Chapter 9 week 3 homework - Goods available 818,000...

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Part Quantity Cost Market Total Cost Total Market Lower Cost or Market 110 600 90 100 54,000 60,000 54,000 111 1000 60 52 60,000 52,000 52,000 112 500 80 76 40,000 38,000 38,000 113 200 170 180 34,000 36,000 34,000 120 400 205 208 82,000 83,200 82,000 121 1600 16 0.2 25,600 320 320 122 300 240 235 72,000 70,500 70,500 Total 367,600 340,020 330,820 A. 330,820 B. 340,020 o Ch. 9: Exercises E9-1, E9-12, & E9-19
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A. Inventory, May 1 at cost 160,000 Purchase 640,000 Purchase discounts -12,000 Freight in 30,000 Goods available 818,000 Sales (selling price) 1,000,000 Sales returns -70,000 net sales 930,000 Less: Gross Profits 30% of 930,000 279,000 Sales 651,000 Approx. Inventory on May 31, 167,000 B Inventory, May 1 at cost 160,000 Purchases 640,000 Purchase discounts -12,000 Freight in 30,000
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Unformatted text preview: Goods available 818,000 Sales (selling price) 1,000,000 Sales returns-70,000 Net sales 930,000 Less: gross profits 23.08% of 930,000 214,644 Sales 715,356 Approx. inventory on May 31 102,644 Cost Retail Beginning Invetory 200,000 280,000 Purchases 1,375,000 2140000 Total 1,575,000 2,420,000 Add: Net markups Markups 95,000 Markup cancel.-15,000 80,000 Total 1,575,000 2,500,000 Deduct: Net markdowns Markdowns 35,000 Markdowns cancel.-5,000 Sales price of goods 30,000 Deduct sales 2,470,000 ending inventory 270,000 cost to retail 1,575,000 63% 2500000 Ending inventory (cost)= .63 X 270,000=170,100...
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