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mpany uses ti proach. Wha- tio? Express y

mpany uses ti proach. Wha- tio? Express y

FINANCIAL ACCOUNTING
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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relates to CEE Company: (Refer to image). Assume that the company uses the average cost approach. What is the cost ratio? Express your answer in percentage and round up to two decimal points. * Retail 725,000.00 Cost Inventory, 12/31/2021 Purchases 500,000.00 1,285,000.00 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
Transcribed Image Text:relates to CEE Company: (Refer to image). Assume that the company uses the average cost approach. What is the cost ratio? Express your answer in percentage and round up to two decimal points. * Retail 725,000.00 Cost Inventory, 12/31/2021 Purchases 500,000.00 1,285,000.00 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail inventory method, what is the cost of its ending inventory at cost? * Retail Cost 500,000.00 Inventory, 12/31/2021 725,000.00 2,220,000.00 35,000.00 Purchases 1,285,000.00 Purchase returns 20,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations Mark-down 160,000.00 70,000.00 65,000.00 32,000.00 Mark-down cancellations Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
Transcribed Image Text:relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail inventory method, what is the cost of its ending inventory at cost? * Retail Cost 500,000.00 Inventory, 12/31/2021 725,000.00 2,220,000.00 35,000.00 Purchases 1,285,000.00 Purchase returns 20,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations Mark-down 160,000.00 70,000.00 65,000.00 32,000.00 Mark-down cancellations Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
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