Question
The 2017 financial statements of Barclay Ltd. reported beginning inventory of $130,000, ending inventory of $140,000, and cost of goods sold of $650,000 for the
The 2017 financial statements of Barclay Ltd. reported beginning inventory of $130,000, ending inventory of $140,000, and cost of goods sold of $650,000 for the year. To one decimal, Barclay's inventory turnover ratio for 2017 is
Question 8 options:
a)
4.0 times.
b)
2.9 times.
c)
4.8 times.
d)
3.4 times.
Question 9(1 point)
Maine Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the calculation of the inventory at July 31, 2017, are as follows:Cost
Retail
Inventory, July 1/14$200,000
$250,000
Purchases1,200,000
1,575,000
Markups, net175,000
Sales1,700,000
Estimated normal shoplifting losses20,000
Markdowns, net110,000
Under the lower of average cost and market method, Maine's estimated inventory at July 31, 2017, is
Question 9 options:
a)
$119,000.
b)
$85,000.
c)
$136,000.
d)
$133,000.
Question 10(1 point)
On January 1, 2017, the merchandise inventory of Shoesmith Corp. was $600,000. During 2017, Shoesmith purchased $1,150,000 of merchandise and recorded sales of $1,350,000. The gross profit rate on these sales was 35%. What is the estimated dollar value of the inventory at December 31?
Question 10 options:
a)
$472,500
b)
$877,500
c)
$872,500
d)
$562,500
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