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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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