SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,00 Net Sales were $2,250,000. REQUIRED: Compute Ending Inventory value usir the retail inventory method

SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,00 Net Sales were $2,250,000. REQUIRED: Compute Ending Inventory value usir the retail inventory method

Name: SMCC Retail Corp had the following info:Beg inventory @ cost = $400,0
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Description: SMCC Retail Corp had the following info:Beg inventory @ cost = $400,000, @ retail=$790,000Net Purchases @ cost = $1,475,000, @ retail =$2,350,000In addition, Mark-ups were $95,000 and Mark-upcancellations were $5,000. Mark-downs were$50,000 and Mark

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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SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,000. Net Sales were $2,250,000. REQUIRED: Compute Ending Inventory value using the retail inventory method
The following information is available for the past year for a retail store: Sales $121,000 Sales Returns $1,000 Markups $11,000 Markup cancellations $1,000 Markdowns $9,000 Purchases (at cost) $40,000 Purchases (at retail) $90,000 Beginning inventory (at cost) $30,000 Beginning inventory (at retail) $40,000 What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) Group of answer choices 53.85% 75% 58.33% 50%
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