The following is information supplied to the men’s department by the accounting division for the period...
The following is information supplied to the men’s department by the accounting division for the period Feb 1-July 31.
Cost Retail
Total Merchandise Handled $45,000 $100,000
Net Sales 48,000
Reductions 4,000
Physical Inventory July 31. 47,500
Operating Expenses $25,000
Closing Book Inventory $48,000
Shortage 1%
I know the answers, just need help on how to get there.
Given the information, find the cumulative markup percent on July 31 and the closing inventory at cost. (Answers= 55% CMU, $21,600 closing inv at cost
Homework Answers
solution:
1.ending inventory specific identification
| date | units | $/unit | total cost |
| 02-12-2017 | 170 | 35 | 5950 |
| 20-07-2017 | 50 | 29 | 1450 |
| 220 | 7400 |
2.ending inventory FIFO
| date | units | $/unit | total cost |
| 02-12-2017 | 170 | 35 | 5950 |
| 04-09-2017 | 50 | 29 | 1450 |
| 220 | 7400 |
ending inventory weighted averge method :
| date | units | $/unit | total cost |
| beggining | 170 | 23 | 3910 |
| 15 march | 370 | 28 | 10360 |
| 20 july | 370 | 29 | 10730 |
| 04 sep | 270 | 33 | 8910 |
| 2 december | 170 | 35 | 5950 |
| 1350 | $29.30 | 39860 |
average cost per unit = $3986/1350
= $29.30
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The following is information supplied to the men’s department by
the accounting division for the period...
The following is information supplied to the men’s department by the accounting division for the ...
The following is information supplied to the men’s department by the accounting division for the period Feb 1-July 31. Cost Retail Total Merchandise Handled $45,000 $100,000 Net Sales 48,000 Reductions 4,000 Physical Inventory July 31. 47,500 Operating Expenses $25,000 Closing Book Inventory $48,000 Shortage 1% I know the answers, just need help on how to get there. Given the information, find the cumulative markup percent on July 31 and the closing inventory at cost. (Answers= 55% CMU, $21,600 closing inv...
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