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MrMuchimi
3 years ago
13

Marcos Industries uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of co

st to retail price is 60%, what is the amount of inventory to be reported on the financial statements?
(A) $286,800
(B) cannot be determined from the information given.
(C) $478,000
(D) $192,200
Business
1 answer:
dybincka [34]3 years ago
7 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

The retail value of the inventory is $478,000. The ratio of cost to retail price is 60%. What is the amount of inventory to be reported on the financial statements?

Inventory= 478,000*0.60= $286,800

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Monetary and fiscal policies are similar as  they both target aggregate demand to overcome business fluctuations.

Option A is correct.

<h3>How do monetary and fiscal policies work together?</h3>

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<h3>Is fiscal policy the same as monetary policy?</h3>

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"In a new margin account, a customer buys 1,000 shares of ABC stock at $40 per share. The stock rises to $45 during the next wee
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4 years ago
8. Brady Inc. reported FIFO ending inventory of $114,000 and FIFO beginning inventory of $110,000 for 2018. Inventory purchases
atroni [7]

Answer:

$232,825

Explanation:

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Since we know that;

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Therefore, we can rearrange to make COGS the subject of the formula and substitute the values as follows:

COGS under FIFO = Beginning inventory + Purchase - Ending inventory

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COGS under FIFO = $233,500

Step 2: Calculation of COGS under Last In First Out (LIFO)

COGS under LIFO = COGS under FIFO - Rise in LIFO reserve

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7 0
3 years ago
If your uncle borrows $56,000 from the bank at 10 percent interest over the eight-year life of the loan. Use Appendix D for an a
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Answer:

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