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Oksi-84 [34.3K]
3 years ago
10

Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2019 include: beginning inven

tory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sales dur ing the first six months totaled $490,000. The estimated inventory at June 30, 2019, would be:_______.
a. $68,200.
b. $55,000.
c. $71,500
d. $63,250.
Business
1 answer:
Harman [31]3 years ago
4 0

Answer:

A. $68,200

Explanation:

Retail Cost

Beginning inventory $60,000

$120,000

Plus: Net purchases. $312,000

$480,000

Goods available for sale $372,000

$600,000

Cost to retail percentage = $372,000 ÷ $600,000 = 62%

Less : Net sales

($490,000)

Estimated ending inventory at retail

$110,000

Estimated ending inventory at cost

62% × $110,000 = $68,200

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3 years ago
Jasper makes a $31,000, 90-day, 6.5% cash loan to Clayborn Co. The amount of interest that Jasper will collect on the loan is:__
pochemuha

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the amount of interest that is collected is $503.75

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2 years ago
Jackson motors tells sue, a consumer, that bliss automobiles are made with metal bodies when they are in fact made of fiberglass
Step2247 [10]

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Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500
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The entry is record in book as

Date Particular                L.F.     Dr. Amt.        Cr. Amt.

Income summary a/c             $460,500  

To Mo a/c                                          $69,300

To Lu a/c                                          $269,500

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