E 9.08 – Rocklin Sporting Goods Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
E 9.08 – Rocklin Sporting Goods Company
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E 9.08 – Rocklin Sporting Goods Company
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Given the amount that damaged goods can be sold for, the inventory, the net purchases, and the net sales… calculate the loss on inventory using the gross profit method.
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Given the merchandise in inventory at the beginning of the year, purchases to date, the freight-in, and sales to date… use the gross profit method to estimate loss on the sale.
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Given inventory on hand, the purchases, freight-in, sales, and returns along with the amount of stolen inventory, gross profit ratio, and markup percentage…. calculate the ending inventory using both gross profit method and markup on cost.
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Given the net purchases during the month along with the income statement and balance sheet for two months… calculate the cost percentage.
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Determine the inventory by applying the conventional retail method.
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Given the beginning inventory, net purchases, markups, and markdowns along with estimated ending inventory and cost to retail percentage… find the net purchases at retail and net sales.
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Given the beginning inventory, net purchases, markups, markdowns, sales, and the retail price index… calculate the ending inventory and cost of goods sold.
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Given the inventory at hand and retail value along with the ending inventory at retail, retail price index, and cost to the retail percentage for two years… calculate both the cost to the retail percentage at the beginning of the first year and inventory value at the end of both years.
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Given the merchandise inventory at the beginning of the year, purchases, markups, markdowns, net sales, and price index at the beginning and end of the year… calculate the ending inventory and cost of goods sold.
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