Calculate the value of ending inventory

Assignment Help Accounting Basics
Reference no: EM132216677

Question - Use the retail inventory method to calculate the value of ending inventory for an organisation which has:

• An opening inventory at cost of $850,000 and a retail value of $2,100,000.

• Purchases for the year totalled at cost $650,000 and the retail value of the purchases is $1,000,000.

• Sales for the year at retail price totalled $2,650,000.

• Mark-ups of $80,000 and markdowns of $35,000 during the year.

Reference no: EM132216677

Questions Cloud

Prepare general journal entry to record the june bond issue : Use this information to prepare the General Journal entry (without explanation) to record the June 1, 2016 bond issue
Why are analytical and interpersonal skills important : Why are analytical and interpersonal skills important when building a model of a new system??
Prepare the general journal entry to record bond issue : Use this information to prepare the General Journal entry (without explanation) to record the April 1, 2016 bond issue
Study conditions with the qualitative research approach : control over study conditions with the quantitative research approach. control over study conditions with the qualitative research approach;
Calculate the value of ending inventory : Use the retail inventory method to calculate the value of ending inventory for an organisation which has: Sales for the year at retail price totalled $2,650,000
Define meta ethics and normative ethics your own words : Define meta ethics and normative ethics your own words.
Explain why you or your leader decided to take the risk : One trait common to all highly effective leaders is that they are not afraid to take risks. Explain why you or your leader decided to take the risk.
Determine the amount of ending inventory : The net realizable value at year-end was cameras $70, Determine the amount of ending inventory at lower-of-cost-or-net realizable value
Determine the amount of the ending inventory : Question - Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much revenue would hughes recognize

On November 1, Hughes Company receives 8 months of rent in advance, $21,880. How much revenue would Hughes recognize from this amount for the current year

  A loss on disposal of a segment would be reported in the

a loss on disposal of a segment would be reported in the income statement as anadministrative expenseother

  Glen pool club inc has a 150000 mortgage liabilty the

glen pool club inc. has a 150000 mortgage liabilty. the mortgage is payable in monthly installments of 1543 which

  What should jessica do under these circumatances

Is Jessica's decision or behavior unethical? What should Jessica do under these circumatances? What are Sara's possible alternatives for her next course of action?

  What are the main distinctions that you would see

Financial reporting for a special-purpose local government depends upon whether that government is engaged in governmental-type activities, business-type activities only, or fiduciary-type activities only.

  Discuss account for the current tax liability

Do you have any problems if we do not account for the DTAs and DTLs and just account for the current tax liability

  Where can authoritative igaap related to accounting changes

Where can authoritative iGAAP related to accounting changes be found?

  How the price for the sales might be determined

Include a discussion of any significant risks associated with her proposal. Make a recommendation with respect to how the price for these sales might.

  Explain how a job cost sheet for liberty tax service

For the basic cost categories of direct labor and overhead, provide examples of the types of costs that would fall into each category for Liberty Tax Service.

  Prepare in general journal form all journal entries that

the city of mcneely sold bonds in the amount of 10000000 to finance the construction of a public health center. the

  Punishment of death

Crito. Having read the Apology, you now know that Socrates was convicted and given a punishment of death. This week you will read a dialogue called the Crito.

  Prepare the journal entry to record interest on june 30

the gorman group issued 810000 of 11 bonds on june 30 2013 for 879498. the bonds were dated on june 30 and mature on

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd