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
Reika [66]
3 years ago
15

Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available

for the current year:
Cost Retail
Beginning inventory $ 30,000 $ 45,000
Purchases 190,000 260,000
Freight-in 2,500 —
Net markups — 8,500
Net markdowns — 10,000
Employee discounts — 1,000
Sales revenue — 205,000
If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio?
a) $220,000 ÷ $315,000
b) $222,500 ÷ $305,000
c) $222,500 ÷ $313,500
d) $222,500 ÷ $303,500
Business
1 answer:
Marysya12 [62]3 years ago
5 0

Answer:

C. $222,500 ÷ $313,500

Explanation:

Calculation for cost to retail ratio

COST

Beginning inventory $30,000

Add; Purchases $190,000

Add: Freight in $2,500

Cost $222,500

RETAIL

Beginning inventory $45,000

Add: Purchases $260,000

Add: Net mark ups $8,500

Retail $313,500

Therefore, the cost to retail ratio will be

$222,500 $313,500

You might be interested in
Sabrina Duncan had gross earnings for the pay period ending 10/15/16 of $5,835. Her total gross earnings as of 9/30/16 were $104
ivann1987 [24]

Answer:

option (A) $212.97

Explanation:

Data provided in the question:

Gross earnings for the pay period ending 10/15/16 = $5,835

Total gross earnings as of 9/30/16 = $104,400

Social Security tax rate = 6.2%

Now,

Total earnings

= Gross earnings for the pay period ending 10/15/16 + Total gross earnings as of 9/30/16

=  $5,835 + $104,400

= $110,235

since,The Social Security taxes are on a maximum earnings of $106,800 per year

therefore,

Sabrina's Social Security withheld from her 10/15/16 paycheck will be

= ( Total earnings - $106,800 ) × Social Security tax rate

= ( $110,235 - $106,800 ) × 0.062

= $3,435 × 0.062

= $212.97

Hence,

The answer is option (A) $212.97

7 0
3 years ago
Jacob and Marla were both presented with a complex accounting issue that neither had seen before. Marla was able to look at the
devlian [24]

Answer: Generally, when trying to solve a complex accounting problem in which there are obstacles and little knowledge about the subject, the most advisable thing is to work from a conceptual framework which serves as a guide to find a reasonable answer to the problem in question. In this case Marla was clearly working with a conceptual framework, and instead Jacob was not.

4 0
3 years ago
Which of the following is not an example of one of the four mail advantages of prices on a free market economy
Arte-miy333 [17]
The correct answer is

8 0
3 years ago
Cash Flows from Operating Activities—Indirect Method
Dmitrij [34]
$396,200 + 61,250 +   27,600+ 9,000+ = 479,000 dollars
4 0
3 years ago
Read 2 more answers
An ad for Hanes brand of underwear says, "Wait ’til we get our Hanes on you!" The brand is positioned as being comfortable for t
Serjik [45]

Answer:

experiential

Explanation:

................:)(:

8 0
3 years ago
Other questions:
  • Ruby wants to change the size of the margins in her document. Which of the following is a command she might use to do so in her
    13·2 answers
  • The company pays cash for a piece of equipment. the list price was $9,100, but after negotiation, the final purchase price was $
    13·1 answer
  • Suppose Congress passes legislation that offers subsidies to orange farmers. The impact on the market for orange juice will be a
    5·1 answer
  • S takes out a health insurance policy which contains a provision that states that the agent does not have the authority to chang
    7·1 answer
  • A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The
    5·1 answer
  • You are considering an investment in Justus Corporation's stock, which is expected to pay a dividend of $1.50 a share at the end
    10·1 answer
  • A $1,000 face value bond is currently quoted at 101.2. the bond pays semiannual payments of $28.50 each and matures in six years
    12·1 answer
  • Alex, a Nevada developer, has a very large development of attached retirement villas. He is interested in advertising this devel
    10·1 answer
  • Which amendment to the constitution legalized income tax?
    14·1 answer
  • g jimmy is an employee of Roofing, Inc., which is performing a contract for the federal government. Jimmy learns that Roofing, I
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!