37389 190 Given the following information, calculate the maintained markup %:Cost-1Retail$69,600.00 $145,000.00$75,000.00$15,000.002opening inventorygross purchases$36,000.00$7,200.00$2,000.00returns to vendorsfreight$100,400.00 $205,000.00 CMU =$80,000.00 cost % =$12,000.00$2,000.00total merch handlednet salesnet markdownsemployee discountstotal retail deductionsclosing book inventorygross cost of merch soldalterations costs$3,000.00cash discounts$5,500.00net cost of merch soldmaintained markup $maintained markup %

Introduction:- The markup on items supplied to consumers, or the difference between the cost of…

8 9 19 0 Given the following information, calculate the maintained markup %: Cost 1 Retail $69,600.00 $145,000.00 $36,000.00 $75,000.00 $7,200.00 opening inventory gross purchases returns to vendors $15,000.00 $2,000.00 $100,400.00 $205,000.00 CMU = freight total merch handled net sales $80,000.00 cost % = net markdowns $12,000.00 employee discounts total retail deductions $2,000.00 closing book inventory gross cost of merch sold alterations costs $3,000.00 $5,500.00 cash discounts net cost of merch sold maintained markup $ maintained markup %

8 9 19 0 Given the following information, calculate the maintained markup %: Cost 1 Retail $69,600.00 $145,000.00 $36,000.00 $75,000.00 $7,200.00 opening inventory gross purchases returns to vendors $15,000.00 $2,000.00 $100,400.00 $205,000.00 CMU = freight total merch handled net sales $80,000.00 cost % = net markdowns $12,000.00 employee discounts total retail deductions $2,000.00 closing book inventory gross cost of merch sold alterations costs $3,000.00 $5,500.00 cash discounts net cost of merch sold maintained markup $ maintained markup %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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50.The following data were available for ABC Corp at Dec 31, 20X2:Net purchases P345,000Freight in P10,000Freight out P14,000Beg inventory P50,000There was an increase of the inventory by 2,000 at year endHow much is the cost of sales at Dec 31, 20X2? 343,000 353,000 367,000 403,000
37.The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost RetailBeg. invy 809,000 1,400,000Purchases 2,970,000 4,200,000Freight-in 40,000 Net markups 130,000Net markdowns 30,000Sales 4,000,000Sales discount 75,000At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method? a. 1,134,000 b. 1,700,000 c. 2,680,000 d. 2,800,000
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32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the gross method? 91,807 93,807 93,650 95,650
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Exhibit7.5 Sullivan Produce Co. switched from FIFO to LIFO on January1,2018, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following: December31,2018 Year-End Costs $438,000 Cost Index 1.05 December 31,2019 Year-End Costs $460,000 Cost Index 1.15 December 31, 2020 Year-End Costs $520,000 Cost Index 1.25 Refer to Exhibit 7-5, The ending inventory at December 31,2020, using the dollar-value LIFO method would be a. $422,000 b. $402,000 c $426,000 d. $420,400 Refer to Exhibit7-5, the ending inventory at December 31,2019, at base-year price is: a.$400,000 b. $402,000 c.$406,000 d.$424,000
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