May's Dress Shop's inventory at cost on January 1 was $40,500. Its retail value was $60,500. During the year, May purchased additional merchandise at a cost of $195,300 with a retail value of $395,300. The net sales at retail for the year were $349,500. Calculate May's inventory at cost by the retail method. (Round the "cost ratio" to the nearest whole percent.) Cost Retail Beginning inventory Purchases Cost of goods available for sale Less net sales for year Ending inventory at retail Cost ratio % Ending inventory at cost

May's Dress Shop's inventory at cost on January 1 was $40,500. Its retail value was $60,500. During the year, May purchased additional merchandise at a cost of $195,300 with a retail value of $395,300. The net sales at retail for the year were $349,500. Calculate May's inventory at cost by the retail method. (Round the "cost ratio" to the nearest whole percent.) Cost Retail Beginning inventory Purchases Cost of goods available for sale Less net sales for year Ending inventory at retail Cost ratio % Ending inventory at cost

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The records of Carla's Boutique report the following data for the month of April. Sales revenue $95,600 Purchases (at cost) $47,200 Sales returns 1,800 Purchases (at sales price) 85,800 Markups 9,500 Purchase returns (at cost) 1,800 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 8,600 Beginning inventory (at cost) 36,103 Markdown cancellations 2,700 Beginning inventory (at sales price) 50,600 Freight on purchases 2,100 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to O decimal places, eg 78% and final answer to O decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method 2$
Bristol Retail Group begins the year with inventory of $57,000 and ends the year with inventory of $47,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $212,000 132,000 162,000 412,000 $ 57,000
A local college bookstore has a beginning inventory costing $80,000 and an ending inventory costing $84,000. Sales for the year were $300,000. Assume the bookstore markup rate on selling price is 70%. Based on the selling price, what is the inventory turnover at cost?
On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $313,900and sales amounted to $611,400. Gross margin on sales was 67%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). $
1) The dress shirt department began this season with an opening inventory of $380,000 at retail ($250,000 at cost). So far, the department buyer has made new purchases of $420,000 at retail ($280,000 at cost). What is the cumulative markup% for the total merchandise handled including both the opening inventory and the purchases? (You may want to use the following grid to help your calculation.) Cost Retail MU% Opening inventory Purchases STD Total Merchandise Handled 2) The jewelry department had the opening inventory of $12,000 at cost with a markup of 55%. During the season, the department has purchased additional merchandise worth 45,000 at retail on which a 49% markup was applied. What is the cumulative markup of this department in dollars and percentage? (You may want to use the grid below to help your calculation.) Cost Retail MU% Opening Inventory Purchases Total Merchandise Handled (a) $Cumulative markup = (b) Cumulative markup% =
Rahul
The records of Culver's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellations 1,600 Purchase returns (at sales price) 2,800 Markdowns 9,600 Beginning inventory (at cost) 26,550 Markdown cancellations 2,700 Beginning inventory (at sales price) 44,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method %24
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $612,300 and the ending inventory at retail was $421,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth.
A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?
Adler Inc. has the following information for four inventory items, reported using the retail method, on July 31. The normal profit margin is 20% of selling price. Cost to Sell Cost per Replacement Cost Item Selling Price per No. Quantity Unit per Unit Unit per Unit #101 80 $20 $5 $15 $12 #102 50 22 4 14 15 #211 30 35 5 30 28 #212 40 40 8 28 35 Required Determine the inventory cost to report on the balance sheet on July 31 assuming that the company applies the lower of cost or market value rule to each individual inventory item. Note Do not use any negative signs with your answers. Per Unit Total Total Cost Cost to Cost Replacement Total Sell per Replacement Ceiling Floor Market Cost Lower of Selling Price Item per per No. Quantity Unit Unit Unit per Unit Cost #101 80 $20 $5 $15 $12 $ 0 $ #102 50 22 #211 30 35 45 14 15 0 30 28 0 #212 40 40 8 28 35 0 000 O 0 ос 00 Cost or Market 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0
Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? $
The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method %$4

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