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blsea [12.9K]
3 years ago
6

The records for the Clothing Department of Metlock’s Discount Store are summarized below for the month of January. Inventory, Ja

nuary 1: at retail $24,800; at cost $16,600 Purchases in January: at retail $136,600; at cost $78,695 Freight-in: $7,100 Purchase returns: at retail $3,000; at cost $2,200 Transfers in from suburban branch: at retail $13,000; at cost $9,300 Net markups: $8,100 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $500 Sales revenue at retail: $94,300 Sales returns: $2,500 Compute the inventory for this department as of January 31, at retail prices.
Business
1 answer:
Leviafan [203]3 years ago
7 0

Answer:

$83,300

Explanation:

Total at retail:

= Beginning inventory + Purchases - Purchase return + Transfers in from suburban branch

= $24,800 + $136,600 - $3,000 + $13,000

= $171,400

Ending inventory at retail:

= Total at retail + Net markups - Net markdowns - (sales - sales return) - Normal shortage

= $171,400 + $8,100 - $3,900 - ($94,300 - $2,500) - $500

= $171,400 + $8,100 - $3,900 - $91,800 - $500

= $83,300

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Answer:

The answer is $17,640

Explanation:

Equipment was bought on Jan. 1, 2022 for $73,500. This is the historical cost of the asset.

Residual value is $6,450. This is the amount the equipment is being expected to sell for at the end of its useful life.

Useful life is 5 years.

To know the percentage to be used for the depreciation, we have:

100percent / 5 years

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Double-declining is 40 percent(20 percent x 2)

Depreciation for 2021 is

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Carrying amount at the end of 2021 which will also be for the beginning of 2022 is $44,100 ($73,500 - $29,400)

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Question 1 Saved
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Thus, Business are sell goods and services in product markets in a circular flow diagram.

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3 years ago
Chandler Co. has a loan that accrues interest at a rate of $28 a day. The company pays the interest once a quarter. What adjustm
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Answer:

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