Selected financial data, as of year end, December 31, for Fancy Fashion, a children's retail store,follows. Credit sales Women's clothing $ 590,000 Men's clothing $ 190,000 Total sales Women'sclothing $ 741,000 Men's clothing $ 249,000 Sales returns and allowances Women's clothing Creditsales $ 5,900 Cash sales $ 490 Men's clothing Credit sales $ 1,900 Cash sales $ 490 Book value ofinventory and equipment Women's clothing $ 243,000 Men's clothing $ 57,000 Required: FancyFashion insurance expense for the year totaled $19,000 and is to be allocated on the basis of the bookvalue of the inventory and equipment

The insurance expenses is a common expense that is to be allocated between two departments.The basis…

Answered: sales women's Clothing vien s ,000…

Business

Accounting

sales women's Clothing vien s ,000 Men's clothing $ 249,000 Sales return Cash sales $ 490 Men's clothing Credit sale

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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