1) Blue Company on January 1 had inventory costing $65,000 and during January had net purchases of $119,000. Over recent years, Blue's gross profit has averaged 40% on sales. Given that the company has net sales of $190,000, calculate the estimated cost of ending inventory using the gross profit method.

2)Blue jeans, Inc. sells jeans that cost $15.99 for a selling price of $42.95. What is the percent of markup based on cost? (Round to nearest hundredth percent.)

percent.)

3)A video game sells at Arnolds for $199.95. Arnolds marks the game up at 30 percent of the selling price. What was the cost of the video game to Arnolds?

4)Assume markup is based on cost. If the cost of a table is $62 and sells for $110, what is the percent of markup based on cost? Round to nearest hundredth percent.

5)A. If the cost of a table is $59 and sells for $100, what is the percent of markup based on cost? Round to nearest hundredth percent.

6)(The buyer for the Ragusano French restaurant buys steak for $4.50 per pound. If the average steakl serving is one-half(1/2) pound, what will the markup percenton sales be if the steak is listedon the menu for $14.00? Round to the nearest 10th of a percent.

7)Bill's Hardware marks up snowblowers $130 and sells them for $485. Markup is on cost. What is the cost and percent markup to nearest hundredth percent?

8)Amy Roe sells adding machines for $99.95 that cost $62. What is Amy's percent markup on selling price? Round to nearest hundredth percent. Verify the selling price

10) Bill Angel marks up his goods 38% on cost. A Nikon camera cost Bill $410. What is Bill's selling price?

11)A toaster is marked up $10 and sells for $45.00. Find the cost and percent markup if the markup is based on cost. (Round to nearest hundredth percent.)

12)Given the following information, you have been requested by your supervisor to submit the cost of ending inventory under LIFO, FIFO, and Weighted-Average. At year-end 850 units remained in inventory.

January 1 inventory: 2,500 @ $2.95 April 9: 4,000 @ $4.00 June 15: 1,000 @ $6.50

August 10: &..;@$7.00

DECEMBER 9: 200 @ $8.50

13)Sullivan's Handbags markup their bags at 45% of the selling price. Pat Sullivan saw a bag at a trade show that she would sell to her customers for $85.00. What is the most she could pay for the bag and still retain the 45% markup of the selling price?

14)Pete's Convenience Store has a beginning inventory of 12 cans of soup at a cost of $.85 each. During the year, the store purchased 4 at $.95; 6 at $1.05; 7 at $1.35; and 8 at $1.50. By the end of the year, 18 cans were sold. Calculate A) the number of cans of soup and B) the cost of ending inventory under LIFO, FIFO, and Weighted Average.

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