Sunland Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the period beginning 1/1/21. Available information consists of the following: 2020 2021 Cost Retail Cost Retail Inventory 1/1 $14,500 $26,100 $ ? $ ? Purchases (net) 290,000 403,100 284,200 400,200 Net markups 5,800 11,600 Net markdowns 2,900 5,800 Sales (net) 373,520 379,900 Loss from breakage 580 -0- Applicable price 116 124 index Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method. Cost Retail Ratio Inventory 1/1/20 $14,500 $26,100 Purchases (net) 290,000 403,100 Net markups 5,800 Goods available $304,500 435,000 70% Sales (net) (373,520) Net markdowns (2,900) Loss from breakage (580) Inventory 12/31/20 at retail $58,000 Inventory 12/31/20 at LCM ($58,000 x 70%) $40,600

Sunland Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the period beginning 1/1/21. Available information consists of the following: 2020 2021 Cost Retail Cost Retail Inventory 1/1 $14,500 $26,100 $ ? $ ? Purchases (net) 290,000 403,100 284,200 400,200 Net markups 5,800 11,600 Net markdowns 2,900 5,800 Sales (net) 373,520 379,900 Loss from breakage 580 -0- Applicable price 116 124 index Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method. Cost Retail Ratio Inventory 1/1/20 $14,500 $26,100 Purchases (net) 290,000 403,100 Net markups 5,800 Goods available $304,500 435,000 70% Sales (net) (373,520) Net markdowns (2,900) Loss from breakage (580) Inventory 12/31/20 at retail $58,000 Inventory 12/31/20 at LCM ($58,000 x 70%) $40,600

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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View Policies Current Attempt in Progress Dorothy Thomas sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue $48,000 Cost of goods sold (all variable) 20,000 Gross margin 28,000 8,000 Selling expenses (70% variable) 12,000 Administrative expenses (20% variable) $8,000 Operating income (a) What is Dorothy's degree of operating leverage? (Round answer to 2 decimal places, e.g. 52.75.) Hide Ston sharing
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- Refer to the model listed next: Max: Z= 10*x1+6*x2+4*x3; Subject to: x1+x2+x3=0; where x1,x2 and x3 are the number of product 1,2 and 3 produced. (i) (ii) (iii) (iv) (v) 333 (vi) Identify the initial basis with your reason. Show one complete iteration as the solution moves to the next basis. Find the optimal basis. You may solve the problem for the optimal solution using the Lingo software but must validate the optimal basis. Estimate the optimal simplex multipliers. Solve the model using the Lingo software and report the dual prices for each constraint. Compare the optimal simplex multipliers with the shadow prices for different constraints and provide your comments.
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Cs Cases 1. Create a new Excel sheet in which you will find the delivery cost for each delivery. nal... a. Create a new sheet that has information for each delivery. Name this sheet "lookup." Rat... b. In this lookup sheet, look up the hourly rate for the driver for each delivery. Do not enter this information manually! Use the VLOOKUP function. c. For each delivery, calculate the delivery cost as hourly rate for the driver multiplied by time (hours). Fill in the table below for the first ten records. Date Delivery ID Driver Time (Hours) Hourly Rate Cost 20.00 X 1 George 1 1/1 25.00 X 2 Deanna 1.5 1/2 2 3 Ben 1/3 4 Caroline 2 1/3 < 5 Unknown 1 1/4 6 Elizabeth 2 1/5 7 Unknown 2.5 1/5 8 Unknown 1 1/6 9 Adam 2 1/8 10 Hannah 1.5 1/9 2. Create a new Excel sheet that aggregates the data contained in the lookup sheet to show each driver's activity analysis. a. Create a pivot table in a new sheet; name this new sheet "pivot table."
A4.