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weeeeeb [17]
3 years ago
13

Blossom Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at co

st (retail) were $403500 ($604000), purchases during the current year at cost (retail) were $3608000 ($5393600), freight-in on these purchases totaled $169500, sales during the current year totaled $4866000, and net markups were $424000. What is the ending inventory value at cost
Business
1 answer:
horsena [70]3 years ago
8 0

Answer:

$1,012,696

Explanation:

The computation is shown below:

At Cost method:

Merchandise available for sale is :

= Beginning inventory + Purchases + Fright-in

= $403,500 + $3,608,000 + $169,500

= $4,181,000

At Retail method:

Merchandise available for sale:

= Beginning inventory + Purchases + Markups

= $604,000 + $5,393,600 + $424,000

= $6,421,600

Now

Ending inventory at retail is

= Retail  - Markdowns - Net sales

= $6,421,600 - $0 - $4,866,000

= $1,555,600

Now

Cost to retail ratio is

= $4,181,000÷ ($4,866,000 + $1,555,600)

= 65.10%

And finally the ending inventory at cost is

= $1,555,600 × 65.10%

= $1,012,696

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<h3 /><h3>Unearned rent</h3>

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3 0
2 years ago
In the role of a cultural steward, an HR manager primarily:A. administers day-to-day work of managing people.B. facilitates an o
statuscvo [17]

Answer:

(B) facilitates an organization’s culture and helps to build and strengthen or change that culture.

Explanation:

HR manager here refers to human resources manager, someone whose duties tend to revolve in the management and development of a company’s employees. There are many roles that an HR manager can take, from administrative expert (as described by option A), business partner (as described  by option D & E), and of course, a cultural steward.  

3 0
3 years ago
In a small, closed economy, national income (GDP) is $400.00 million for the current year. Individuals have spent $150.00 millio
emmasim [6.3K]

Answer: $100 million

Explanation:

National Income (GDP) for a close nation is calculated as:

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Making investment the subject would give us:

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3 0
2 years ago
A sporting goods manufacturer budgets production of 48,000 pairs of ski boots in the first quarter and 39,000 pairs in the secon
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Answer:

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Explanation:

The budget must account for all of the production of the first quarter and 20% of the production of the second quarter, the number of boots considered in the budget is:

b= 48,000 +0.20*39,000\\b=55,800\ boots

Assuming that each boot uses exactly 2kg of raw material and that the company has 19,200 kg on hand, the amount of raw material still required is:

m = 2*55,800-19,200\\m=92,400\ kg

If the cost per kg is $9, then the budgeted materials purchases cost for the first quarter is:

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The budgeted materials purchases cost is $831,600.

5 0
3 years ago
On December 20, 2017, Butanta Company (a U.S. company headquartered in Miami, Florida) sold parts to a foreign customer at a pri
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Answer:

The appropriate solution is:

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(b) $4200

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According to the question,

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(b)

The exchange loss will be:

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= 0.04\times 105000

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4 0
2 years ago
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