Question
I need to answer to these questions by using Excel FUNCTIONS A toy store has beginning inventory of 15 sets of paints at a cost
I need to answer to these questions by using Excel FUNCTIONS
A toy store has beginning inventory of 15 sets of paints at a cost of $1.05 each. During the year the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20 at $4.00. By the end of the year, 25 sets were sold. Calculate (a) the number of paint sets in stock and (b) the cost of ending inventory under LIFO, FIFO, and weighted average.
The Morris Co. allocates its overhead expenses to all departments on the basis of floor space (square feet) occupied by each department. The total overhead expenses for a recent year amounted to $120,000. Department A occupied 19,820 square feet; department B, 16,180; and department C, 6,000. What is the amount of the overhead allocated to department C? (Round percent to nearest hundredth in your calculation.)
Jansen Co. has a beginning inventory at a cost of $77,800 and an ending inventory costing $99,250. Sales were $310,000. Assume Jansens markup rate on selling price is 40 percent. Based on the selling price, what is the inventory turnover at cost? Round to nearest hundredth.
Shelleys Dress Shops inventory at cost on January 1 was $32,950. Its retail value is $49,100. During the year, Shelley purchased additional merchandise at a cost of $195,800 with a retail value of $420,000. The net sales at retail for the year were $320,500. Calculate Shelleys inventory at cost by the retail method. Round cost ratio to nearest hundredth percent.
The manager of Sals Department Store is having difficulty calculating the inventory turnover at retail. The beginning inventory at retail was $94,100, and the ending inventory at retail was $98,154. The stores net sales were $488,000. The cost of goods were $410,000. Could you assist the manager by computing the turnover to the nearest hundredth?
great so how do I solve these problems?
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