2. Manual Corp. determined the following information for the purpose of applying the retail method of inventory estimation: cost retail inventory beg. P45,000 P 75,000 Net sales ( net of 40k and 10k discount) 590,000 Purchases 270,000 590,000 Freight in 6,750 net mark up 50,000 net markdowns 20,000 normal shrinkage 12,000 How much is the cost of good solds under each of the following methods? Average FIFO a. 281,229.67 282,827.77 b. 273, 329.30 284, 698.80 с. 283,329.30 d. 283,329.30 282,827.77 284, 698.80

2. Manual Corp. determined the following information for the purpose of applying the retail method of inventory estimation: cost retail inventory beg. P45,000 P 75,000 Net sales ( net of 40k and 10k discount) 590,000 Purchases 270,000 590,000 Freight in 6,750 net mark up 50,000 net markdowns 20,000 normal shrinkage 12,000 How much is the cost of good solds under each of the following methods? Average FIFO a. 281,229.67 282,827.77 b. 273, 329.30 284, 698.80 с. 283,329.30 d. 283,329.30 282,827.77 284, 698.80

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dhapa
76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
N5. Account
Presented below is information related to Marigold Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $379,557 1,356,000 Retail $275,000 2,161,000 94,700 15,400 36,700 5,200 2,170,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $
Oo1. Subject :- Account