Sales:Rs6000,000 jan inventory:Rs 70.000 Purchases:80,000 (December inventory: 60.000) loss due to market decline in replacement cost:6000 Calculate Net Profit on Sales: a)5904000 b)6904000 c)4904000 d)other

Sales:Rs6000,000 jan inventory:Rs 70.000 Purchases:80,000 (December inventory: 60.000) loss due to market decline in replacement cost:6000 Calculate Net Profit on Sales: a)5904000 b)6904000 c)4904000 d)other

Name: Sales:Rs6000,000jan inventory:Rs 70.000Purchases:80,000(December inven
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Sales:Rs6000,000jan inventory:Rs 70.000Purchases:80,000(December inventory: 60.000)loss due to market decline in replacement cost:6000 Calculate Net Profit on Sales: a)5904000b)6904000c)4904000d)other

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1 A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual consumption 1,000 Fixed cost per order placed $30.00 Carrying cost of inventory (as a % of dollar value) 25% How many times should the product be reordered each year and what are the related ordering and carrying costs of inventory?
Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 22,680 7,000 415,000 Freight-in Purchase returns 9,500 Net markups 7,300 5,000 9,500 295,000 1,700 Net markdowns Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) goods sold for March applying the conventional retail method. (Round ratio Answer is not complete. Cost-to- Cost Retail Retail Ratio 24 55,000 75,000 Beginning inventory 222,000 415,000 Purchases 22 GRN…
FIFO/LIFO problem
Give me correct answer
Sh4
please dont provide answer in image format thank you
Which is correct ?
Please don't provide solutions image based thanks
Inventory Turnover Ratio 6 Times Creditors Turnover Ratio 10 Times Debtors Turnover Ratio 8 Times Current Ratio 2.4 Gross Profit Ratio 25% Total sales 30,00,000; cash sales 25% of credit sales; cash purchases 2,30,000; working capital 2,80,000; closing inventory is 80,000 more than opening inventory. You are required to calculate: Average Inventory Purchases
Cost 5484,000 1,750,000 Retail $500,000 3.450,000 160,000 Markup cancellations 65,000 Markdowns 49,000 Markdown 10,000 cancellations Sales Sales discount 3.320,000 140,000 Required: Tompute the ending inventory at retail and at cost by the conventional retail Inventory method (Show your calculations,
None