Homework Answers
| At Cost | At Retail | |
| Beginning Inventory | 32000 | 41600 |
| Purchases | 240000 | 480000 |
| (Purchase Returns) | (4800) | (9600) |
| Freight inwards | 14400 | -- |
| Total | 281600 | 512000 |
So, Cost-to-Retail percentage = 281600/512000*100 = 55%
| Total Retail value of total Inventory held | 512000 | |
| Less: Value of inventory Sold: Gross Sales | 496000 | |
| - Less: Returns | (8000) | 488000 |
| So, Retail Value of Inventory at year end | 24000 |
Now, we have already found the cost to retail ratio is 55%
So, Cost of Inventory under Retail Inventory Method = 24000*55% = 13200.
Please comment in case of any query regarding the solution.
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Type or paste question
here
Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $96,840 $144,000 Markdowns 37.800 Markups 52,200 Markdown cancellations 18,000 Markup cancellations 16,200 Purchases 311,760 402.480 Sales 450,000 Purchase returns and allowances 5,400 6,480 Sales returns and allowances 18,000...
Question 10 Flag question Not changed since last attempt Marked out of 1.00 At the end of the expected useful life of a depreciable asset with an estimated 15 % salvage value, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods? Select one: A. Straight Line: No; Units-of-Production: Yes; Double-Declining Balance: No B. Straight Line: No; Units-of-Production: No; Double-Declining Balance: No C. Straight Line: Yes; Units-of-Production: No; Double-Declining Balance: Yes D....
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pls
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Question 8 Not changed since last attempt Marked out of 5.00 P Flag question Indirect Method -- Preparing the Operating Activities Section The following data are from the accounting records of Clooney Company. Description Amount Net income accrual basis) $ 100,000 Depreciation expense 19.500 Decrease in salaries payable 3,000 Decrease in trade accounts receivable 4.500 Increase in merchandise inventory 6,250 Amortization of patent 250 Increase in long-term liabilities 25,000 Sale of capital stock for cash 62.500 Accounts...
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Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the following information on a company's investments in equity securities with no significant influence. Investment Date of Cost Fair Value Date Selling Acquisition 12/31/19 Sold Price Colt Company stock 9/20/19 $38,000 $37,000 2/10/20 $42,000 Dana Company stock 10/2/19 14,000 14,200 1/17/20 13,000 What amount is reported for gain or loss on these securities in 2020 income? Select one: O A. No gain or loss O...
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