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    RENATO CAPUNO
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    PEONY Company wants to estimate its ending inventory for one of its retail stores as of March 31, 2022. The company was given beginning inventory amounts of $1,276,000 (cost) and $2,200,000 (retail), gross purchases of $4,872,000 (cost) and $7,892,000 (retail), and purchase returns of $348,000 (cost) and $545,200 (retail). Additional inventory was received from another store for $1,062,560 (cost) and $1,624,000 (retail), and there were price increases of $266,800 and decreases of $208,800. Gross sales were $9

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    PEONY Company wants to estimate its ending inventory for one of its retail stores as of March 31, 2022. The company was given beginning inventory amounts of $1,276,000 (cost) and $2,200,000 (retail), gross purchases of $4,872,000 (cost) and $7,892,000 (retail), and purchase returns of $348,000 (cost) and $545,200 (retail). Additional inventory was received from another store for $1,062,560 (cost) and $1,624,000 (retail), and there were price increases of $266,800 and decreases of $208,800. Gross sales were $9

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    12 views1 page

    Screenshot 2023-03-29 140338

    Uploaded by

    RENATO CAPUNO
    PEONY Company wants to estimate its ending inventory for one of its retail stores as of March 31, 2022. The company was given beginning inventory amounts of $1,276,000 (cost) and $2,200,000 (retail), gross purchases of $4,872,000 (cost) and $7,892,000 (retail), and purchase returns of $348,000 (cost) and $545,200 (retail). Additional inventory was received from another store for $1,062,560 (cost) and $1,624,000 (retail), and there were price increases of $266,800 and decreases of $208,800. Gross sales were $9

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    5.

    PEONY Company wants to estimate its ending inventory in one of its retail stores as of March 31, 2022 for
    interim reporting purposes.The following are the relevant information:

    Cost Retail
    Beginning P1,276,000 P2,200,000
    inventory Gross 4,872,000 7,892,000
    purchases 348,000 545,200
    Purchase returns

    During the same period there were items of inventory with cost of P1,062,560 received from Company's other
    retail store. These are marked to be sold for P1,624,000. Net increases made from original selling prices
    amounted to P266,800,while net decreases from original selling prices amounted to P208,800.

    Based on the Company's sales records its gross sales amounted to P9,164,000 while sales returns amounted
    to P406,000. In addition, there was note indicating that P232,000 employee discounts were granted.
    Round-off cost ratios into two decimal places (e.g.,computed cost ratio of 0.53494 shall be rounded to 0.53)

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