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

Question

1 Approved Answer

please answer both questions in 10 min thanks Cost Retail Beginning inventory $312000 $476000 Purchases 1150000 1700000 Freight-in 17000 Employee discounts 7000 Net markups 57000

please answer both questions in 10 min thanks image text in transcribed
image text in transcribed
Cost Retail Beginning inventory $312000 $476000 Purchases 1150000 1700000 Freight-in 17000 Employee discounts 7000 Net markups 57000 Net markdowns 76000 Sales revenue - 1620000 The approximate cost of the ending inventory by the conventional retail method is (Hint:Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to decimal places.) $351920 $530000 $388000, $798193 Amarkup of 20% on cost is equivalent to what markup on selling price? 20.00% 16.70% 80.00% 83.30%

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_2

Step: 3

blur-text-image_3

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

Auditing For Dummies

Auditing For Dummies

Authors: Maire Loughran

1st Edition

0470530715, 978-0470530719

More Books

Students also viewed these Accounting questions

Question

★★★★★
At the time of Matthew's death, he was involved in the following transactions. Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid...

Answered: 1 week ago

Question

★★★★★
A companys change in accounts payable was added back to net income on the statement of cash flows prepared using the indirect method. This is an indication that the amount owed to suppliers during...

Answered: 1 week ago

Question

★★★★★
When the equity securities are transferred from available-for-sale (AFS) to trading securities, a. The unrealized gain/loss is recognized on T + 2 b. The unrealized gain/loss is not recognized at all...

Answered: 1 week ago

Question

★★★★★
The volume of a dry box (a closed chamber with dry nitrogen flowing through it) is 2.0 m3. The dry box is maintained at a slight positive gauge pressure of 10 cm H2O and room temperature (25C). If...

Answered: 1 week ago

Question

★★★★★
20202 My courses - To close a partner's drawings account, an entry must be made that: Select one: a. credits that partner's drawings account and debit that partner's capital account b. debits that...

Answered: 1 week ago

Question

★★★★★
Heather is a brand manager. She is working with the marketing department on a promotion strategy because she is concerned about the message her brand is communicating. In addition to advertising,...

Answered: 1 week ago

Question

★★★★★
A hedger is short spot and long futures. Today, spot is 4.40 and the June future is 5.00. A bit later, spot goes to 5.00 and the June future goes to 5.10. What has happened to basis in this period?...

Answered: 1 week ago

Question

★★★★★
The EICAS CRTs (cathode ray tubes) are: Group of answer choices Identical Directly powered from the battery bus Cooled by AC-powered fans All the above Only b and c

Answered: 1 week ago

Question

★★★★★
A recruiter asks candidates for a customer service rep position, "Why are you interested in this role?" Which response ( s ) would hurt a candidate's chances of advancing to the next round? Select...

Answered: 1 week ago

Question

★★★★★
You are starting to draw up your plans for the program. You realize that employees are going to have a lot of questions about the change. You cannot get all of the questions handled in all - hands...

Answered: 1 week ago

Question

★★★★★
I need these charts filled in using the information given Instructions Analysis Ledger Trial Balance Greenwald and Mass developed a business and plan to begin by offering clinics for basic outdoor...

Answered: 1 week ago

Question

★★★★★
What opportunities may exist within the organisation(s) in which your research is to be based for the use of some form of participant observation? To what extent would such approaches to data...

Answered: 1 week ago

Question

★★★★★
What is the role of the facilitator in a focus group? a To evaluate the performance of the group relative to the questions being answered. b To encourage discussion and keep the conversation on...

Answered: 1 week ago

Question

★★★★★
Why is it important to prepare an interview guide or schedule before you undertake a semi-structured interview? a So that you can work out the statistical inferences from the answers. b To make it...

Answered: 1 week ago

Previous Question Next Question