A business using the retail method of inventory costing determines that merchandise inventory at retail is $1,235,000.
Question:
A business using the retail method of inventory costing determines that merchandise inventory at retail is $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of inventory to be reported on the financial statements?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Retail price of inventory 1235000 Ratio of cost to reta...View the full answer
Answered By
Omar ELmoursi
I'm Omar, I have Bachelor degree in Business and Finance, My unique approach is to help students with questions and assignments, I can teach Business, Math, Accounting, Managerial Accounting, Economy, Human resources management, organizational behavior, project management, I have experience dealing with different types of students and teach them how to deal with different types of exercises.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $780,000. If the ratio of cost to retail price is 65%, what is the amount of inventory to be...
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $950,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be...
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $880,000. If the ratio of cost to retail price is 65%, what is the amount of inventory to be...
-
In April 2016, Vanessa bought 100 shares in Entagon plc at a cost of 5 per share. The company went into liquidation and Vanessa received a first distribution of 40p per share in July 2020. The shares...
-
Chlorine reacts with oxygen to form Cl2O7. (a) What is the name of this product (see Table 2.6)? (b) Write a balanced equation for the formation of Cl2O7 (l) from the elements. (c) Under usual...
-
What are the types of survey questionnaires that systems analysts can use to collect information and opinions?
-
On December 31,2010, the Accounts Receivable balance of Alterations Express is $300,000. The Allowance for Uncollectible Accounts has a $3,900 credit balance. Alterations prepares the following aging...
-
Cubicle Corporation is in the machinery business. At the December 31, 2011 year-end, the following financial information was available from the income statement: administrative expenses, $161,600;...
-
Question1 Motivationis agoal-oriented characteristicthat helpsapersonachievehis objectives. It pushesanindividualtoworkhardatachievinghisorhergoals.Anexecutivemusthavethe...
-
There are 2 shinobis with chakra levels 5 and 10 respectively and the desired sum of chakra levels is utmost 15 Starting with ke0, suy of chakra levels after attack max(5-0,0) + max(10- 0,0) 5+10 15....
-
Kroger, Safeway Inc., and Winn-Dixie Stores Inc. are three grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent balance sheets for...
-
A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be...
-
In Problems 13-30, use implicit differentiation to find y' and evaluate y' at the indicated point. y + 2y + 3x = 0; (-1, 1)
-
In the fall of 2021, a cinematographer was fatally shot on the set of a film entitled, "Rust". The incident occurred when a bullet was discharged from a gun that was being used as a prop by actor...
-
Discuss two (2) cons of this organizational structure. Discuss two (2) reasons why such an organizational culture would be a challenge for a development organization to adopt. Which organizational...
-
A 0 . 0 0 1 2 C charged cart is initially at rest on a ramp ( 1 . 1 m away from the bottom of the ramp ) . At the bottom of the ramp is another charge ( 0 . 0 1 2 C ) . Ignoring friction, how fast is...
-
Write a java program to find out greatest of two numbers using if and else statement?
-
1) Debbie wants to determine the initial speed at which a spring toy shoots a marble. She assumes the toy shoots the marble with the same speed on every trial. She shoots the marble horizontally from...
-
What are the activities and steps involved in developing an LRC?
-
Coastal Refining Company operates a refinery with a distillation capacity of 12,000 barrels per day. As a new member of Coastal's management team, you have been given the task of developing a...
-
Sanjay and Sophia looked out over the factory floor in dismay. They both worked in human resources management, and just a week ago they had delivered some safety training in an attempt to reduce...
-
On the first day of its fiscal year, Ebert Company issued $50,000,000 of 10-year, 7% bonds to finance its operations. Interest is payable semiannually. The bonds were issued at a market (effective)...
-
On the first day of its fiscal year, Ebert Company issued $50,000,000 of 10-year, 7% bonds to finance its operations. Interest is payable semiannually. The bonds were issued at a market (effective)...
-
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, 2014, Shunda Corporation issued $22,000,000 of five-year, 9% bonds at a market (effective) interest rate of 7%, receiving...
-
We review long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable based on the undiscounted future cash flows. If the carrying amount of...
-
Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also...
-
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,300 units; cost $6.40 each. August 8 Purchased 11,500...
Study smarter with the SolutionInn App