User Account

All Pages

Compute net markdowns

Assignment Help Financial Accounting
Reference no: EM132524865

Baldor Company reports inventory at cost of $30,000 and retail of $65,000 on January 1, 2020. Purchases in 2020 are $20,000 at cost and $30,000 at retail. Sales for 2020 are $79,000. It made additional markups of $8,000 (with cancellations of $3,000). Baldor uses the conventional retail inventory method and estimates the cost of ending inventory at $10,000. Markdowns were taken during the year but the dollar amount is unavailable.

Question a. Compute the cost ratio.

Note: Round the cost ratio to two decimal places.

Question b. Compute net markdowns.

Reference no: EM132524865

Questions Cloud

What is the net income for firm-wingfly inc : WingFly Inc.,Inc., has sales of $738,000, costs of $326,000, depreciation expense of $75,000, interest expense of $36,000, cash dividend of $30,000 and a tax ra
Communication and collective intelligence : Identify the possible causes of communication or decision-making failure in each example, and, drawing on the information presented in the chapter,
How much is the adjusted cash balance for the month : The company reported an unadjusted book balance of P842,000. How much is the adjusted cash balance for the month
Determine the total ordering and carrying costs : George Company buys 500 boxes of items X-100 every two months. Order costs are P380 per order; Determine the total ordering and carrying costs
Compute net markdowns : Compute net markdowns. Compute the cost ratio. Baldor Company reports inventory at cost of $30,000 and retail of $65,000 on January 1, 2020
Calculate amount of firm after-tax cash flow from operations : Calculate the amount of the firm's after-tax cash flow from operations? Moby Dick Corporation has sales of $4,081,733; income tax of $330,957
How much should be credited to the Allowance : How much should be credited to the Allowance for Overvaluation of Branch inventory account in Home Office books as a result of the January
Identify two quality metrics used in your clinical workplace : Identify two quality metrics used in your clinical workplace. How are these measured and are the results shared with the nursing staff?
What is the amount of the firm net working capital : What is the amount of the firm's net working capital? Scare Train, Inc. has the balance sheet statement items current liabilities of $787,249

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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