Calculate the gross profit ratio for 11 months ended May 31, 2016.

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Answer 1

Question

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Need answer general Accounting

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Answer 2

Question

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

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Answer 4

Question

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

Answer 6

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

Answer 7

Chapter 8, Problem 5C

1.

To determine

Calculate the gross profit ratio for 11 months ended May 31, 2016.

Answer 8

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

Answer 9

2.

To determine

Calculate the amount of cost of goods sold during June 2016.

Answer 10

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

Answer 11

3.

To determine

Compute inventory at June 30, 2016 under gross profit method.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 8 - Prob. 1GI Ch. 8 - Define the upper and lower constraints used in the...Ch. 8 - How may a company apply the lower of cost or a...Ch. 8 - What is the major criticism of the lower of cost...Ch. 8 - Prob. 5GI Ch. 8 - Prob. 6GI Ch. 8 - Prob. 7GI Ch. 8 - Prob. 8GI Ch. 8 - What is the basic assumption underlying the gross...Ch. 8 - Prob. 10GI

Calculate the gross profit ratio for 11 months ended May 31, 2016.

Solution Summary: The author calculates the gross profit ratio for 11 months ended May 31, 2016 using the following formula: Gross profit is the difference between the total revenues and cost of goods sold.

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Calculate the gross profit ratio for 11 months ended May 31, 2016.

Calculate the amount of cost of goods sold during June 2016.

Compute inventory at June 30, 2016 under gross profit method.

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Chapter 8 Solutions