Answer the following Intermediate Accounting I: Thank you so much!
Plank Co. uses the retail inventory method. The following information is available for the current year Beginning inventory Purchases Freight-in Employee discount:s Net markups Net markdowns Sales revenue The ending inventory at retail should be $312,000 $488,000 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 A. $576,000 B. $560,000 0 C. $600,000 D. $640,000 The computation of the cost to retail percentage in the conventional retail inventory method, should include markups and markdowns True False Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail 312,000 $488,000 180,000 1,660,000 Beginning inventory Freight-in Employee discounts Net markups Net markdowns Sales revenue If the ending inventory is to be valued at approximately lower of average cost or market, the calculation of the cost ratio should be based on cost and retail of 20,000 8,000 60,000 80,000 1,560,000 A. $1,200,000 and $1,720,000 B.$1,512,000 and $2,208,000. OC. $1,492,000 and $2,200,000 D. $1,200,000 and $1,712,000 Plank Co. uses the retail inventory method. The following information is available for the current year $312,000 $488,000 Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue The approximate cost of the ending inventory by the conventional retail method is 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 A. $409,920 B. $379,680 0 C. $392,000 D. $383,600 Plank Co. uses the retail inventory method. The following information is available for the current year Beginning inventory Purchases Freight-in Employee discount:s Net markups Net markdowns Sales revenue The ending inventory at retail should be $312,000 $488,000 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 A. $576,000 B. $560,000 0 C. $600,000 D. $640,000 The computation of the cost to retail percentage in the conventional retail inventory method, should include markups and markdowns True False Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail 312,000 $488,000 180,000 1,660,000 Beginning inventory Freight-in Employee discounts Net markups Net markdowns Sales revenue If the ending inventory is to be valued at approximately lower of average cost or market, the calculation of the cost ratio should be based on cost and retail of 20,000 8,000 60,000 80,000 1,560,000 A. $1,200,000 and $1,720,000 B.$1,512,000 and $2,208,000. OC. $1,492,000 and $2,200,000 D. $1,200,000 and $1,712,000 Plank Co. uses the retail inventory method. The following information is available for the current year $312,000 $488,000 Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue The approximate cost of the ending inventory by the conventional retail method is 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 A. $409,920 B. $379,680 0 C. $392,000 D. $383,600
