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What is the cost ratio under average method

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Reference no: EM133065215

Question - You obtained the following information in connection with Villman Company:

Cost Retail

Beginning inventory P1,987,200 P2,760,000

Sales 7,812,000

Purchases 4,688,640 6,512,000

Freight in 94,560

Mark ups 720,000

Mark up cancellations 120,000

Markdown 240,000

Markdown cancellations 40,000

Villman Company. uses the retail inventory method in estimating the values of its inventories and costs.

1. What is the cost ratio under average method?

a.68.58%

b.69.20%

c.70.00%

d.75.78%

2. What is the estimated ending inventory at retail?

a.P1,940,000

b.P2,060,000

c.P2,300,000

d.P1,860,000

3. What is the estimated ending inventory at cost using average?

a.P1,287,120

b.P1,412,786

c.P1,302,000

d.P1,275,588

4. What is the estimated cost of goods sold?

a.P5,468,400

b.P5,494,812

c.P4,685,117

d. P5,357,614

Reference no: EM133065215

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