FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Find the shortage or overage percentage if January figures are as follows: Net sales$137,000 Opening inventory (retail)640,000 Markdowns27,000 Employee discounts1,000 Retail purchases96,000 Closing physical inventory531,450

Find the shortage or overage percentage if January figures are as follows:

Net sales$137,000

Opening inventory (retail)640,000

Markdowns27,000

Employee discounts1,000

Retail purchases96,000

Closing physical inventory531,450

Net sales for the year1,520,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Managerial Accounting Concepts

Fundamental Managerial Accounting Concepts

Authors: Edmonds, Tsay, olds

6th Edition

71220720, 78110890, 9780071220729, 978-0078110894

More Books

Students also viewed these Accounting questions

Question

★★★★★
Refer to Exercise 4.54. For each of the following events, list the outcomes that constitute the event and describe the event in words. In E 4.54 In a horse race, the odds against winning are as shown...

Answered: 1 week ago

Question

★★★★★
3. The endocrine system consists of glands that release important hormones into the blood that regulate arousal, growth, metabolism, and sex. (LO6)

Answered: 1 week ago

Question

★★★★★
What courses does he/she teach?

Answered: 1 week ago

Question

★★★★★
Compute the two-period and four-period moving average predictions for the data set. a. Prepare a line graph comparing the moving average predictions against the original data. b. Compute the MSE for...

Answered: 1 week ago

Question

★★★★★
Consider a firm that has EPS of $5 at the end of the first year, a dividend-payout ratio of 30-percent, a discount rate of 16-percent, and a return on retained earnings of 20-percent. The firm...

Answered: 1 week ago

Question

★★★★★
Swifty's Goods Crane Enterprises Begirning of year: Total assets Total Labilities Total owner's equity End of year: Total assets Total liabilities Total owner's equity Changes during year in owner's...

Answered: 1 week ago

Question

★★★★★
Suppose Tim is a single full time worker, earning $75000 per year. He has a government bonds which return $1300 a month. He rents his apartment for $210 a week, with a monthly electricity bill of...

Answered: 1 week ago

Question

★★★★★
Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,000 shares of Pamrods $20 par value common stock. Balance sheet data for both...

Answered: 1 week ago

Question

★★★★★
Carol is the purchasing manager for J'Divine, a popular wedding photography business. She is responsible for assessing the purchasing and supply activities performed by J'Divine's purchasing and...

Answered: 1 week ago

Question

★★★★★
How might a neuroscientist use children's interest in video games to design an experimental or longitudinal study determining whether intense amounts of practice in a particular skill causes...

Answered: 1 week ago

Question

★★★★★
ABA Procedure In this section, name the ABA Procedure being considered. For example, "Differential Reinforcement of Other Behavior (DRO)." Special Methods In this section, discuss the implementation...

Answered: 1 week ago

Question

★★★★★
1. A store network which incorporates the circulation of completed item and administration? a. Outbound coordinations b. Inbound coordinations c. Supply of merchandise d. Transportation 2.What extra...

Answered: 1 week ago

Question

★★★★★
3. What is the difference between perception and assessment of a particular everyday situation? Give at least three examples.

Answered: 1 week ago

Question

★★★★★
7. One or other combination of 16.

Answered: 1 week ago

Question

★★★★★
1. Discuss the following statements: a) Mastery is not the same as understanding. b) Being bigger than is not the same as being the thing that is bigger. c) The difference between order and disorder...

Answered: 1 week ago

Previous Question Next Question