Business, 24.03.2021 21:50 rachel2735

LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2013: Cost Retail
Beginning inventory $48,000 $68,000
Purchases 215,000 408,000
Freight-in 26,194
Purchase returns 8,000 6,000
Net markups 6,600
Net markdowns 4,300
Normal breakage 6,000
Net sales 288,000
Employee discounts 2,600
Required:
Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method (average, LCM). (Negative amounts should be indicated by a minus sign.)

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 15:10

You want to have $80,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. if the account pays 6.30 percent interest, what amount must you deposit each year? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers: 1

Answer

Business, 22.06.2019 20:40

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.

Answers: 2

Answer

Business, 22.06.2019 23:30

An outside supplier has offered to sell talbot similar wheels for $1.25 per wheel. if the wheels are purchased from the outside supplier, $15,000 of annual fixed overhead could be avoided and the facilities now being used could be rented to another company for $45,000 per year. direct labor is a variable cost. if talbot chooses to buy the wheel from the outside supplier, then annual net operating income would:

Answers: 1

Answer

Business, 23.06.2019 00:50

Janis owns and operates a store in a country experiencing a high rate of inflation. in order to prevent the value of money in her cash register from falling too quickly, janis sends an employee to the bank four times per day to make deposits in a interest-bearing account that protects the store's revenues from the effects of inflation. this is an example of the (menu costs/ unit of account costs/ shoesleather costs) of inflation. pick one

Answers: 3

Answer

You know the right answer?

LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly...

Questions