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
seraphim [82]
3 years ago
7

Sunland Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning

inventory $ 318000 $494000 Purchases 1240000 1720000 Freight-in 23000 — Employee discounts — 8500 Net markups — 66000 Net markdowns — 86000 Sales revenue — 1620000 If the ending inventory is to be valued at approximately lower of average cost or market, the calculation of the cost ratio should be based on cost and retail of
Business
1 answer:
pantera1 [17]3 years ago
3 0

Answer:

Sunland Co.

The calculation of the cost ratio should be based on cost and retail of $1,581,000 and $2,288,500 respectively.

Explanation:

a) Data and Calculations:

                                                 Cost            Retail      Cost to Retail Ratio

Beginning inventory           $ 318,000      $494,000

Purchases                           1,240,000      1,720,000

Freight-in                                23,000             —

Employee discounts                     —               8,500

Net markups                                 —             66,000

Goods available for sale $1,581,000    $2,288,500      69.08%

Less:

Net markdowns                           —              86,000

Sales revenue                              —         1,620,000

Estimated ending Inventory at retail      $582,500

Estimated ending Inventory

at cost                              $402,391 ($582,500 * 69.08%)

Calculation of the cost ratio = $1,581,000/$2,288,500 * 100 = 69.08%

You might be interested in
In their relationship, neither bette nor sam wants to take control or make decisions. this type of relationship is known as a co
yKpoI14uk [10]
<span>Simply put ,this is a Submissive Symmetrical Relationship. This type of relationship happens when there are two partners but neither wants or is able to take complete control or make decisions. In this scenario, that is exactly what Sam and Bette are doing.</span>
5 0
3 years ago
Flyaway Travel Company reported net income for 2021 in the amount of $90,000. During 2021, Flyaway declared and paid $2,125 in c
Jlenok [28]

Answer:

$1.85

Explanation:

Fyaway travels reported a net income of $90,000 for the year 2021

During 2021 they declared and paid a cash dividend of $2,125

They also paid $10,000 as cash dividend in common stock

Flyway has 40,000 shares outstanding

Therefore the 2021 basic earning per share can be calculated as follows

$90,000-2,125

= $87,875

40,000 shares+(10,000 shares×9/12)

40,000 shares +(10,000×0.75)

40,000+7500

= 47,500

87,875/47,500

= $1.85

Hence the basic earning per share for 2021 is $1.85

4 0
3 years ago
Economic ordering quantity with safety stock (LO5) Diagnostic Supplies has expected sales of 84,100 units per year, carrying cos
disa [49]

Answer:c. Assume an additional 80 units of inventory will be required as safety stock. What will the new average inventory be? What will the new total carrying cost be?

Explanation:

3 0
3 years ago
Read 2 more answers
On average, LB Inc. receives 138 payments each day with an average value of $42 each. These payments clear the bank in an averag
Oxana [17]

Answer: c) $7,535

Explanation:

The Collection Float refers to the time that it takes for a deposited check to become available to the account owner after the check has been deposited.

The Average amount is calculated thus;

= No. of payments * Clearing days * average value of payment

= 138 * 1.3 * 42

= $7,535

6 0
2 years ago
As an 18 year old in Alabama I know that the age majority is 19, and I can't drop out of high school without parent permission b
Julli [10]

Answer:

No, Alabama can't make you come back. But that is just my opinion. Please don't listen to me

3 0
2 years ago
Read 2 more answers
Other questions:
  • Sometimes a risk assessment report is prepared for a specific IT project at the request of the project manager, either because i
    7·1 answer
  • An asset used in a 4-year project falls in the 5-year MACRS class for tax purposes. The asset has an acquisition cost of $9,100,
    11·1 answer
  • (1) Quality of products available in superstore.
    15·1 answer
  • If 11 workers can produce a total of 54 units of a product and the 20 worker has a marginal product of six units what is the ave
    13·1 answer
  • Which of the following is the best example of an ethical statement?
    11·1 answer
  • Nowadays,there are more separate retail and commercial banks than ever.
    11·1 answer
  • An industry consists of three firms with sales of $300,000, $700,000, and $250,000. a. Calculate the Herfindahl-Hirschman index
    8·1 answer
  • Why do I want to represent my school at homecoming?
    14·1 answer
  • People are unlikely to buy Big Macs in the places where they are relatively cheap (according to purchasing power parity) and sel
    5·1 answer
  • Keynes believed that the government should ________ to get the economy out of recession:
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!