A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400.

Question:

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 reported on the financial statements?

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

See More Books

Question Posted: Apr 07, 2021 08:03 AM

See More Questions

A business using the retail method of inventory costing determines that merchandise inventory at retail is $775,000. 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 $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of inventory to...
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...
Shemekia applied to a college that uses multiple regression to select students. This college only considers students whose predicted firstyear GPA is 3.0 or higher. Shemekias predicted GPA was 2.9...
List the four axes of a total station and their relationship with each other.
In which of the following cases in a translation adjustment necessary? Preparation of consolidated financial statements Hedging of foreign currency Foreign currency financial statements are converted...
Do you have the right people onboard? Who else might you need? (p. 249)
Mazir Coleman had driven a school bus for the Casey County, Kentucky, Board of Education for four years. After that time, Colemans left leg had to be amputated. Coleman was fitted with an artificial...
8 Required information On January 1, 2021, a company granted 26,000 stock options to employees to acquire $1 par common stock for an exercise price of $12 per share Fair value per option on grant...
Richardson Ski Racing (RSR) sells equipment needed for downhill ski racing. One of RSRs products is fencing used on downhill courses. The fence product comes in 150-foot rolls and sells for $215 per...
The cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance of $468,460 on April 30. Comparing the bank statement and the...
Kroger, Sprouts Farmers Market, Inc., and Whole Foods Markets, Inc. are three grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent...
ABC Company produces two types of stereo units. Activity data follows: Required: (i). Calculate the consumption ratios for each activity. (ii). Group activities based on the consumption ratios and...
Refer to the information presented in M7-9. Suppose that Juanita has developed a rectangular, medium-size ceramic pot. It requires 3 hours of kiln time; however, two medium-size pots can fit m the...
Eclipse Company manufactures a variety of sunglasses. Production information for its most popular line, the Total Eclipse (TE), follows: Suppose that Eclipse has been approached about making a...
Sunblocker Corp. makes several varieties of beach umbrellas and accessories. It has been approached about producing a special order for custom umbrellas. The special-order umbrellas with the Randolph...
Sunblocker Corp. is considering eliminating a product from its Happy Sand line of beach umbrellas. This collection is aimed at people who spend time on the beach or have an outdoor patio near the...
Suppose that annual demand for a certain item has decreased dramatically this year, although the store that stocks this item has not updated its inventory policy, so the store is still using the same...
Silver Lining Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Silver Lining Corporation follows for the year ended September 30, 2021: Cost...
The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatch's senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use your...
When wages expense for the year is computed, why are beginning accrued wages subtracted from and ending accrued wages added to, wages paid during the year?
List two types of transactions that would receive different accounting treatment using (a) Strict cash-basis accounting, and (b) A modified cash basis.
List two types of transactions that would receive different accounting treatment using (a) Strict cash-basis accounting, and (b) A modified cash basis.
Production numbers for 2 shifts are shown. The shift supervisor of Shift 2 insists to the production manager that her operators are more productive than the ones on Shift 1. Using a confidence level...
In a class, the scores that students got are as shown. What are the 25, 50, 75 and 100th percentiles for the data? 84 84 98 80 89 83 85 56 85 84 84 74 84 81 83 80 45 86 67 79 81 78 76 85 83 77 86 83...
Number of points made by Teams A and B are shown. Which statement is true based on running the F-Test Two-Sample for Variances in the Data Analysis pack in Excel? Use a confidence level of 10% to...

A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400.

Question:

Step by Step Answer:

Given Cost Price Retail price 61 Given ret...View the full answer

Accounting

Students also viewed these Business questions