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vredina [299]
3 years ago
5

The following data concerning the retail inventory method are taken from the financial records of Welch Company. Cost Retail Beg

inning inventory $ 196,000 $ 280,000 Purchases 896,000 1,280,000 Freight-in 24,000 — Net markups — 80,000 Net markdowns — 56,000 Sales — 1,344,000 If the ending inventory is to be valued at approximately the lower of cost or market, what is the cost-to-retail ratio?

Business
1 answer:
maksim [4K]3 years ago
5 0

Answer:

$ 168,000

Explanation:

Include both Mark-ups and Mark-Downs and Exclude beginning inventory

When LIFO Inventory Method is used to find out Ending inventory retail Value. Cost to Retail Ratio will be Applied for both Previous year ending Inventory and the Current Year addition To Calculates

the Previous year Ending inventory :

Cost to Retail Ratio : Ending inventory at cost / Ending inventory at Retail

For Current year Addition :

Cost to Retail Ratio : Current Year Addition in Cost /Current Year Addition in Retail

Current year addition in retail includes : Markup ,Markdown purchases

Kindly check the attached images below to see the step by step explanation to the question above.

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3 years ago
Why do we need government support?
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Answer:

Government is necessary because it keeps order and people from doing whatever they want

Explanation:

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3 years ago
Read 2 more answers
I now have $23,000 in the bank earning interest of .50% per month. I need $33,000 to make a down payment on a house. I can save
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41.92 months

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Given that,  

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8 0
3 years ago
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Answer:

$93,500

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