Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help!! Answer the following Intermediate Accounting I: Thank you!! Plank Co. uses the retail inventory method. The following information is available for the current

please help!! Answer the following Intermediate Accounting I: Thank you!!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Plank Co. uses the retail inventory method. The following information is available for the current year Beginning inventory Purchases Freight-in Employee discount:s Net markups Net markdowns Sales revenue The ending inventory at retail should be $312,000 $488,000 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 A. $576,000 B. $560,000 0 C. $600,000 D. $640,000 The computation of the cost to retail percentage in the conventional retail inventory method, should include markups and markdowns True False Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail 312,000 $488,000 180,000 1,660,000 Beginning inventory Freight-in Employee discounts Net markups Net markdowns Sales revenue If the ending inventory is to be valued at approximately lower of average cost or market, the calculation of the cost ratio should be based on cost and retail of 20,000 8,000 60,000 80,000 1,560,000 A. $1,200,000 and $1,720,000 B.$1,512,000 and $2,208,000. OC. $1,492,000 and $2,200,000 D. $1,200,000 and $1,712,000 Plank Co. uses the retail inventory method. The following information is available for the current year $312,000 $488,000 Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue The approximate cost of the ending inventory by the conventional retail method is 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 A. $409,920 B. $379,680 0 C. $392,000 D. $383,600

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

More Books

Students also viewed these Accounting questions

Question

What is the formula to calculate the mth Fibonacci number?

Answered: 1 week ago

Question

What lessons in OD contracting does this case represent?

Answered: 1 week ago

Question

Does the code suggest how long data is kept and who has access?

Answered: 1 week ago