The September 30 inventory at Liverpool Piano Repair was $43,750 at cost and $62,500 at retail. Purchases during the next three months were $51,600 at cost, $73,800 at retail, and net sales were $92,500. Use the retail method to estimate the value of the inventory at cost on December 31.*   $30,660 $66,030 $20,660

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
icon
Related questions
Question
  1. The September 30 inventory at Liverpool Piano Repair was $43,750 at cost and $62,500 at retail. Purchases during the next three months were $51,600 at cost, $73,800 at retail, and net sales were $92,500. Use the retail method to estimate the value of the inventory at cost on December 31.*

 

$30,660

$66,030

$20,660

Other:

  1. Cost: $835.00 Operating Expenses: $45.00 Profit: $38.00 Reduced selling price: $825 The reduced selling price shown above gives which of the following results? Encircle the best option. *

 

Reduced Net Profit

Operating Loss

Break-even

Absolute Loss

  1. 50 dozen donuts are made at a cost of $2.75 per dozen. A markup rate (based on cost) of 60% is used. From past experience, about 15% of the donuts will go unsold and will be donated to a food pantry. Based on this information what should be the selling price for a dozen donuts?*

4.4

220

5.12

Other:

4.Compute the following: 1. Cost of Item: $132.95 Markup on Cost: 35% Selling Price = $__________ *

 

179.48

148.79

748.19

Other:

  1. Cost of Item: $84.50 markup based on selling price: 40% Markup = $__________*

 

56.33

140.83

211.25

Other:

  1. Compute the percent markup based on cost and markup based on selling price as shown below: Item Cost: $985 Selling Price: $1299 Markup based on cost = _____% Markup based on selling price = _____%*

 

24.2; 31.9

31.9; 24.2

75.8; 131.9

Other:

  1. If markup on Cost= 12%, then find markup on Selling Price=___________.*

 

10.71

13.64

93.33

Other:

  1. Beginning Inventory: 18 items at $5 each Purchases: 12 items at $5.20 each 5 items at $4.95 each 7 items at $4.75 each 20 items at $4.70 each Number of items in Inventory now: 28 items (a) Determine the ending inventory value using FIFO: $___________ (b) Determine the ending inventory value using LIFO: $___________*

 

142; 132.20

132.20; 142

123.20; 124

Other:

  1. If markup on selling price= 29%, then find markup on cost=___________*

 

85.40

22.48

40.85

  1. Cost: $18.50 Operating Expenses: 30% of Cost Profit: $2.90 Reduced selling price: $25.00 The reduced selling price shown above gives which of the following result? Choose the best option. *

 

Reduced Net Profit

Operating Loss

Break-even

Absolute Loss

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 2 images

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education