Ramirez Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Ramirez's 2021 inventory account is expressed in the table below: Cost Retail Beginning inventory $ Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales . . . 100 . 1,250 75 90 $ 180 $134 million. None of these answer choices are correct. $387 million. $300 million. 2,620 205 What is the cost of Ramirez's inventory at 12/31/2021? Multiple Choice 390 190 105 2,390

Ramirez Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Ramirez's 2021 inventory account is expressed in the table below: Cost Retail Beginning inventory $ Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales . . . 100 . 1,250 75 90 $ 180 $134 million. None of these answer choices are correct. $387 million. $300 million. 2,620 205 What is the cost of Ramirez's inventory at 12/31/2021? Multiple Choice 390 190 105 2,390

Name: Ramirez Inc. uses the conventional retail inventory method. Expressed
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Description: Ramirez Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Ramirez's2021 inventory account is expressed in the table below:CostBeginning inventory $PurchasesFreight-inPurchase returnsNet markupsNe

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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2. The following information is obtained from Lynbrook's inventory records. Based on your recommendation, Lynbrook uses the dollar-value LIFO retail method. 2021 2022 2023 Cost Retail Cost Retail Cost Retail Purchases $ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 240,000 $ 500,000 Net additional markups Net markdowns 20,000 30,000 10,000 10,000 40,000 20,000 Sales 400,000 600,000 450,000 Lynbrook adopted LIFO on January 1, 2021, when the cost and retail values of the inventory were $50,000 and $100,000, respectively. The company experienced the following price indexes: January 1, 2021 December 31, 2021 100 December 31, 2022 115 108 December 31, 2023 120 Required: Compute the cost of the ending inventory for 2021 and 2022. (round the cost-to-retail ratio to 3 decimal places) Reminder: Continue using proper excel formulas in your solution.
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Smith Company's inventory cost is $100. The expected sales price is $110, estimated selling costs are $6. The normal gross profit ratio is 20% of selling price. The replacement cost of the inventory is $95. Smith Company uses the LIFO inventory method so must use the lower of cost or market approach and this inventory item should be valued at Correct answer came back as $95, Id love an explanation for this. Thank you!
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