Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Feb 2018 My Price 6.00

JM Clothing store

1. The JM Clothing store kept all merchandise records in terms of selling price. On July 1, the JM books showed the following information.

 

Beginning inventory, January 1:

$23,500

6-month purchases:

99,000

6-month net sales:

87,800

What was the estimated ending inventory on July 1?

2. The Kid’s Land Clothing Store kept all purchase and inventory records on a cost basis. The owner marked up all goods at 40.0% of the cost price. On July 1, the Kid’s Land books showed the following information.

 

Beginning inventory, January 1:

$1,126,000

6-month purchases:

2,221,400

6-month net sales:

2,508,200

What was the estimated inventory, at cost, on July 1?

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Feb 2018 09:02 PM My Price 6.00

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