FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Given the following information, what is the cost-to-retail ratio?
Beginning inventory at cost | $20,000 |
Beginning inventory at retail | 35,000 |
Purchases at cost | 100,000 |
Purchases at retail | 168,000 |
Sales | 160,000 |
- 169%.
- 75%.
- 59%.
- 41%.
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- Platinum Taco Shell Inc. uses a retail inventory method. Below is last year's data: Cost Retail Beginning inventory 347,900 784,000 Purchases 730,100 980,000 Freight in 39,200 Mark ups 98,000 Mark downs 116,375 Sales 686,000 Inflation factor: 1.1 What is the Ending Inventory under Dollar value LIFO, conventional retail, and average cost? What is the COGS under Dollar value LIFO, conventional retail, and average cost?arrow_forwardCarrow_forwardhe following information is from Bluff Run Golf Courses. The company runs three courses and the July income statement for each course is as follows: BLUFF RUN GOLF COURSES Income Statement Month Ending July 31, 2018 Blue Course Black Course Gold Course Revenues Greens fees revenue $62,500 $89,000 $42,900 Outings revenue ? 6,000 29,000 Total revenue $74,100 $95,000 $71,900 Expenses Landscaping $7,800 $14,200 $6,300 Wages 43,900 ? 32,500 Repairs and maintenance 5,600 2,600 4,300 Fuel 3,100 3,000 1,980 Utilities 1,800 3,000 1,600 Total expenses $62,200 $79,500 $46,680 Operating income $11,900 $15,500 ? Question A. Calculate the operating income percentage for each of the courses. Round your percentages to one decimal place. Course Blue fill in the blank e448d00c304ef87_1%…arrow_forward
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