intermediate accoutning- chapter 9

QUESTION 3 Benny's Bed Coves 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 2021 Cost Retail Beginning inventory 5 30.000 5 50,000 Net purchases 125.000 220,000 Net markups 15,000 Net markdows 6,000 Net sales 208.000 To the nearest thousand, estimated ending inventory is (do not include or in your answer) 4 points Save Art QUESTION 4 Telebe Co has a batch of old 1 million VHS tapes in their inventory from earlier days. In the late 90s, they had conducted an inventory writedown for these VHS tapes from their historical cost of $25,000 to $500 because the market demand for these tapes had tapered off drastically. In 2020, due to influencers on social media, VHS tapes became collectible items and Telebe decided that to remarket these tapes as collectibles. They expect to sell the tapes for $25 each, and that each tape would take $5 to sell What should Telebe Co do with regards to the value of their inventory of VHS tapes? Do nothing Mark it up to the net realizable value of $20 million Mark it up back to the historical cost of $25,000 Mark it up to the expected revenue of $25 million