On Dec 31, 2011, Yellow HArdware has inventory of $25,000. The owner wants to increase inventory on hand to $35,000 on Dec 31 2012. If net sales for 2012 are expected to be 150,000 and the gross profit is expected to be 35% of net sales, compute the net cost of merchandise the owner should expect to purchase during 2012.

A local college bookstore has a beginning inventory costing $80,000 and an ending inventory costing $84,000. Sales for the year were $300,000. Assume the bookstore markup rate on selling price is 70%. Based on the selling price, what is the inventory turnover at cost?

1) The dress shirt department began this season with an opening inventory of $380,000 at retail ($250,000 at cost). So far, the department buyer has made new purchases of $420,000 at retail ($280,000 at cost). What is the cumulative markup% for the total merchandise handled including both the opening inventory and the purchases? (You may want to use the following grid to help your calculation.) Cost Retail MU% Opening inventory Purchases STD Total Merchandise Handled 2) The jewelry department had the opening inventory of $12,000 at cost with a markup of 55%. During the season, the department has purchased additional merchandise worth 45,000 at retail on which a 49% markup was applied. What is the cumulative markup of this department in dollars and percentage? (You may want to use the grid below to help your calculation.) Cost Retail MU% Opening Inventory Purchases Total Merchandise Handled (a) $Cumulative markup = (b) Cumulative markup% =

On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024:   Cost Retail Beginning inventory $ 72,900 $ 135,000 Net purchases 102,150 232,000 Net markups   5,000 Net markdowns   10,000 Net sales   200,000 Retail price index, 12/31/2024   1.08 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Ending inventory at retail:_________ Ending inventory at cost:__________ Cost of goods sold:_______________

Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more for $36each during the month. The company sold 80 units during the month. Autok used a periodic inventorysystem.Calculate cost of goods sold using:a) FIFOb) Weighted-average costc) LIFO

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Suppose The Style Fashions, a specialty retailer, had these records for evening gowns during 2018: (Click the icon to view inventory data.) Assume that The Style sold 120 gowns during 2018 and uses the LIFO method to account for inventory. The Style's income tax rate is 35%. Read the requirements. Requirement 1. Compute The Style's cost of goods sold for evening gowns in 2018. Unit price Total Units From beginning inventory From purchase in February From purchase in June From purchase in December LIFO cost of goods sold Requirement 2. Compute what cost of goods sold would have been if The Style had purchased enough inventory in December-at $1,325 per evening gown-to keep year-end inventory at the same level it was at the beginning of the year. Cost of goods sold without LIFO liquidation 18 $ 23 52 27 Units 950 1,225 1,275 1,325 $ 17,100 28,175 66,300 35,775 147,350 Unit price Total

Ma3. Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in inventory. During the quarter the   company purchases $10,600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from   the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold?

During 2012, a company sells 200 units of inventory for $50 each. The company has the following inventory purchase transactions for 2012: Date Transaction Units Unit Cost Total Cost Beginning Inventory $39 $1,950 3,800 2,960 Jan 1 50 May 5 Nov 3 Purchase 100 38 Purchase 80 37 Actual sales by the company include its entire beginning inventory, 80 units of inventory from the May 5 purchase, and 70 units from the November 3 purchase. Required: Calculate cost of goods sold and ending inventory for 2012 assuming the company uses: a) FIFO (First in, First out) b) LIFO (Last in, First out) c) Average Cost d) Explain the impact of these different methods in the recognition of Cost of goods sold and Ending Inventory in the financial statement of the company.

You sold  $8,000 of inventory for $10,000  on terms 2/10,n/30.  If your customer pays the bill on day five, which of the following are true statements relating to just the day five transaction? Remember that the larger number in a transaction will be the revenue and the smaller one will be the cost of goods sold.  A. You will debit cash for $10,000 B. You will credit inventory for $200 C. You will debit discounts for $200 D. You will debit cash for $9,800 E. You will label this transaction as paid bill F. You will label this transaction as a cash entry   Select all that apply.