Alpha Geek

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  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

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    Polytechnic State University
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Category > Accounting Posted 23 Apr 2017 My Price 10.00

Bobby Engram Company

Presented below is information related to Bobby Engram Company.
   

Cost

  

Retail
Beginning inventory   $ 59,700   $117,100
Purchases (net)   122,300   220,700
Net markups       26,000
Net markdowns       35,400
Sales revenue       186,200
 
Compute the ending inventory at retail.
Ending inventory  

$
 

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Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%)
       

Cost-to-retail percentage
(1)   Excluding both markups and markdowns.  

%
(2)   Excluding markups but including markdowns.  

%
(3)   Excluding markdowns but including markups.  

%
(4)   Including both markdowns and markups.  

%
 

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Which of the methods in (b) above does the following?
(1)   Provides the most conservative estimate of ending inventory.  

(2)   Provides an approximation of lower-of-cost-or-market.  

(3)   Is used in the conventional retail method.  

 

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Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)
Ending inventory  

$
 

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Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.)
Cost of goods sold  

$

Answers

Alpha Geek
(8)
Status NEW Posted 23 Apr 2017 04:04 PM My Price 10.00

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Attachments

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