Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I can't get the cost to retail ratio right. I've tried dividing (1,364,400/1,895,000)x 100 to get 72% but its saying its wrong. Nade ???nd uses

image text in transcribedI can't get the cost to retail ratio right. I've tried dividing (1,364,400/1,895,000)x 100 to get 72% but its saying its wrong.

Nade ???nd uses a penodIC Inventory system and the retall Inventory metod to estimate ending Inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2016 Cost Retail Beginning inventory$410,000 Net purchases Freight-in Net markups Net markdowns Net sales $545,000 910,000 1,320,000 44,400 59,000 29,000 1,255,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-Retail Ratio Cost Retail Beginning inventory Plus: Net purchases $410,000545,000 1,320,000 910,000 44,400 Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 59,000 1,924,000 29,000 1,895,000 1,364,400 Cost-to-retail percentage 1,255,000 $ 640,000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 1,364,400

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

Rethinking Clinical Audit Psychotherapy Services In The NHS

Authors: Rachael Davenhill, Matthew Patrick

1st Edition

0415162084, 978-0415162081

More Books

Students also viewed these Accounting questions

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago