t Interest Stock Short s o THE BEST GYM MOTIVATIOIE3 Chapter 4 Homework Ceng Cal

Question

t Interest Stock Short s o THE BEST GYM MOTIVATIOIE3 Chapter 4 Homework Ceng Calculator Retail Inventory Method Harmes Company is a dothing store that uses the etail nventory method. The following information relates to its operations during 2016 Cost Retail Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales $29,500 $41,900 95,600 1,600 800 89,100 65,700 Required e the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal a HARMES COMPANY Caloula ation of ending inventory by retail inventory method FIFO 2016 Cost Retail All work saved

Explanation / Answer

Part1 Cost Retail Cost/Retail Ratio Inventory 29500 41900 0.704057279 Purchase 65700 95600 0.687238494 (A) Markup 1600 COGS 95200 139100 0.684399712 Cost to Retail Ratio 0.6844 COGS 95200 139100 Sales 89100 Markdwn 800 Ending inventory at retail 49200 (B) FIFO A*B 33812.13 Part2 Cost Retail Cost/Retail Ratio Inventory 29500 41900 0.704057 Purchase 65700 95600 0.687238 Markup 1600 COGS 95200 139100 0.6844 (A) Cost to Retail Ratio 0.6844 COGS 95200 139100 Sales 89100 Markdwn 800 Ending inventory at retail 49200 (B) Avg Cost 0.6844 33672.47 Part3 Cost Retail Cost/Retail Ratio Inventory 29500 41900 0.704057 (A) Purchase 65700 95600 0.687238 (B) Markup 1600 COGS 95200 139100 0.6844 Cost to Retail Ratio 0.684399712 COGS 95200 139100 Sales 89100 Markdwn 800 Ending inventory at retail 49200 LIFO Inventory 29500 Purchase (49200-41900)*(B) 5016.841 Total 34516.84

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