On the basis of the following data, estimate the cost of the merchandise inventory at April 30 by the retailmethod Cost Retail Merchandise inventory April 1 April 1 30 April 1 30 Purchases (net) Sales (net) 2,000,000 2,025,000 1,200,000...

Cost of merchandise inventory at April 30 165000 Merchandise inventory April 1 Purchase in A ...

On the basis of the following data, estimate the cost of the merchandise inventory at April 30

Question:

On the basis of the following data, estimate the cost of the merchandise inventory at April 30 by the retailmethod:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Question Posted: Aug 27, 2011 10:38 AM

See More Questions

On the basis of the following data for Grant Co. for 2010 and the preceding year ended December 31, 2009, prepare a statement of cash flows. Use the indirect method of reporting cash flows from...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31. Assume that equipment costing $25,000 was purchased for cash and no long term assets were sold...
On the basis of the following data related to current assets for Mission Co. at December 2016, prepare a partial balance sheet in good form. Cash and cash equivalents $100,000 Notes receivable 50,000...
Data was collected for a sample of organic snacks. The amount of sugar (in mg) in each snack is summarized in the histogram below. Frequency 12 -10 8 6 4 2 n = 180 200 220 240 260 280 300 320 amount...
On July 1, 2017, Moton Company needs exactly $206,400 in cash to pay an existing obligation. Moton has decided to borrow from State Bank, which charges 14% interest on loans. The loan will be due in...
Follow the instructions for starting C++ and viewing the Introductory21.cpp file, which is contained in either the Cpp8\Chap11\Introductory21 Project folder or the Cpp8\Chap11 folder. (Depending on...
True or false: If model A has better accuracy than model B, then model A has fewer false negatives than model B. If false, give a counterexample.
Linda Larue has arthritis. Her chiropractor advised her that she needed to swim daily to alleviate her pain and other symptoms. Consequently, Linda and her husband, Philo, purchased for $ 400,000 a...
Chinglish Dirk Company (Hong Kong) exports razor blades to its wholly owned parent company, Torrington Edge (Great Britain). Hong Kong tax rates are 12% and British tax rates are 40%. Chinglish...
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product and the value of the marginal physical product. Note the value of the marginal physical...
A business using the retail method of inventory costing determines that merchandise inventory at retail is $375,000. If the ratio of cost to retail price is 60%, what is the amount of inventory to be...
The merchandise inventory was destroyed by fire on October 11. The following data were obtained from the accounting records: Jan. 1 Merchandise inventory $ 260,000 Jan. 1Oct. 11 Purchases (net)...
Develop a design matrix for a three-factor nested design with each factor at two levels. Assume the study was completed but the order of testing was not randomized. The chemical tests to measure the...
If Technical Specification 2 were reduced in the next design for this product, what would likely happen to customer opinion of Value Feature A? Quick Start QFD Matrix 2 Strong positive correlation...
Customer opinion of Value Feature B is most strongly correlated with what technical specification? Quick Start QFD Matrix 2 Strong positive correlation Some positive correlation == Strong negative...
Consider Quick Start QFD Matrix 1 above. Of the two value features, which do cus- tomers consider three times more important? Quick Start Quick Start QFD Matrix 1 = Strong positive correlation = Some...
Which technical spec can be most easily modified without changing current choices for the other two technical specs? Quick Start Quick Start QFD Matrix 1 = Strong positive correlation = Some positive...
Use Table A.1 to select 20 three-digit random numbers. Did any of the numbers occur more than once? How is it possible for a number to occur more than once? Make a stem-and-leaf plot of the numbers...
List the steps required when a company goes public.
Describe the general ways that the revised Form 990, applicable for tax year 2008 and beyond, is different from previous versions.
For each of the confidence intervals in the previous exercise, calculate and interpret the margin of error. Data from previous exercise The duration customer service calls to an insurance company is...
Laser Vision Co. sells optical supplies to opticians and ophthalmologists. Prepare the entries to record the following selected transactions of Laser Vision Co.: a. Purchased for cash $450,000 of...
Inez Company develops and sells graphics software for use by architects. Prepare the entries to record the following selected transactions of Inez Company: a. Purchased for cash $270,000 of Theisen...
The following comparative net income and earnings per share data are provided for Research in Motion Ltd., developer of the BlackBerry wireless handheld device, for three recent fiscal years: The...
Jennifer purchased a home for $1,000,000 in 2016. She paid $200,000 cash and borrowed the remaining $800,000. This is Jennifer's only residence. Assume that in year 2024, when the home had...
business plan describing company with strengths and weaknesses. Any gaps in plan. Recommendations for improvement of the plan.
You wish to buy a car today for $35,000. You plan to put 10% down and finance the rest at 5.20% p.a. for six years. You will make equal monthly payments of $_______.

On the basis of the following data, estimate the cost of the merchandise inventory at April 30

Question:

Cost Retail Merchandise inventory April 1 April 1-30 April 1-30 Purchases (net) Sales (net) 2,000,000 2,025,000 1,200,000

Step by Step Answer:

Cost of merchandise inventory at April 30 165000 Merchandise inventory April 1 Purchase in A...View the full answer

Accounting

Students also viewed these Accounting questions