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Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 3. What value is the cost ratio?  (use 3 decimal places)
Business
Accounting
Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 3. What value is the cost ratio?  (use 3 decimal places)

Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 3. What value is the cost ratio?  (use 3 decimal places)

FINANCIAL ACCOUNTING
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

Beg Inv @ cost $11,160

Net Additional markups $600

Sales $94,056

Purchases @ retail $92,400

Freight-in $840

Beg Inv @ retail $18,000

Purchases @ cost $54,600

Net markdowns $1,144

3. What value is the cost ratio?  (use 3 decimal places)

Thank you

Brenda

Expert Solution
Step 1

Cost ratio is the ratio which is defined as the cost of goods available, it is divided through the retail value of the available goods, while estimating the ending inventory under the retail method.

 

 
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    Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 11. Lets assume they employ the LIFO retail method at time of stable prices. What is the ending inventory at retail if using the LIFO retail? Thank you Brenda
    1.6 Calculate cost of sales Website maintenance 7900 Distribution costs 400 Fares 2400 Markets 47000 Final stock of goods 63000 Marketing expenses 10700 Initial inventory of goods 8600
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    v2.cengagenow.com Purchase-Related Transactions A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight. Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200. Price of Supplier One: $ X Price of Supplier Two: X Which of the two offers, Supplier One or Supplier Two, yields the lower price? Supplier One Feedback Check My Work Calculate the total price for each offer, keeping in mind that the discount is deducted from the total price and the freight is added.
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  • # of Units Unit Cost ($) Total Cost ($) 1/1  Beg. Inventory  100 2 200 1/20 Purchase    300 4 1,200 7/25  Purchase  50 3 150 10/20 Purchase        250 5 1,250 Available for sale 700 units   $2,800   Sales for the year were 550 units for $5,000 in total.   Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent):     The cost of the ending inventory for the following methods: FIFO          (a)                         LIFO         (b)                            Weighted Average             (c)                              The cost of merchandise sold for the following methods: FIFO            (d)                        LIFO             (e)                      Weighted Average                 (f)
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