E 9.12 – National Distributing Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the net purchases during the month along with the income statement and balance sheet for two months… calculate the cost percentage.
Given the net purchases during the month along with the income statement and balance sheet for two months… calculate the cost percentage.
Given the beginning inventory, net purchases, net markups, net markdowns, and net sales… find the ending inventory and cost of goods sold.
Determine the inventory by applying the conventional retail method.
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.
Given the beginning inventory, net purchases, markups, markdowns, sales, and the retail price index… calculate the ending inventory and cost of goods sold.
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.
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.
Given a chart regarding inventory with missing values… determine the missing data.
Given the inventory at year-end using both FIFO method and average cost method… prepare a journal entry for the adjustment.
Prepare the journal entry to adjust to avg cost method. How much is cost of goods sold adjustment on the revised income statement?