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
The records of Sheridan Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $154,500 $278,000 Net purchases 830,000 1,304,000 Sales revenue 1,229,500 Other data are: Freight-in, $16,000; net markups, $8,000; net markdowns, $6,500; and the price index for the year is 108. Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method. (Round ratio to 2 decimal places, eg. 75.35% and final answer to 0 decimal places, eg. 5,275.) Final inventory $
Assume that in September, Joplin Designs customers actually return$150,000 of inventory. Using the same cost of goods sold percentage, the companywould make the following entries to record 1) the refunds and 2) cost of items returned.
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% =
Rams Inc reported the following amounts for the year: It uses periodic method Ending Inventory=$40,000 Opening Inventory=$41,500 Sales revenue=$114,000 Purchases=$77,000 Purchase discount=$7,000 Purchase returns and allowances=$5,800 Compute Cost of sales for the year
The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00 . Find the following : a.) Cost of goods sold b) Net profit or net loss
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.

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