O $53,034
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![What is the average inventory at retail? [round off numbers]
BOM
EOM
January
$50,500
$53,400
February
$52,900
$54,100
March
$54,200
$55,800
April
$53,300
S56,300
Мay
$56,300
$57,500
June
$53,900
$54,300
O $53,034
O $54,527
$54,573
$53,629](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb08afee5-eac3-40b5-bd06-812ccacbd0ce%2F88789a26-ad66-4f47-910b-4779dcfd4492%2Fcvw294j_processed.jpeg&w=3840&q=75)
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- Presented below is information related to Bobby Engram Company. 00Cost00 0 Retail0 Beginning inventory $058,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net markdowns 26,135 Sales revenue 186,000 Instructions a. Compute the ending inventory at retail. b. Compute a cost-to-retail percentage (round to two decimals) under the following conditions. 1. Excluding both markups and markdowns. 2. Excluding markups but including markdowns. 3. Excluding markdowns but including markups. 4. Including both markdowns and markups. c. Which of the methods in (b) above (1, 2, 3, or 4) 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. d. Compute ending inventory at lower-of-cost-or-market (round to nearest dollar). e. Compute cost of goods sold based on (d). f. Compute…ABC Co. has the following information:Inventory, beg. 80,000Inventory, end. 128,000Purchases 320,000Freight-out 16,000Purchase returns 18,000Purchase discounts 11,200How much is ABC Co.’s cost of sales?Given the following information, what is the cost-to-retail ratio? Beginning inventory at cost $20,000 Beginning inventory at retail 35,000 Purchases at cost 100,000 Purchases at retail 168,000 Sales 160,000 169%. 75%. 59%. 41%.
- 11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below: Cost $23,040 Retail $28,000 Purchases Sales 29,200 Net markups Beginning inventory Net markdowns 1,200 2,400 3,200 400 What is the cost of ending inventory for Fender Corp.? a. $2,100 b. $2,304 c. $2,560 d. $2,240Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.1.6 The following information was extracted from the records of Boyle Stores for May 2020: May Units of Cost price per unit inventory Inventory on hand 4 000 01 R20 14 Purchases 20 000 R22 21 Purchases 16 000 R24 31 Sales for May 2020 22 000 The value of inventory on 31 May 2020, using the First-In-First-Out (FIFO) method is A R432 000 B R388 000 C R428 000 D R360 00
- Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item InventoryQuantity Cost perUnit Market Valueper Unit TotalCost TotalMarket A 300 $15.00 $14.50 $4,500 $4,350 B 200 14.00 15.00 2,800 3,000 C 100 17.00 17.50 1,700 1,750 a. $8,850 b. $9,100 c. $9,250 d. $9,000om/im/takeAssighmeny take rogress-tiue Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Market Inventory Cost per Value per Total Total Item Quantity Unit Unit Cost Market A 300 $15.00 $14.50 $4,500 $4,350 В 200 $14.00 $15.00 $2,800 $3,000 100 $17.00 $17.50 $1,700 $1,750 a. $8,850 Оь. 59,000 Oc. $9,100 Od. $9,250 Previous Next>Webster Company uses the average retail method of inventory valuation. Following are the information available: Retail P 60,000 220,000 20,000 40,000 180,000 Beginning inventory Purchases Cost P 23,000 120,000 Net markups Net markdowns Sales revenue What is the estimated cost of ending inventory? P80,000 P48,000 а. b. с. P44,000 d. P38,133
- Answer the Question based the data given below ; OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET PURCHASES OMR 130000 MANUFACTURING EXPENSES OMR 30000. What will be the inventory turnover ratio? a. 6 b. 4 c. 4.5 d. 5Accounting QuestionUse the following information for Shafer Company to compute inventory turnover for year 2. Year 2 Year 1 Net sales $657,500 $584,900 Cost of goods sold Ending inventory 390,500 361,040 79,700 81,380 Multiple Choice 4.00 4.85 8.25 5.85 7.19
