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Vitek1552 [10]
3 years ago
7

Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business January 1, 2021, and uses the

LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory $ 70,000 $ 107,000 Net purchases 302,290 450,000 Net markups 23,000 Net markdowns 43,000 Net sales 402,000 Current period cost-to-retail percentage is: Multiple Choice 69.3%. 65.4%. 63.9%. 70.3%.
Business
1 answer:
katrin [286]3 years ago
5 0

Answer:

70.3%

Explanation:

Current period cost-to-retail percentage is:

  • Beginning inventory  $70,000     $107,000
  • Plus: Net Purchases  $302,290  $450,000
  • Plus: Net markups                         $23,000
  • Less: Net markdowns                   ($43,000)

Goods available for sale (excluding beginning inv.) $302,290   $430,000

Goods available for sale (including beginning inv.)  $372,290   $537,000

Cost-to-retail percentage = $302,290 / $430,000 = 70.3%

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The executives of bluewind products inc., a large conglomerate, are making decisions on the stages of the industry value chain t
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3 years ago
Place each of the folowing transactions in one of the four components of expenditures:a. Boeing sells an airplane to the Air For
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Boeing sells an airplane to the Air Force is purchases by the Government

Boeing sells an airplane to the American Airlines is Investment

Boeing sells an airplane to the Air France is net exports

Boeing sells an airplane to the Amelia Earhart is Consumption

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3 years ago
Assume the factory is currently producing 40 chairs and 30 tables and an order comes in for 5 more tables . What is the opportun
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3 years ago
you are saving $30 each month. you have a goal to accumulate $700 in savings. how long will it take you?
vredina [299]
<span>Goal = accumulate $700 in savings
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3 years ago
Read 2 more answers
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