answer all or skip answer in text with all working remember answer all 2. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Average cost.Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.HARMES COMPANYCalculation of ending inventory by retailinventory methodAverage Cost 2016CostRetail00 0 000000003. Compute the ending inventory by the retail inventory method for the following cost flow assumption: LIFO. Roundthe cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.HARMES COMPANYCalculation of ending inventory by retail inventory methodLIFO 2016Ending inventory at LIFO costCostRetail0Ending inventory at LIFO costBeginning layer (as stated in data) $29,400New layerTotal4. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Lower of costor market (based on average cost). Round the cost-to-retail ratio to three decimal places. If necessary, round dollaramounts to the nearest whole dollar.HARMES COMPANYCalculation of ending inventory by retailinventory methodLower of Cost or Market (based on averagecost) 2016.CostRetail Retail Inventory MethodHarmes Company is a clothing store that uses the retail inventory method. The following information relates to itsoperations during 2016:Inventory, January 1PurchasesMarkups (net)Markdowns (net)SalesRequired:CostCalculation of ending inventory by retailinventory methodFIFO 2016Cost$29,40067,900K1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Roundthe cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.HARMES COMPANYRetailRetail$41,300103,9002,20050085,000

To increase a company's profitability and customer happiness, effective inventory management seeks…

Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. HARMES COMPANY Calculation of ending inventory by retail inventory method Average Cost 2016 Cost 0 Retail Ending inventory at LIFO cost Beginning layer (as stated in data) $29,400 New layer Total 4. Compute the ending inventory by the retail inventory method for th or market (based on average cost). Round the cost-to-retail ratio to th amounts to the nearest whole dollar..

Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. HARMES COMPANY Calculation of ending inventory by retail inventory method Average Cost 2016 Cost 0 Retail Ending inventory at LIFO cost Beginning layer (as stated in data) $29,400 New layer Total 4. Compute the ending inventory by the retail inventory method for th or market (based on average cost). Round the cost-to-retail ratio to th amounts to the nearest whole dollar..

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
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