Homework Answers
Total Retails Price of goods sold = 145000+75000-15000
= 205000
Total cost of goods sold = 69600+36000-7200
= 98400
Maintained Markup % = Markup / Retail Price
where as Markup = Retail Price - Cost of Goods Sold
therefore Maintained Markup % = 205000-98400 / 205000
= 52%
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included the following data: Inventory, May 1, at retail, $14,500;
at cost, $10,440 Purchases during May, at retail, $42,900; at cost,
$31,550 Freight-in, $2,000; purchase discounts, $250 Additional
markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $45,500 Calculate the estimated inventory at May
31 on a LIFO basis.
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