Assignment
Presented below is information related to sweet company.
Cost Retail
Beginning Inventory $62,850 $95,900
Purchase (net) 115,340 185,900
Net markups 11,355
Net markdowns 25,970
Sales Revenue 195,710
Compute the ending inventory at retail.
Compute a cost to retail percentage under the following conditions.
Cost to retail percentage
(1) Excluding both markups and markdowns ________________________________%
(2) Excluding markups but including markdowns _________________________%
(3) Excluding markdowns but including markups _________________________%
(4)Including both markdowns and markups_______________________________%
Which of the methods in (b) above does the following
1. Provides the most conservation estimate of ending inventory._____________________
2. Provides an approximation of lower-of-cost-or-market._____________________________
3. Is used in the conventional retail method__________________________________
Compute ending inventory at lower-of-cost-or market
Compute cost of goods sold based on.
Compute gross margin based on.