Reference no: EM132445624
ACCT 628 Auditing Assignment - University of Maryland Global Campus, USA
Question - As of January 1, 2017, Whispering Inc. adopted the retail method of accounting for its merchandise inventory.
To prepare the store's financial statements at June 30, 2017, you obtain the following data.
|
Cost
|
Selling Price
|
Inventory, January 1
|
$31,800
|
$46,800
|
Markdowns
|
|
10,500
|
Markups
|
|
8,300
|
Markdown cancellations
|
|
5,800
|
Markup cancellations
|
|
3,100
|
Purchases
|
115,075
|
154,400
|
Sales revenue
|
|
151,500
|
Purchase returns
|
3,100
|
3,900
|
Sales returns and allowances
|
|
8,400
|
Compute Whispering's June 30, 2017, inventory under the conventional retail method of accounting for inventories.
Without prejudice to your solution to part (a), assume that you computed the June 30, 2017, inventory to be $60,480 at retail and the ratio of cost to retail to be 67.95%. The general price level has increased from 100 at January 1, 2017, to 108 at June 30, 2017. Compute the June 30, 2017, inventory at the June 30 price level under the dollar-value LIFO retail method.
What is the currency of lesotho
: What is the currency of lesotho? Options are maluti, peso, dollar, and yuan remmibi?
|
Security earnings test limit
: If older workers have a tax elasticity of labor supply equal to 0.20, by how much will their work activity decline when they reach the Social Security earnings
|
How will the general education classroom meet maxs needs
: How will you build a learning community in which all students feel safe and accepted so that scenarios like the one above is minimized?
|
How does monetary and fiscal policy affect the economy
: How does monetary and fiscal policy affect the economy overall? When implementing these policies, do you think the federal government
|
ACCT 628 Auditing Assignment Problem
: ACCT 628 Auditing Assignment Help and Solution, University of Maryland Global Campus, USA. Compute Whispering's June 30, 2017, inventory
|
Did the Elizabethan dialogue hold them back
: How did the actors make those stories clear and defined for the audience? Did the Elizabethan dialogue hold them back, or enhance their characters?
|
What is buying and selling securities
: What is buying and selling securities? What are the impacts on the economy of each?
|
Prepare the journal entry to establish the petty cash fund
: Prepare the journal entry to establish the petty cash fund and Prepare a petty cash payments report for April with these categories: delivery expense, mileage
|
Discuss the Mysteries of the Salem Witch Trials
: Discuss the Mysteries of the Salem Witch Trials.Discuss about the Salem Witch Trials that took place outside of Salem, Massachusetts, in 1692.
|