Jonas and Partners, a law firm, worked on a total of 1,000 cases this month, 800 of which were completed during the period. The remaining cases were 40% complete. The firm incurred $180,000 in direct labor and overhead costs during the period and had $4,800 in direct labor and overhead costs in beginning inventory. Using the weighted average method, what was the total cost of cases completed during the period? a) $16,800 b) $17,520 c) $168,000 d) $175,200 Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.
Jonas and Partners, a law firm, worked on a total of 1,000 cases this month, 800 of which were completed during the period. The remaining cases were 40% complete. The firm incurred $180,000 in direct labor and overhead costs during the period and had $4,800 in direct labor and overhead costs in beginning inventory. Using the weighted average method, what was the total cost of cases completed during the period? a) $16,800 b) $17,520 c) $168,000 d) $175,200 Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jonas and Partners, a law firm, worked on a total of
1,000 cases this month, 800 of which were completed
during the period. The remaining cases were 40%
complete. The firm incurred $180,000 in direct labor and
overhead costs during the period and had $4,800 in
direct labor and overhead costs in beginning inventory.
Using the weighted average method, what was the total
cost of cases completed during the period?
a) $16,800
b) $17,520
c) $168,000
d) $175,200
Uncle Butch's Hunting Supply Shop reports the following information related
to inventory:
Cost
Retail
Beginning inventory $35,000
$92,000
Purchases $75,000
$200,000
Net additional markups
$15,000
Net markdowns
$(22,000)
Goods available for sale $110,000 $285,000
Sales
Ending inventory at retail
$(178,000)
$107,000
Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the
retail inventory method under the average cost assumption.
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