Inventory Management Paper 17

Marilee’s Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2011:
. . . . . . . . . . . . (cost, retail)
beginning inventory: ( 80,000; 130,000)
net purchases: (261,000; 500,000)
net markups: (0; 25,000)
net markdowns: (0; 35,000)
net sales: (0; 520,000)
The average cost-to-retail percentage is:

Marilee’s Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2011:
. . . . . . . . . . . (cost, retail)
beginning inventory: ( 80,000; 130,000)
net purchases: (261,000; 500,000)
net markups: (0; 25,000)
net markdowns: (0; 35,000)
net sales: (0; 520,000)
To the nearest thousand, estimated ending inventory is:

Benny’s Bed Co. uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of September 2011.
. . . . . . . . . . . (cost, retail)
beginning inventory: ( 30,000; 50,000)
net purchases: (125,000; 220,000)
net markups: (0; 15,000)
net markdowns: (0; 6,000)
net sales: (0; 208,000)
The average cost-to-retail percentage is:

Benny’s Bed Co. uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of September 2011.
. . . . . . . . . . (cost, retail)
beginning inventory: ( 30,000; 50,000)
net purchases: (125,000; 220,000)
net markups: (0; 15,000)
net markdowns: (0; 6,000)
net sales: (0; 208,000)
To the nearest thousand, estimated ending inventory is:

Data below for the year ended December 31, 2011, relates to Houdini Inc. Houdini started business January 1, 2011, and uses the LIFO retail method to estimate ending inventory.
. . . . . . . . . . . (cost, retail)
beginning inventory: ( 66,000; 104,000)
net purchases: (280,000; 420,000)
net markups: (0; 20,000)
net markdowns: (0; 40,000)
net sales: (0; 375,000)
Current period cost-to-retail percentage is:

Data below for the year ended December 31, 2011, relates to Houdini Inc. Houdini started business January 1, 2011, and uses the LIFO retail method to estimate ending inventory. . . . . . . . . . . . (cost, retail)
beginning inventory: ( 66,000; 104,000)
net purchases: (280,000; 420,000)
net markups: (0; 20,000)
net markdowns: (0; 40,000)
net sales: (0; 375,000)
Estimated ending inventory at retail is:

Data below for the year ended December 31, 2011, relates to Houdini Inc. Houdini started business January 1, 2011, and uses the LIFO retail method to estimate ending inventory.
. . . . . . . . . . . (cost, retail)
beginning inventory: ( 66,000; 104,000)
net purchases: (280,000; 420,000)
net markups: (0; 20,000)
net markdowns: (0; 40,000)
net sales: (0; 375,000)
Estimated ending inventory at cost is:

When computing the cost-to-retail percentage for the average cost retail method, included in the denominator are:

The conventional retail inventory method is based on:

Cloverdale, Inc. uses the conventional retail inventory method to account for inventory. The following information relates to current year’s operations:
. . . . . . . . . . . (cost, retail)
beginning inventory: (313,500; 540,000)
net markups: (0; 30,000)
net markdowns: (0; 20,000)
net sales: (0; 480,000)
What amount should be reported as cost of goods sold for the year?