A business using the retail method of inventory costing determines that inventory at retail is $775,000. If
Question:
A business using the retail method of inventory costing determines that inventory at retail is $775,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be reported on the financial statements?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
511...View the full answer
Answered By
Deborah Joseph
My experience has a tutor has helped me with learning and relearning. You learn everyday actually and there are changes that are made to the curriculum every time so being a tutor has helped in keeping me updated about the present curriculum and all.
I have also been able to help over 100 students achieve better grades particularly in the categories of Math and Biology both in their internal examinations and external examinations.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9780357714041
16th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
Question Posted:
Students also viewed these Business questions
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $780,000. If the ratio of cost to retail price is 65%, what is the amount of inventory to be...
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $950,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be...
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $880,000. If the ratio of cost to retail price is 65%, what is the amount of inventory to be...
-
How many gallons of mercury (sg = 13.54) would weigh the same as 5 gal of castor oil, which has a specific weight of 59.69 lb/ft 3 ?
-
Chipman Software recently reported the following amounts in its unadjusted trial balance at its year-end: Required: 1. Chipman uses ¼ of 1 percent of sales to estimate its Bad Debt Expense for...
-
Find each double integral over the rectangular region R with the given boundaries. [[ P + 2 R + 2y dx dy; 0 x 2,0 y 3
-
Robert Shapiro was the owner and CEO of Woodbridge, a supposed investment firm. Woodbridges main business model was to solicit money from individuals to invest in low-risk and conservative...
-
The trial balance before adjustment for Sinatra Company shows the following balances. InstructionsUsing the data above, give the journal entries required to record each of the following cases. (Each...
-
Consider the HMM where the underlying Markov chain is given by the state transition diagram below. The observations are such that the true state is observed 50% of the time and each other state is...
-
How do you think Isabelles understanding of theory and method changed in adopting the approach she chose? Isabelle was very thoughtful. She had a puzzled look on her face. The dilemma she had was one...
-
The actual cash received from cash sales was $78,956, and the amount indicated by the cash register total was $78,995. Journalize the entry to record the cash receipts and cash sales.
-
A business using the retail method of inventory costing determines that inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be reported on...
-
A long, straight wire has length L and a circular cross section with area a 2 . Arrange two such wires so they are parallel and separated by a distance d. You may assume that L >> d >> a and ignore...
-
Develop rapport with someone you do not know well. Describe how you did it and how it went. Why did you choose that person? What results are you hoping for? Write a brief but thorough (and well...
-
Describe the duties and responsibilities required by the job description of your internship. How have your actual experiences thus far in the internship aligned to or differed from that description.
-
How would you convince management that the company would be better if it were more diverse? 2. What would be the advantages for diversifying the staff? (provide a clear response when completing your...
-
What is culture? What cultural group(s) are you part of? i'm part of Latin cultural Name at least four cultural values and beliefs that you have. In what ways are these values and beliefs distinct...
-
Discuss any two of the teaching strategies for inclusive education and its implication in the 2151 century classroom. Design a rubric for slow learner student assessment in any area of your chosen...
-
What are the pros and cons of having a more diverse workforce? Is Canada in a better position to compete globally because of its diverse population? Find examples from a school or work project where...
-
For each of the following transactions, indicate whether it increases, decreases, or has no effect on the following financial ratios: current ratio, debt-to-equity ratio, profit margin ratio, and...
-
(a) Under what conditions is the use of an accelerated depreciation method most appropriate? (b) Why is an accelerated depreciation method often used for income tax purposes? (c) What is the Modified...
-
(a) Over what period of time should the cost of a patent acquired by purchase be amortized? (b) In general, what is the required accounting treatment for research and development costs? (c) How...
-
Bridger Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. (a) Should the tree cutting, land...
-
Gene's Incremental Revenue Worksheet Unit Additional Number Revenue Product Costs Other Variable Contribution to 1 $850 $255 Costs $382.50 Fixed Costs $213 2 $700 3 $650 4 $750 5 $900 Total $3,850 A....
-
3-38. CVP ANALYSIS, SERVICE FIRM. Safari Escapes generates average revenue of $6,250 per person on its 5-day package tours to wildlife parks in Kenya. The variable costs per person are as follows:...
-
Assume that the ABC company has sales of 4960000 dollars and it's sales are growing at a rate of 30000 dollars year. Assume that the XYZ company has sales of 3880000 dollars and it's sales are...
Study smarter with the SolutionInn App