User Account

All Pages

What is the inventory on december

Assignment Help Financial Accounting
Reference no: EM132524925

Retail inventory method

On December 21, 2015 an entity provided the following information:

                                    Cost                     Retail

Inventory, January 1    735,000            1015 000

Purchases                 4,165,000          5,775,000

Additional mark up                                 210,000

Question 1: Sales for the year totaled 5,500,000. Markdown amounted to 100,000. Under the approximate lower of average cost or NRV retail method, what is the inventory on December 31, 2015?

a. 1,050,000

b. 1,400,000

c. 994,000

d. 980,000

Reference no: EM132524925

Questions Cloud

Personally identifiable information compromised : Your Personally Identifiable Information (PII) is out there. Since people want to avail themselves of various business opportunities,
What is the value of the firm according to a dcf valuation : What is the value of the firm according to a DCF valuation with 10% annual discount rate? Usually this is called the "intrinsic value" relative
Corporate fraud : As we've examined this week, legislation centers mostly around fraud in the corporate arena when it comes to technology.
Determine what symptoms support the diagnosis of asthma : Investigate the condition of asthma and the manifestations of the disease. Analyze the case study provided and determine what symptoms support the diagnosis.
What is the inventory on december : Markdown amounted to 100,000. Under the approximate lower of average cost or NRV retail method, what is the inventory on December 31, 2015?
Nist and risk governance and risk management : Companies generally reference NIST standards when assessing their risk management.
Explain use of clinical judgment in caring for clients : Read the assigned chapters in the e-textbook and explore topics on the Arthritis Foundation website. Be prepared to discuss use of clinical judgment in caring.
Solve profitability index for both projects : Solve Profitability Index for both Projects, Payback Period for both Projects, Net Present Value for both Projects. Which project should the investor accept?
Determine the machines second-year depreciation : During its second year, the machine produces 35,000 units of product. Determine the machine's second-year depreciation under the straight-line method

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