From the following, calculate the cost ratio and the cost of ending inventory to the nearest...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. Note: Round the "cost ratio" to the nearest hundredth percent. Round the "cost of ending inventory" to the nearest cent. Net sales at retail for year Beginning inventory-cost Beginning inventory-retail Purchases-cost Purchases-retail Beginning inventory Net purchases Cost of goods available for sale Less net sales at retail Ending inventory at retail Cost ratio OST Ending inventory at cost $ 46,000 $ 33,000 $ 55,000 $ 15,200 $ 20,200 Cost Retail % From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. Note: Round the "cost ratio" to the nearest hundredth percent. Round the "cost of ending inventory" to the nearest cent. Net sales at retail for year Beginning inventory-cost Beginning inventory-retail Purchases-cost Purchases-retail Beginning inventory Net purchases Cost of goods available for sale Less net sales at retail Ending inventory at retail Cost ratio OST Ending inventory at cost $ 46,000 $ 33,000 $ 55,000 $ 15,200 $ 20,200 Cost Retail %
Expert Answer:
Answer rating: 100% (QA)
Answer costtoretail ratio cost of goods available for sale retail value of go... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
Students also viewed these accounting questions
-
Round each monetary amount to the nearest cent or dollar as indicated. 1. $14,769.52, to the nearest dollar 2. $0.7633, to the nearest cent
-
Beginning inventory is $20,000, net purchases total $55,000, and freight-in is $4,000. If ending inventory is $28,000, what is cost of goods sold?
-
Beginning inventory is $20,000, net purchases total $110,000, and freight in is $4,000. If ending inventory is $28,000, what is cost of goods sold?
-
Using Dirac delta functions in the appropriate coordinates, express the following charge distributions as three-dimensional charge densities p(x). (a) In spherical coordinates, a charge Q uniformly...
-
Fresher Foods, Inc., orally agreed to purchase one thousand bushels of corn for $1.25 per bushel from Dale Vernon, a farmer. Fresher Foods paid $125 down and agreed to pay the remainder of the...
-
Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2018. She uses the standard deduction. a. Calculate the amount, if...
-
Following is a sample of 10 matched pairs. Let 1 and 2 represent the population means and let d = 1 2. A test will be made of the hypotheses H0: d = 0 versus H1: d 0. a. Compute the differences. b....
-
Carleton Company has two service departments and two production departments. Information on annual manufacturing overhead costs and cost drivers follows: The company allocates service department...
-
0 () Consider the series S = =an, with an = (-1)-1) 10" n=1 (a) Evaluate the following limit. (Enter a number or one of the 3-letter codes "inf", "-inf" or "DNE".) Answer: lim 12-200 an+1 an (b) What...
-
Based on the characteristics below and creating a proforma and 10 year Discounted cash Flow analysis what would the answers to the questions below be. 1. Assume to cost of capital for the equity...
-
The reflex arc consists of which structures? Select all that apply Nucleus Sensory nerve Motor nerve Cranial nerve Neuromuscular junction?
-
What is meant by the expression getting prices right? Under what conditions will eliminating factor price distortions generate substantial new employment opportunities? (Be sure to define factor...
-
Can you think of additional examples of complementarities from everyday life? Does the S-shaped curve of Figure 4. 1 shed any light on them? Do you think your examples help as a metaphor for economic...
-
Explain the argument that effective agricultural policies center around the role of women.
-
It is sometimes asserted that small peasant farmers are backward and ignorant because they seem to resist agricultural innovations that could raise farm yields substantially. Does this resistance...
-
Why do many economists expect income convergence between developed and developing countries, and what factors would you look to for an explanation of why this has occurred for only a limited number...
-
explain the market in which the intel company competes. provide 2 references.
-
What key concerns must functional tactics address in marketing? Finance? POM? Personnel?
-
Calculate the total cost of the machine given the following: List price $2,000 Cash discount 5% Freight... $50 Assembly... $150 Special foundation. $50
-
T. J. Rack Company of Hope uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2014, Accounts Receivable has a $119,000 balance. Journalize the following...
-
In June, Matt Nepoose Investigative Agency of Thunder Bay had the following transactions: The Chart of accounts includes: Cash, 111; Accounts Receivable, 112; Supplies, 131; Equipment, 141; Accounts...
-
What are the principal effects of The Companies Act 1985 on the auditors report?
-
What is an auditor required to state on completion of the audit? (a) A statement of fact in relation to whether the financial statements represent a true and fair view. (b) A detailed analysis of...
-
What are the audit requirements for reporting on consolidated financial statements?
Study smarter with the SolutionInn App