Question: Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following: Beginning inventory $220,000 Net purchases Net sales Gross profit rate 800,000 1,100,000 45% Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.

Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 O D. $168,000

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Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 OD. $168,000

Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Cost $ 210,000 650,000 10,000 Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Purchases Freight-in Net markups Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Net markdowns Goods available for sale Cost-to-retail percentage Net sales Retail $ 282,000 856,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 22,000 4,200 820,000 $ X Answer is not complete. Cost 210,000 $ 650,000 10,000 0 870,000 251,850 Retail 282,000 856,000 0 22,000 1,160,000 4,200 1,155,800 $ 1,155,800 Cost-to-Retail Ratio 75.00 % Screenshot

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Required information [The following information applies to the questions displayed below.] Pacific Company sells electronic test equipment that it acquires from a foreign source. During the year, the inventory records reflected the following: Beginning inventory Purchases Units 22 Unit Cost $11,540 10,040 Total Cost $ 253,880 421,680 42 Sales (47 units at $24,670 each) Inventory is valued at cost using the LIFO inventory method. Required: 1. Complete the following income statement summary using the LIFO method and the periodic inventory system. PACIFIC COMPANY Income Statement For the Current Year Ended Sales revenue Cost of goods sold Gross profit Expenses 292,000 Pretax income Ending inventory

Mic Drop Company uses the first-in, first-out retail method of inventory valuation. The following information is available: • Beginning inventory: P115,000 at cost; P300,000 at retail • Purchases: P600,000 at cost; P1,100,000 at retail • Net additional markups – P100,000; net markdowns – P200,000 • Sales revenue – P900,000 What is the estimated cost of the ending inventory using the average retail method? A. P240,000 B. P220,000 C. P400,000 D. P200,000

Based on the given information below of FDNACCT Co., how much is the cost of goods available for sale? Sales = P85,000 Merchandise Inventory, 1/1 = P20,000 Merchandise Inventory, 12/31 = P26,000 Purchases = P55,000 Purchase Discounts = P1,000 Purchase Returns & Allowances = P2,000 Freight in = P3,000 Selling Expenses = P4,500 Administrative Expenses = P3,800