107 10.108 Given the following information calculate:109 A. The closing book inventory at cost:110 B. The gross cost of merch sold:111112CostRetail$65,250.00 $145,000.00$51,750.00 $115,000.00$9,000.00opening inventory113gross purchases114returns to vendors$20,000.00115additional markup$2,000.00116freight$3,000.00117total merch handledCMU =%3!118net sales$95,000.00 cost % =%3D19$18,000.00$2,000.00net markdowns20employee discounts21total retail deductions22closing book inventory23gross cost of merch sold24

Name: 107 10.108 Given the following information calculate:109 A. The closi
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Description: 107 10.108 Given the following information calculate:109 A. The closing book inventory at cost:110 B. The gross cost of merch sold:111112CostRetail$65,250.00 $145,000.00$51,750.00 $115,000.00$9,000.00opening inventory113gross purchases114returns to

Retail inventory method refers to an accounting method which is used by the companies to compute the…

Answered: Given the following information…

Business

Accounting

Given the following information calculate: A. The closing book inventory at cost: B. The gross cost of merch sold:

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

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

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