Question

Please provide answers in excel sheet table. Please provide answers and formula.

LU 18-2a RA PRACTICE QUIZ WİTH WORKED-O Need mon thils 1. From the sollowing, calculate the cost of ending inventory using the the cost ratio to the nearest teath percent: using the real mthod (a Warked-out Solutions January 1-inventory at cost January 1-inventory at retail Net purchases at cost Net parchsses af retail Net sales at retail oam be tound n Appendix B at 19,000 60,000 265,000 392,000 375,000 2. Given the following, calculate the estimated cost of ending ievensicy s profit method: Gross profit on sales Boginning iaventory, January 1,2017 30% $30,000 S 8,000 $16,000 Net sales at retail for January Calculate the inventory turnover at cost and at retail from the following (round the turr- over to the nearest hundredth): 3. Average Average inventory inventory at cost $11,200 $21,800 S129,500 $76,500 Cost of goods sold at retail Net sales From the following, calculate the distribution of overhead to Departments A and B based on floor space. 4. Amount of overhead expense to be allocated $60,000 Square footage 10,000 Department A 50,000 Department B ve the following situations (markups based on selling price) Nee number e parallel problems to those in Practice Quiz 8-1 1. Irese Westing hought a desk for 5400 fromm an office supply bouse. She plans to sell te LU 8-2 PRACTICE QU 1, 2, and desk for $800. What is Irene's dollar markup? What is her percent markup oe sllieg price (roeaded to the aearest tenth percent)?7 Check your answer. Selling price wil be lightly off dse to rounding 2 Suki Komar bought dolls for her toy store that cost S12 cach. To make her desised peofi Jay Lyman sells cakculators His competitoe sells a new calculator line foe $14 each lay 4. Dan Flow sells wrenches for $10 that cost $6. What is Dan's percent markup ca cost Suki mu. nurt up cach doll 35% onthe selling price. what is the selling prae ofach doll? What is the dollar markup? Check your answer needs a 40% markup on the selling price to make his dered profit, and b -met price omepsitin. What is Ja dslae markup? At what cost can Jay affond to bring hese calculaoes into the sacee? Check your answer Round to the searest entch percent What is Dan's percent mackup on selling price? Check LU 8-2a PRACTİCE QUIZ WITH WORKED OUT SOLUTION Need mow practin try s Solve the following situations (markups based on selling price). 1. Irene Westing bcughe a desk for $800 from an office supply house. She desk for $1,200. What is Trene's dollar markup? What is her percent price (roanded to the nearest tenth percent)? Check your answer slightly 0ส due to rounding. answer. Selling price w 2. Suki Komar bwaghe dolls for her toy store that cost $14 each. To make ber devicet matNuki mustmark up each doll 38% an selling price. What is the sella, each doll? What is the dollaz markup? Check your answer 3. Jay Lyman sells calculators. His competitor sells a new calculator line for $16 each n needs a 42% markup on the selling price to make his desired profit, and he must met price competicion What is Jay's dolar markup? At what cost can Jay affond to beig these calculatos into the stcee? Chock your answer Dan Pow sells wneaches for $12 that cos: $7, What is Dan's percem markup on cost Rousd the nearct enth pencent. What is Dun's percens markup on selling price? Chock your answa

Answer 1

Q1.
Cost of ending inventory:
			Cost		Retail
Beginning inventory			19000		60000
Add: Purchases			265000		392000
Total Goods available			284000		452000
Cost to retail ratio				62.83%
				(284000/452000*100)
Less: Sales					375000
Ending inventory at retail price					77000
Cost of ending inventory = 77000*62.83% = $ 48379
Q2.
Cost of Goods sold:
Sales revenue			16000
Less: Gross profit @ 30%			4800
Cost of Goods sold:			11200
Cost of ending inventory:
Beginning inventory of Goods			30000
Add: Purchases			8000
Total cost of goods available			38000
Less: Cost of goods sold			11200
Cost of ending inventory:			26800
Q3.
Inventory Turnover at Cost:
Inventory Turnover = Cost of goods sold / Average inventory at cost
Cost of goods sold				76500
Divide: Cost of Average inventory				11200
Inventory Turnover ratio				6.83
Inventory Turnover at retail price:
Inventory Turnover= Sales revenue / Average inventory at retail price
Cost of goods sold				129500
Divide: Retail price of Average inventory				21800
Inventory turnover ratio				5.94
Q4.
OH allocation rate per Sq. feet:
Total overheads				60000
Divide: Total area in sq. ft				60000
OH allocation rate per Sq. feet:				1
OH allocated:
Deptt A: 10000 sq. ft @1.00 = $ 10000
Deptt B: 50000 sq. ft @ 1.00 = $ 50000