1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sophie [7]
3 years ago
8

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

eginning inventory $ 194000 $ 269000 Purchases 889000 1240000 Freight-in 23400 — Net markups — 81100 Net markdowns — 56000 Sales — 1304000 Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be
Business
1 answer:
ioda3 years ago
4 0

Answer:

$165,945.725 ≈ $165,946

Explanation:

Data provided in the question:

                                                  Cost                          Retail                

Beginning inventory             $194,000                   $269,000

Purchases                              889,000                    1,240,000

Freight-in                                23,400                            —

Net markups                            —                                    81,100

Net markdowns                       —                                  56,000

Sales                                        —                               1,304,000

Now,

The ending retail inventory

= Beginning inventory + Purchases + Net markups - Net markdowns - Sales

= $269,000 + $1,240,000 + $81,100 - $56,000 - $1,304,000

= $230,100

Thus,

ending inventory at cost

= [Beginning inventory cost ÷ Beginning inventory retail ] × ending retail inventory

= [ $194,000 ÷ $269,000 ] × $230,100

= $165,945.725 ≈ $165,946

You might be interested in
Please describe an effective leadership style
Lostsunrise [7]

Explanation:

noluyo anlamıyom ya döyler misiniz

8 0
3 years ago
Dave had a balance of $236.17 on his department store charge account. how much interest did he have to pay for the month if the
Aloiza [94]
The answer is 236.17x1.017=240.18
3 0
3 years ago
Examples of the ability to exercise significant influence over an investee include all of the following except:material intercom
ra1l [238]

Answer:

The correct answer is All of these answer choices are examples of significant influence.

Explanation:

Participatory influence implies a higher level of decision within an investee, without having maximum control over it. These decisions are framed within the financial and operating result, so all response options are true. According to the IFRS standard, this type of participation can be exercised in different ways, but the most common is within the highest decision-making body of the entity.

3 0
3 years ago
Financial statement users typically begin their assessment of permanent earnings with:
kirza4 [7]

Answer:

income from continuing operations.

8 0
3 years ago
A decreasing-cost industry is one in which: a. contraction of the industry will decrease unit costs. b. input prices fall or tec
Bas_tet [7]

Answer:

B

Explanation:

When we talk of a decreasing cost industry, we refer to an industry in which the expansion of the industry will lead to a decrease in the unit production cost.

So with respect to the question at hand , the correct answer is that the input prices will fall as industry expands

The case of a a technological improvement is expected to drive a decrease in the input prices for production in the expanding industry

8 0
3 years ago
Other questions:
  • What is networking in business?
    9·1 answer
  • The impact of increasing, as opposed to constant, costs is to Multiple Choice expand the limits of the terms of trade. intensify
    7·1 answer
  • Marigold Manufacturing uses a flexible budget. It has the following budgeted manufacturing costs for 25800 pairs of shoes: Fixed
    11·1 answer
  • A company's mission statement does NOT:_____.
    11·1 answer
  • Suppose that Steve heads to the local hamburger shop with $3, expecting to spend $2 for his favorite burger and $1 for French fr
    8·1 answer
  • Given the following information about each economy, either calculate the missing variable or determine that it cannot be calcula
    6·1 answer
  • Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a) 4% of accounts receivable
    9·1 answer
  • In the short run, an unexpected increase in prices will:.
    12·1 answer
  • the 2-year discount factor is 0.92. what is the present value of $1 to be received in year 2? note: do not round intermediate ca
    5·1 answer
  • a strategy involves employing essentially the same strategic theme (low-cost, differentiation, focused, best-cost) in all countr
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!