User Account

All Pages

Compute the ending inventory by the retail inventory method

Assignment Help Accounting Basics
Reference no: EM132884004

Problem - Retail Inventory Method - Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year:

 

Cost

Retail

Inventory, January 1

$28,400

$40,200

Purchases

65,200

100,000

Markups (net)

-

1,900

Markdowns (net)

-

400

Sales

-

80,000

Required - Compute the ending inventory by the retail inventory method for the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places):

1. FIFO

2. average cost

3. LIFO

4. lower of cost or market (based on average cost)

Reference no: EM132884004

Questions Cloud

How relate concept or code in the course text : Explain the moral or ethical issue/dilemma and how it relates to an ethical theory, principle, and concept or code in the course text.
What is the purpose of the declaration of human rights : Choose two Articles that you think are among the most important in the Declaration. Explain what these mean to you and why you think they are important
What is the estimate of merchandise inventory at December : Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market
What is utilitarianism : What is utilitarianism? and consider how it applies to the right to protest which we are seeing as an uprise in our country as people take to the streets
Compute the ending inventory by the retail inventory method : Retail Inventory Method - Harmes Company is a clothing store that uses the retail inventory method. Compute the ending inventory by the retail inventory method
Why is important to study forgiveness and reconciliation : Why is it important to study forgiveness and reconciliation as a part of interpersonal relationships? How do these concepts influence conflict and negotiation?
Compute the inventory lost during the theft : The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. Compute the inventory lost during the theft
Consider the concept of forgiveness and reconciliation : In what way is forgiveness both intrapersonal and interpersonal? How do these concepts influence approaches to conflict and negotiation?
Calculate the estimated loss on the inventory in the flood : Prepare a schedule to calculate the estimated loss on the inventory in the flood, using the gross profit method. Show supporting computations in good form

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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