Your retail company had the following alphabetical results for 2021: Additional Mark - Ups $8,000 Additional...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Your retail company had the following alphabetical results for 2021: Additional Mark - Ups $8,000 Additional Mark-Up Cancellations 3,000 Beginning Inventory. 9,000 cost and 31,000 retail Freight In 1,400 Mark Downs 9,000 Mark Down Cancellations 4,000 90,000 cost and 285,000 retail 700 cost and 2,300 retail 1,800 270,000 2,600 Purchases Purchase Returns Purchase Discounts. Sales Sales Returns Calculate the COST of the ending inventory (take the "cost / retail" ratio to three decimals) using the following retail methods. Please show all your work. 1. If using FIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory 2. If using AVERAGE, LCM (conventional method) retail method Cost of Goods Available for Sale Retail of Goods Available for Sale without 3. If using LIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory Your retail company had the following alphabetical results for 2021: Additional Mark - Ups $8,000 Additional Mark-Up Cancellations 3,000 Beginning Inventory. 9,000 cost and 31,000 retail Freight In 1,400 Mark Downs 9,000 Mark Down Cancellations 4,000 90,000 cost and 285,000 retail 700 cost and 2,300 retail 1,800 270,000 2,600 Purchases Purchase Returns Purchase Discounts. Sales Sales Returns Calculate the COST of the ending inventory (take the "cost / retail" ratio to three decimals) using the following retail methods. Please show all your work. 1. If using FIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory 2. If using AVERAGE, LCM (conventional method) retail method Cost of Goods Available for Sale Retail of Goods Available for Sale without 3. If using LIFO retail method: Cost of Goods Available for Sale - Cost of Begin Inventory Retail of Goods Available for Sale - Retail of Begin Inventory
Expert Answer:
Answer rating: 100% (QA)
Answer 1 Using FIFO retail method Beginning inventory 9000 cost and 31000 retail Purcha... View the full answer
Related Book For
International Financial Management
ISBN: 978-0132162760
2nd edition
Authors: Geert Bekaert, Robert J. Hodrick
Posted Date:
Students also viewed these accounting questions
-
Banks earn money by borrowing from depositors at low interest rates and lending to individuals and businesses at high interest rates. As banks grow, they split into functional divisions that either...
-
Banks quote interest rate and currency swaps using 6-month LIBOR as a basis for both transactions. How can a bank make money if it does not speculate on movements in either interest rates or exchange...
-
The interest rate at which London banks lend money to one another is called the London interbank offered rate, or Libor. The British Bankers Association regularly surveys international banks for the...
-
c++. error: array must be initialized with a brace enclosed initializer main.cpp X 10 11 ii 12 13 14 4567 15 16 17 18 19 287288285 20 21 23 24 25 26 27 28 25285922223288 30 31 33 34 36 37 40 41 42 43...
-
How would you determine the profit impact of an alternative channel system for the sales of iPhones?
-
Having been operated long enough, the ionizer producing nt = 3.5.109 cm-3 s-1 of ion pairs per unit volume of air per unit time was switched off. Assuming that the only process tending to reduce the...
-
What is a compilation unit?
-
RNA Inc. manufactures a variety of consumer products. The company's founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a purchaser who will...
-
1-2. Draw graphs of the following functions using transformations: 1. y = 2x-1 x-2' 2. y log2x+1|- 3.
-
The G. Saussy Manufacturing company is putting out four new electronic components. Each of Saussy's four plants has the capacity to add one more product to its current line of electronic parts. The...
-
Take that Is = 22A Find the value of v in the figure. Find the value of i in the figure. 50 20 2 10 2 -W- 20 2 25 2 10 2 20 2 20 +
-
Urea (NH4CO), a common industrial fertilizer, is produced from ammonia (NH3) and carbon dioxide (CO). The reaction is given by 2NH3 + CO NH4CO + HO The ammonia contains nitrogen (N) which acts as an...
-
A specific protein kinase (PK) gene is speculated to be differentially spliced in muscle tissue. This gene comprises three exons and two intron sequences and in fibroblast cells encodes a 38.5-kD...
-
Question 1: A language L is said to be defined if there exists a positive integer k such that, for any string w, the membership of w in L depends solely on the last k symbols of w. (a) Provide a...
-
Problem 4: There are 5 languages and 5 grammars. Next to each language state the number of the grammar who's language it is a) {abn#m} b) {abn>m} c) {ab|n>2m} d) {abn>0} e) {ab|n>m>0} f) {ab|n=2m+1}...
-
1. Oxygen has 8 protons, 8 neutrons, and 8 electrons. What is the atomic number of oxygen? What is its atomic mass? 2. Draw an Oxygen atom. 3. Draw a Nitrogen atom (atomic number is 7; atomic mass is...
-
Explain how organizational improvement initiatives that you researched might apply to your selected HSO?
-
1A. If the researcher is concerned about the number of variables, the nature of the analysis, and completion rates, then, he/she is at which stage of the sampling design process (Figure 11.1 in the...
-
What do economists mean by pricing-to-market?
-
Describe the sequence of transactions required to do a covered interest arbitrage out of Japanese yen and into U.S. dollars.
-
What is the difference between EBIT and NOPLAT?
-
Renaldo borrows $8,000 from his aunt today to help pay for college expenses. He agrees to repay the loan according to the following schedule, at a rate of 6 percent/year compounded annually. a. Draw...
-
Ken loans his grandson Rex $20,000 at 5.5 percent per year to help pay for executive chef schooling in Florida. Rex requires 3 years of schooling before beginning to earn a salary. He agrees to pay...
-
An investment has the following cash flow series where interest is 8 percent a. Determine the present worth of the series. b. Determine the future worth of the series at the end of year 8. c. Find...
Study smarter with the SolutionInn App