Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone show the steps on how to do these problems. Those are the real answers, I just don't understand the process, thank you (8)
Can someone show the steps on how to do these problems. Those are the real answers, I just don't understand the process, thank you
(8) Dicer uses the conventional retail method to determine its ending inventory at cost. d. $100,000. Assume the beginning inventory at cost (retail) were $390,000 (5594,000), purchases during the current year at cost (retail) were $2,055,000 ($3,300,000), freight-in on these purchases totaled $129,000, sales during the current year totaled $3,000,000, and net markups (markdowns) were $72,000 ($108,000). What is the ending inventory value at cost? a. $556,842. b. $567,138. c. $580,206. d. $858,000. (9) Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail Beginning inventory $ 30,000 $ 45,000 Purchases 190,000 260,000 Freight-in 2,500 Net markups 8,500 Net markdowns 10,000 Employee discounts 1,000 Sales revenue 205,000 If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio? a. $222,500 - $305,000 $222,500 - $313,500 c. $220,000 - $315,000 d. $222,500 + $303,500 (10) Fry Corporation's computation of cost of goods sold is: Beginning inventory $ 60,000 Add: Cost of goods purchased 530,000 Cost of goods available for sale 590,000 Ending inventory 90,000 Cost of goods sold $500,000 The average days to sell inventory for Fry are a. 46.2 days. c. 54.5 days b. 51.4 days. Conventional Calulare rahoStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started