The September 30 inventory at Liverpool Piano Repair was $43,750 at cost and $62,500 at retail. Purchases during the next three months were $51,600 at cost, $73,800 at retail, and net sales were $92,500. Use the retail method to estimate the value of the inventory at cost on December 31.* $30,660$66,030$20,660Other:Cost: $835.00 Operating Expenses: $45.00 Profit: $38.00 Reduced selling price: $825 The reduced selling price shown above gives which of the following results? Encircle the best option. * Reduced Net ProfitOperating LossBreak-evenAbsolute Loss50 dozen donuts are made at a cost of $2.75 per dozen. A markup rate (based on cost) of 60% is used. From past experience, about 15% of the donuts will go unsold and will be donated to a food pantry. Based on this information what should be the selling price for a dozen donuts?*4.42205.12Other:4.Compute the following: 1. Cost of Item: $132.95 Markup on Cost: 35% Selling Price = $__________ * 179.48148.79748.19Other:Cost of Item: $84.50 markup based on selling price: 40% Markup = $__________* 56.33140.83211.25Other:Compute the percent markup based on cost and markup based on selling price as shown below: Item Cost: $985 Selling Price: $1299 Markup based on cost = _____% Markup based on selling price = _____%* 24.2; 31.931.9; 24.275.8; 131.9Other:If markup on Cost= 12%, then find markup on Selling Price=___________.* 10.7113.6493.33Other:Beginning Inventory: 18 items at $5 each Purchases: 12 items at $5.20 each 5 items at $4.95 each 7 items at $4.75 each 20 items at $4.70 each Number of items in Inventory now: 28 items (a) Determine the ending inventory value using FIFO: $___________ (b) Determine the ending inventory value using LIFO: $___________* 142; 132.20132.20; 142123.20; 124Other:If markup on selling price= 29%, then find markup on cost=___________* 85.4022.4840.85Cost: $18.50 Operating Expenses: 30% of Cost Profit: $2.90 Reduced selling price: $25.00 The reduced selling price shown above gives which of the following result? Choose the best option. * Reduced Net ProfitOperating LossBreak-evenAbsolute Loss

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Answered: The September 30 inventory at Liverpool…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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The September 30 inventory at Liverpool Piano Repair was $43,750 at cost and $62,500 at retail. Purchases during the next three months were $51,600 at cost, $73,800 at retail, and net sales were $92,500. Use the retail method to estimate the value of the inventory at cost on December 31.*

$30,660

$66,030

$20,660

Other:

Cost: $835.00 Operating Expenses: $45.00 Profit: $38.00 Reduced selling price: $825 The reduced selling price shown above gives which of the following results? Encircle the best option. *

Reduced Net Profit

Operating Loss

Break-even

Absolute Loss

50 dozen donuts are made at a cost of $2.75 per dozen. A markup rate (based on cost) of 60% is used. From past experience, about 15% of the donuts will go unsold and will be donated to a food pantry. Based on this information what should be the selling price for a dozen donuts?*

4.4

220

5.12

Other:

4.Compute the following: 1. Cost of Item: $132.95 Markup on Cost: 35% Selling Price = $__________ *

179.48

148.79

748.19

Other:

Cost of Item: $84.50 markup based on selling price: 40% Markup = $__________*

56.33

140.83

211.25

Other:

Compute the percent markup based on cost and markup based on selling price as shown below: Item Cost: $985 Selling Price: $1299 Markup based on cost = _____% Markup based on selling price = _____%*

24.2; 31.9

31.9; 24.2

75.8; 131.9

Other:

If markup on Cost= 12%, then find markup on Selling Price=___________.*

10.71

13.64

93.33

Other:

Beginning Inventory: 18 items at $5 each Purchases: 12 items at $5.20 each 5 items at $4.95 each 7 items at $4.75 each 20 items at $4.70 each Number of items in Inventory now: 28 items (a) Determine the ending inventory value using FIFO: $___________ (b) Determine the ending inventory value using LIFO: $___________*

142; 132.20

132.20; 142

123.20; 124

Other:

If markup on selling price= 29%, then find markup on cost=___________*

85.40

22.48

40.85

Cost: $18.50 Operating Expenses: 30% of Cost Profit: $2.90 Reduced selling price: $25.00 The reduced selling price shown above gives which of the following result? Choose the best option. *

Reduced Net Profit

Operating Loss

Break-even

Absolute Loss

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