While she was at the store, it purchased 962 dress shirts that were listed for $71 each less trade discounts of 10%, 8%, and 1% from FXFusion in Vancouver. The store's operating expenses are 26% of cost and markup is 69% of cost. The store sold 562 shirts at the regular selling price. During a sale, it offered a markdown of 13% and sold another 271 shirts. It sold another 129 shirts at the break-even price. Using your break-even price and regular selling price calculated in the previous questions, what would the rate of markdown have to be to reduce the selling price to the breakeven price. Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units.

While she was at the store, it purchased 962 dress shirts that were listed for $71 each less trade discounts of 10%, 8%, and 1% from FXFusion in Vancouver. The store's operating expenses are 26% of cost and markup is 69% of cost. The store sold 562 shirts at the regular selling price. During a sale, it offered a markdown of 13% and sold another 271 shirts. It sold another 129 shirts at the break-even price. Using your break-even price and regular selling price calculated in the previous questions, what would the rate of markdown have to be to reduce the selling price to the breakeven price. Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units.

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

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Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method?
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average.
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285-unit purchase at $49 per unit; the second was a 380-unit purchase at $51 per unit. During the period, it sold 555 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average, (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Munabhai
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The Bookstall Inc. is a specialty bookstore concentrating on used books sold via the Internet. Paperbacks are $1.55 each, and hardcover books are $4.35. Of the 80 books sold last Tuesday morning, 70 were paperback and the rest were hardcover. What was the weighted mean price of a book?
During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid $300 and owes the rest. During the month, it sold 3/4 of its inventory for $1,000 on account. What is the amount of Cost of Goods Sold for the month ended?
A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.00 on October 1, 25 pairs at $39.00 on October 8, and 20 pairs at $49.00 on October 15. An inventory taken last week indicates that 32 pairs are still in stock. Calculate the cost of this inventory by FIFO.
CPI sells computer peripherals. At December 31, year 1, CPI's inventory amounted to $700,000. During the first week in January, year 2, the company made only one purchase and one sale. These transactions were as follows. Jan.2 Purchaned 20 modema and 80 printers from Sharp. The total cost of these machines wan $45,000, terma 3/10, n/60. Jan.6 Sold 30 different types of produets on aceount to Pace Corporation. The total sales pride was $30,000, terms 5/10, n/90. The total cost of these 30 units to CPI was $14,700 (net of the purchase discount). CPI has a full-time accountant and a computer-based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable, inventory, and accounts payable. Required: b. Prepare journal entries to record these transactions, assuming that CPI uses a perpetual inventory system. c. Compute the balance in the Inventory account at the close of business on January 6. d. Prepare…
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…

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