The total cost valuation of a department store's inventory is $180,000, while the total retail valuation of sales was $360,000. Approximately how much of every retail sales dollar is made up of merchandise cost?

The total cost valuation of a department store's inventory is $180,000, while the total retail valuation of sales was $360,000. Approximately how much of every retail sales dollar is made up of merchandise cost?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 3CE: Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods...

See similar textbooks

Related questions

Q: Answer this financial accounting question

A: Explanation of Dividend per Share (DPS):Dividend per share (DPS) refers to the amount of money a…

Q: Direct labour cost accounting problem

A: Given:Opening direct material = $53,000Purchase = $210,000Closing direct material = 47,000Direct…

Q: kindly help me with this General accounting question

A: Step 1: DefinitionEquivalent Units for Materials: A measure that translates partially completed…

Q: During 2017, Vaughn Manufacturing had sales on account of $828,000, cash sales of $465,000, and…

A: Step 1:Accounts receivable is the amount receivable from the customers on the basis of credit sales.…

Q: provide correct answer of this Accounting question

A: To calculate the expected return on the stock using the Capital Asset Pricing Model (CAPM), use the…

Q: provide correct answer of this General accounting question

A: Explanation: The formula to calculate the profitability index is as follows:Profitability index =…

Q: The amounts to be included in the standard price of direct labor are generally determined by: a.…

A: The correct answer is:c. the payroll department. Explanation:The standard price of direct labor…

Q: None

A: 1. Net salesFormula:Net sales = Sales - Sales discounts - Sales returnsNet sales = 145,000 - 10,000…

Q: Dove, Inc. produces a product that has a variable cost of $6.00 per unit. The company's fixed costs…

A: Explanation of Contribution Margin per Unit:The contribution margin per unit is the amount…

Q: Pricilla Company uses a standard costing system that allows 3 pounds of direct materials for one…

A: Explanation of Direct Materials Usage Variance:Direct materials usage variance measures the…

Q: What is John wick companies ROE?

A: Let me calculate this step by step to determine the Return on Equity (ROE).ROE can be computed using…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Equity Method for Investment AccountingThe equity method is used to account…

Q: Account

A: Step 1: Use the Material Quantity Variance FormulaThe formula for Material Quantity Variance is:…

Q: Don't want incorrect solution

A: Explanation of Current Ratio: Current ratio is a liquidity measure that shows a company's ability to…

Q: General Accounting

A: Step 1: Define Over or Under-applied OverheadOver-applied overhead occurs when the overhead applied…

Q: Please help me

A: Definitions Related to the Question:Concept of Inventory:Inventory refers to goods and materials…

Q: Financial account

A: The salaries of plant supervisors are classified as:b. Factory Overhead Explanation:Direct Labor:…

Q: Problem related to Accounting: Raven Company has a target of earning $88,000 pre-tax income. The…

A: Explanation of Contribution Margin Ratio:The contribution margin ratio is the percentage of each…

Q: 1. Mayer Corporation had sales of $24,000, cost of sales of $10,000 advertising expense of $8,500…

A: Question 1: Gross ProfitGross profit measures how much profit remains after deducting the Cost of…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of ROA and ROEROA (Return on Assets): This ratio measures a company's…

Q: At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the…

A: Concept of Cost of Goods Sold (COGS): COGS refers to the total cost incurred to produce or purchase…

Q: Financial Accounting

A: Step 1: Determine the book value and loss on the sale• Loss on sale = Book value - Selling priceStep…

Q: help me with this

A: Opportunity cost is:The benefit foregone from the next best alternativeOpportunity cost is the value…

Q: The following facts perta lessee. non-cancelable lease agreement between Splish Brothers Leasing…

A: At Lease Signing (May 1, 2025)Record the lease as a sales-type lease:The lessor derecognizes the…

Q: Correct answer

A: Explanation of Standard Labor Cost:Standard labor cost refers to the predetermined cost of direct…

Q: provide final solution in this general account query

A: Step 1 Types of Debt Finance Debt finance involves borrowing money that must be repaid over time,…

Q: provide this general account answ

A: Step 1: Formula for Direct Labor Cost Direct Labor Cost=Units to be Produced×Direct Labor Hours per…

Q: Don't use ai given answer accounting questions

A: To determine the amount Parker Manufacturing Company should report as inventories on its statement…

Q: Problem related to financial accounting

A: Explanation of Sales: Sales represents the total revenue generated by Aide Industries from selling…

Q: Financial accounting question

A: Step 1: Define Cost of EquityCost of equity is the rate a business must pay its shareholders for the…

Q: General accounting questions

A: 1. Understand the Current RatioThe current ratio is a measure of a company's ability to pay its…

Q: What are liabilities on the balance sheet???

