns, sales, and inventory.
Given the year-end inventory on a LIFO basis and other information regarding inventory, they ask you to determine the reported value of the inventory.
Given the selling price, costs, and costs to sell, they ask you to determine the inventory value of three different products.