Give me answer within an hour please I will give you upvotes its very urgent ...thanku... Utilize the following figures to calculate:a. The closing book inventory at retail.b. The cost value of this closing book inventory.c. The cumulative markup percentage on merchandise handled.CostRetailOpening inventory$390,500$1,562,000Gross purchases$890,000$3,000,000Returns to vendors$3,800$12,000Freight$3,260Net sales$517,000Customer returns$25,000Markdowns$193,000

Cost to Retail Inventory Method Cost to retail method which is used to measure the ending inventory…

Answered: 14. Utilize the following figures to…

14. Utilize the following figures to calculate: a. The closing book inventory at retail. b. The cost value of this closing book inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Give me answer within an hour please I will give you upvotes its very urgent ...thanku...

Utilize the following figures to calculate:
a. The closing book inventory at retail.
b. The cost value of this closing book inventory.
c. The cumulative markup percentage on merchandise handled.
Cost
Retail
Opening inventory
$390,500
$1,562,000
Gross purchases
$890,000
$3,000,000
Returns to vendors
$3,800
$12,000
Freight
$3,260
Net sales
$517,000
Customer returns
$25,000
Markdowns
$193,000

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