37389 190 Given the following information, calculate the maintained markup %:Cost-1Retail$69,600.00 $145,000.00$75,000.00$15,000.002opening inventorygross purchases$36,000.00$7,200.00$2,000.00returns to vendorsfreight$100,400.00 $205,000.00 CMU =$80,000.00 cost % =$12,000.00$2,000.00total merch handlednet salesnet markdownsemployee discountstotal retail deductionsclosing book inventorygross cost of merch soldalterations costs$3,000.00cash discounts$5,500.00net cost of merch soldmaintained markup $maintained markup %

Introduction:- The markup on items supplied to consumers, or the difference between the cost of…

8 9 19 0 Given the following information, calculate the maintained markup %: Cost 1 Retail $69,600.00 $145,000.00 $36,000.00 $75,000.00 $7,200.00 opening inventory gross purchases returns to vendors $15,000.00 $2,000.00 $100,400.00 $205,000.00 CMU = freight total merch handled net sales $80,000.00 cost % = net markdowns $12,000.00 employee discounts total retail deductions $2,000.00 closing book inventory gross cost of merch sold alterations costs $3,000.00 $5,500.00 cash discounts net cost of merch sold maintained markup $ maintained markup %

8 9 19 0 Given the following information, calculate the maintained markup %: Cost 1 Retail $69,600.00 $145,000.00 $36,000.00 $75,000.00 $7,200.00 opening inventory gross purchases returns to vendors $15,000.00 $2,000.00 $100,400.00 $205,000.00 CMU = freight total merch handled net sales $80,000.00 cost % = net markdowns $12,000.00 employee discounts total retail deductions $2,000.00 closing book inventory gross cost of merch sold alterations costs $3,000.00 $5,500.00 cash discounts net cost of merch sold maintained markup $ maintained markup %

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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Fle LUIL Iset Omlat Ticip 10 B I U S A 田 Arial f Cost of Goods Sold3= U Y H. K L M A B C. 43 UFO 44 45 Date Item Quantity Cost Per Unit Total 46 47 Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1.400.00 Gross Profit %=== Net Income AVERAGE COST 70 71 Average Cost Per Unit= Cost of Goods Sold=: Ending Inventory 74 77 Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income $1,400.00 Gross Profit %= Sheet1 Sheet2 Sheet3
Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
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107 10. 108 Given the following information calculate: 109 A. The closing book inventory at cost: 110 B. The gross cost of merch sold: 111 112 Cost Retail $65,250.00 $145,000.00 $51,750.00 $115,000.00 $9,000.00 opening inventory 113 gross purchases 114 returns to vendors $20,000.00 115 additional markup $2,000.00 116 freight $3,000.00 117 total merch handled CMU = %3! 118 net sales $95,000.00 cost % = %3D 19 $18,000.00 $2,000.00 net markdowns 20 employee discounts 21 total retail deductions 22 closing book inventory 23 gross cost of merch sold 24
Ch 10b, HW#3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 120 $46 Purchased Mar. 2 165 48 Sold Mar. 31 for $80 per unit 83 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin %24 %24
Inventory P 1,900,000 Sales 6,500,000 Sales returns 150,000 Cost of goods sold 4,600,000 Inventory losses 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory write down is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? P 5,020,000 P 4,500,000 C. P 4,720,000 D. P 4,920,000
FINISH THE FOLLOWING BLANK AREAS Units cost per unit Sales price per unit Beginning inventory 70 $ 60.00 purchase 3/27 185 $ 68.00 purchase 4/23 240 $ 78.00 total sales 377 141 Operating expenses under each method 17,000 income tax expense under each method 21% of income before taxes FIFO units $$ LIFO units $$ weighted Average units $$ Beginning inventory 70 $ 4,200.00 Beginning inventory 70 $ 4,200.00 Beginning inventory 70 $ 4,200.00 purchases 425 purchases 425 purchases 425 available 495 available 495 available 495 ending inventory ending inventory ending inventory CGS 377 CGS 377 CGS 377 Available in $$ Available in units unit price
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