Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cost and $50,000 at retail. The following information relates to 2020.
Retail
Net purchases ($108,500 at cost) $150,000
Net markups 10,000
Net markdowns 5,000
Sales revenue 126,900
Required:
a. Assume Amiras decided to adopt the conventional retail method. Compute the ending inventory to be reported in the balance sheet.
b. Assume instead that Amiras decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet.
c. On the basis of the information in part (b), compute cost of goods sold.
Answers: 1
Business, 21.06.2019 18:30
Why should organizations be allowed to promote offensive, violent, sexual, or unhealthy products that can be legally sold and purchased?
Answers: 3
Business, 22.06.2019 06:00
Why might a business based on a fad be a good idea? question 2 options: fads bring in the most customers. some fads are longer lasting than expected. fads have made some business owners incredibly wealthy. fads can take a business in a new direction.
Answers: 2
Business, 22.06.2019 12:50
Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false
Answers: 3
Business, 22.06.2019 13:50
Which one of the following statements is true? ddt does not prevent disease from passing from agricultural animals to humans. cost was a major factor in the united states government's decision to ban ddt. many african governments concluded that the potential long-term health effects of ddt were not as serious as the immediate problem of insect control. ddt cannot accumulate in the fat of animals. the ddt ban in the united states has made it very difficult to control agricultural insect pests.
Answers: 3
Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cos...
Health, 08.04.2021 02:10
Mathematics, 08.04.2021 02:10
English, 08.04.2021 02:10
History, 08.04.2021 02:10
Business, 08.04.2021 02:10
Social Studies, 08.04.2021 02:10
Mathematics, 08.04.2021 02:10
Mathematics, 08.04.2021 02:10
Computers and Technology, 08.04.2021 02:10
Mathematics, 08.04.2021 02:10
Arts, 08.04.2021 02:10