I need helo with this problem, taking accounting online is hard when you are busy and its hard to also teach myself. Please help
Problem BJ'A Retail Method. {LOB-2, LOB-3, LOB-6) Between The Ears {BTE.com) is a popular Internet music store. During the current year. the company's cost of goods available for sale amounted to $462.. The retail sales value of this merchandise amounted to $340,. Sales for the year were $?44,DUG. At year-end. BTE.com takes a physical inventory. The general manager 1Italics through the warehouse counting each type of product and reading its retail price into a recorder. From the recorded information, another employee prepares a schedule listing the entire ending inventory at retail sales prices. The schedule prepared for the current year reports ending inventory at $34.45!!) at retail sales prices. {Round \"Cost ratio\" to nearest whole percent.) Instructions a. Using the retail method, estimate (1} the cost of goods sold during the year and {2) the inventory at the end of the year. 1 Estimated cost of goods sold: Cost ratio for the current year: Cost of goods available for sale Retail prices of goods available for sale Cost ratio Estimated cost of goods sold [2) Estimated ending Inventory: Cost of goods available for sale Estimated cost of goods sold Estimated ending inventory h-1. Use the cost ratio computed in part a to reduce the inventory counted by the general manager from its retail value to an estimate of its cost. : b-2. Determine the estimated shrinkage losses {measured at cost) incurred by BTE.oom during the year. : b4. Compute BTE.com's gross prot for the year. (Include inventory shrinkage losses in the cost of goods sold.) -: Problem EBA FIFO versus LIFO Comparisons {LOB-1, LOB-7] Walmart uses LiFO to account for its inventories. Recent nancial statements were used to compile the following information {dollar gures are in millions): Average inventory {throughout the year) $ 42.259 Current assets {at year-end) 59.940 Current liabilities (at year-end} 7'1 .81 8 Sales 469.162 Cost of goods sold 352,488 Gross prot 116.6?4 Average time required to collect outstanding receivables (approximate) 10 days Instructions Using the information provided, compute the following measures based upon the UFO method: a-1. Compute the inventory tumover rate. [Round your answer to 2 decimal places.) - times e-Z. Compute the current ratio. [Round your answer to 2 decimal places.) -- 5-3. Compute the gross prot rate. {Round your percentage answer to 'I declmal place (Le. .1234 should be entered as 12.31:] m