Given the following information calculate: A. The closing book inventory at cost: B. The gross cost of merch sold:
Given the following information calculate: A. The closing book inventory at cost: B. The gross cost of merch sold:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa364cc5d-3edb-4088-86c7-74e13c8a5163%2Fd1f42799-99ce-460c-8795-7db21e6004d7%2Fbvvv11k_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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