Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642). NOTE. In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory. Physical inventory is the more correct number, so this is the appropriate approach. NOTE. In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%). This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator. NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise. Cost ($) Retail ($) Opening inventory 130,410 201,543 Gross purchases 418,390 884,916 Returns to vendors 1,726 3,514 Cash discounts 2,040 Alteration costs 1,620 Freight 1,690 Gross Sales 806,430 Customer returns 60,340 Markdowns 120,630 Markdown cancellations 3,048 Additional markup 360 Employee discounts 1,010 Closing physical inventory 212,803
Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642). NOTE. In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory. Physical inventory is the more correct number, so this is the appropriate approach. NOTE. In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%). This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator. NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise. Cost ($) Retail ($) Opening inventory 130,410 201,543 Gross purchases 418,390 884,916 Returns to vendors 1,726 3,514 Cash discounts 2,040 Alteration costs 1,620 Freight 1,690 Gross Sales 806,430 Customer returns 60,340 Markdowns 120,630 Markdown cancellations 3,048 Additional markup 360 Employee discounts 1,010 Closing physical inventory 212,803
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642).
NOTE. In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory. Physical inventory is the more correct number, so this is the appropriate approach.
NOTE. In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%). This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator.
NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.
| Cost ($) | Retail ($) | |
| Opening inventory | 130,410 | 201,543 |
| Gross purchases | 418,390 | 884,916 |
| Returns to vendors | 1,726 | 3,514 |
| Cash discounts | 2,040 | |
| Alteration costs | 1,620 | |
| Freight | 1,690 | |
| Gross Sales | 806,430 | |
| Customer returns | 60,340 | |
| Markdowns | 120,630 | |
| Markdown cancellations | 3,048 | |
| Additional markup | 360 | |
| Employee discounts | 1,010 | |
| Closing physical inventory | 212,803 | |
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