Question
Exercise 9-18 Presented below is information related to Bobby Engram Company. Cost Retail Beginning inventory $ 65,500 $117,000 Purchases (net) 137,000 213,000 Net markups 21,300
Exercise 9-18 Presented below is information related to Bobby Engram Company. Cost Retail Beginning inventory $ 65,500 $117,000 Purchases (net) 137,000 213,000 Net markups 21,300 Net markdowns 35,700 Sales revenue 191,800 Compute the ending inventory at retail. Ending inventory $ LINK TO TEXT Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%) Cost-to-retail percentage (1) Excluding both markups and markdowns. % (2) Excluding markups but including markdowns. % (3) Excluding markdowns but including markups. % (4) Including both markdowns and markups. % LINK TO TEXT Which of the methods in (b) above does the following? (1) Provides the most conservative estimate of ending inventory. (2) Provides an approximation of lower-of-cost-or-market. (3) Is used in the conventional retail method. LINK TO TEXT Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) Ending inventory $ LINK TO TEXT Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Cost of goods sold $ LINK TO TEXT Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Gross margin $
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