Question
Use the following information from Dell Enterprise to answer the questions. 2010 Account Cost Retail Inv, Jan 1 $ 10,000 21,000 Purchases 19,000 34,000 Freight
- Use the following information from Dell Enterprise to answer the questions.
|
| 2010 | |
| Account | Cost | Retail |
| Inv, Jan 1 | $ 10,000 | 21,000 |
| Purchases | 19,000 | 34,000 |
| Freight In | 1,000 |
|
| Net Markups |
| 6,700 |
| Net Markdowns |
| 5,100 |
| Net Sales |
| 23,000 |
| Employee Discounts |
| 4,000 |
| Normal Shortage |
| 500 |
|
|
|
|
- Using the Conventional Method, what is the Cost-to-Retail Ratio for 2010? Round to the nearly whole percentage.
- Using the Conventional Method, what is the ending inventory valued at Cost for 2010?
- Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2010?
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
4th Edition
0132423502, 978-0132423502
