Question
3. Cost Retail Opening inventory $400,000 $785,000 Purchases $650,000 $1,295,000 RTV $7,500 $14,000 Gross sales $957,000 Markdowns $98,000 Customer returns $35,000 Utilize the above figures
3.
Cost
Retail
Opening inventory
$400,000
$785,000
Purchases
$650,000
$1,295,000
RTV
$7,500
$14,000
Gross sales
$957,000
Markdowns
$98,000
Customer returns
$35,000
Utilize the above figures to calculate:
a.The closing book inventory at retail. (1 point)
b.The cumulative markup% of total merchandise handled. (1 point)
c.The cost value of this closing book inventory. (1 point)
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Government and Not-for-Profit Accounting Concepts and Practices
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith
8th edition
1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857
