User Account

All Pages

What is the cost of the ending inventory

Assignment Help Accounting Basics
Reference no: EM133089220

Question - Addeo Retail Outlets, Inc., uses the dollar-value LIFO retail inventory method for inventory costing. Addeo Retail Outlets, Inc., has beginning inventory with a cost of $10,000 and a retail value of $40,000.  During the year, the company purchases goods with a cost basis of $80,000 and a retail basis of $100,000. It has net markups of $10,000 and net markdowns of $5,000. Sales are $50,000 at retail.

The price index for the current year is 1.04. Addeo Retail Outlets, Inc., adopted the dollar-value LIFO method at the end of the prior year, which is the base year with a price index of 1.00.

Required -

a. What is the cost of the ending inventory using the dollar-value LIFO retail inventory method?

b. Compute the cost to retail ratio under the conventional (LCM) retail method.

Reference no: EM133089220

Questions Cloud

Write briefly about safe manual handling techniques : Describe six practices to be applied when inspecting stock and storage areas - principles that can be considered while disposing of all excess or spoilt stock
Types of communication flows : What types of communication flows are evident in your workplace (or former workplace)? Is the workplace more consistent with a flat or horizontal organization?
Request to participate in team project : Teamwork is the collaborative effort of a team to achieve a common goal or to complete a task in the most effective and efficient way.
Determine the break-even point in sales units : Lablanc Inc. sells a product for $89 per unit. The variable cost is $53 per unit, while fixed costs are $159,408. Determine the break-even point in sales units
What is the cost of the ending inventory : Addeo Retail Outlets, Inc., has beginning inventory with a cost of $10,000 and a retail value of $40,000. What is the cost of the ending inventory
Assume you are IT manager for firm : Assume you are the IT manager for your firm. Discuss the factors that must be considered when making the make, buy, or rent decision.
What is the target cost : Boxes are designed by Shala Designers Inc. and printed and delivered by Rodoes Printing Co. for $0.95 per box. What is the target cost
Conduct stock activities in logical and time efficient work : Demonstrate evidence of ability to integrate technical skills for a minimum of 6 different stock deliveries that individually or in combination
Estimate the net financial benefit : Estimate the net financial benefit (expressed in terms of operating income) that the company realized from switching to the new inventory control system

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