A: Step 1: Use the accounting equationStep 2: Calculate EquityStep 3: Rearrange the equation to solve…

Q: The variance of abc

Q: Provide answer general accounting question

A: Step 1: Define Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is handy in figuring out the costs…

Q: General Accounting Question Solution

A: 2. This contains information about KGS Mining's equipment usage policy and shift-based monitoring.…

Q: ??

A: Explanation of Job Costing: Job costing is a cost accounting method that tracks the costs of each…

Q: Answer this question

A: Step 1: Total sales revenue.= units sold x selling price per unit= 1,990 x $63= $125,370.00 Step 2:…

Q: What is the net income for this firm? General accounting

A: Step 1: Definition of Net IncomeNet income is the profit a company earns after deducting all…

Q: Problem related accounting

A: Given:Fixed Costs = $52,000Target Pre-Tax Income = $88,000Contribution Margin Ratio = 35% or 0.35…

Q: How will this be shown on the income statement?

A: Step 1: Definition of Contra AccountsContra accounts are accounts used to reduce the balance of a…

Q: Ans please

A: Step 1: Definition of LiabilitiesLiabilities are the obligations a company owes to others, typically…

Q: Please provide this question solution general accounting

A: Equity Premium=Stock Market Return−Risk-Free RateIn this case:The stock market return is 12.5%.The…

Q: Expert need your help

A: To calculate the Return on Equity (ROE) using the DuPont equation, we need to break down the formula…

Q: Quick answer of this accounting questions

A: Equity Premium=Stock Market Return−Risk-Free RateIn this case:The stock market return is 12.5%.The…

Q: Give me Answer

A: The Balanced Scorecard (BSC) is a strategic management tool designed to measure and evaluate an…

Q: None

A: Key InformationStandard pounds per unit: 2.5 pounds/unitStandard price per pound: $3.75/poundActual…

Q: Betty's cost of goods sold for 2012?

A: Explanation of Accounts Payable: Accounts payable represents the amounts owed to suppliers for goods…

Q: Cost Accounting

A: Calculation of Retained EarningsRetained Earnings = Revenue - Expenses - Dividends…

Q: Need answer the financial accounting question

A: To compute the dividend yield, we use the formula: Dividend Yield = (Annual Dividends per Share ÷…

Q: Hello tutor please help me with accounting questions

A: The question requires the determination of the cost of equity capital.The cost of equity is the…

Question

100%

I want to correct answer general accounting question

The total cost valuation of a department store's inventory is
$180,000, while the total retail valuation of sales was $360,000.
Approximately how much of every retail sales dollar is made up of
merchandise cost?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What is the gross profit margin?
The weighted-average cost method is used by Mendez, Inc. Sales are $80,000, the number of units available for sale is 100, the number of units sold during the period is 75, and the weighted average cost of the goods available for sale is $200 each. How much is gross profit for the company?
Gross profit?
Do fast answer of this general accounting question
What was the amount of Best Buy's cost of goods sold?
A company wishes to establish an EOQ for an item for which the annual demandis $800,000, the ordering cost is $32, and the cost of carrying inventory is 20%.Calculate the following:a. The EOQ in dollars.b. Number of orders per year.c. Cost of ordering, cost of carrying inventory, and total cost.d. How do the costs of carrying inventory compare with the costs of ordering?
Please solve this question general accounting
What is the gross profit?
Assume the following information for a merchandising company: Number of units sold 20,000 Selling price per unit $ 30 Variable selling expense per unit $ 3.60 Variable administrative expense per unit $ 3.10 Fixed administrative expenses $ 50,000 Beginning merchandise inventory $ 24,000 Ending merchandise inventory $ 19,000 Merchandise purchases $ 340,000 What is the contribution margin?
A firm sells 2,800 units of an item each year. The carrying cost per unit is $3.26 and the fixed costs per order are $74. What is the economic order quantity? (Please round units to the nearest whole number) solve this general accounting Query
Swank Clothiers had sales of $383,000 and cost of goods sold of $260,000. What is the gross profit margin (ratio of gross profit to sales)? b. If the average firm in the clothing industry had a gross profit of 25 percent? how is the firm doing? SOLVE BOTH QUESTIONS
What is the gross profit on these general accounting question?