Deschp B12 38 30 8 $60 59 $57 57 472 $2,272 456 $2,166 $2,166 Appendix PR 6-7A R

Question

Deschp B12 38 30 8 $60 59 $57 57 472 $2,272 456 $2,166 $2,166 Appendix PR 6-7A Retail method; gross profit method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August Transactions during August: Purchases (net) Sales $300,000 $ 575,000 2,149,000 3,170,000 3,250,000 Ranchworks Co Merchandise inventory, March 1 Transactions during March through November: Purchases (net) Sales $880,000 9,500,000 15,800,000 3896 Estimated gross profit rate (Con

Explanation / Answer

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Cost Retail Beginning merchandise inventory 300000 575000 Purchases (net) 2149000 3170000 Merchandise available for sale 2449000 3745000 Deduct: Sales 3250000 Ending inventory at retail 495000 Cost to retail ratio ($2449000/$3745000) 65.39% Estimated ending inventory at cost ($2331000 x 65.39%) 323700

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