Retail method to estimate inventories

Assignment Help Accounting Basics
Reference no: EM13147649

Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2011 include: beginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sales during the first six months totaled $490,000. The estimated inventory at June 30, 2011, would be:

a. $68,200.

b. $55,000.

c. $71,500.

d. $63,250.

Reference no: EM13147649

Questions Cloud

Why might college students price elasticity for vacation : Why might college students’ price elasticity for vacation rentals on HHI be 3.0 while active seniors’ price elasticity be 1.0?
What exactly is a cytoplasmic receptor : What exactly is a cytoplasmic receptor and why is a small nonpolar molecule the most likely candidate to have a cytoplasmic receptor?
Explain the specific heats of solid and liquid ethanol : The specific heats of solid and liquid ethanol are 0.97 J/g-K and 2.3 J/g-K, respectively. How much heat (kJ)
Statute of frauds which is a statute that most states : Discussed the Statute of Frauds which is a statute that most States have enacted and which requires certain contracts to be IN WRITING in order for the contract to be enforceable. With how the internet,
Retail method to estimate inventories : Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2011 include: beginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sal..
Are the following questions about the lactose permease : The lactose permease of E. coli is a protein composed of a single polypeptide that is 417 amino acids in length. By convention, the amino acids within a polypeptide are numbered from the amino terminus to the carboxyl terminus. Are the following q..
Find range of values students must graduate-empirical rule : Suppose that the average number of years to graduate at a university is 4 years, with a standard deviation of 0.5 years. From the Empirical Rule, what is a range of values that 95% of the students should graduate between?
Compute the average speed of an oxygen gas molecule : How much faster do ammonia (NH3) molecules effuse than carbon monoxide (CO) molecules? Enter the ratio of the rates of effusion.
What is the class of warm blooded : whats the class of warm blooded, usually hairy animals, thats feed their young with milk by mothers? This class includes monotremes, marsupials, primates, cats, dogs, bears, hoofed animals, rodents, bats, seals, dolphins, and whales.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Prepare a differential analysis report

Prepare a differential analysis report, dated June 15 of the current year(2009), on whether the equipment should be leased or sold.

  Describe some of the information a good ais

Describe some of the information a good AIS could have provided for this firm and that, if provided in a timely manner, could have helped avoid some of its problems.

  Calculate basic pay-overtime pay-bonus pay

Calculate the gross wages of each worker for Week 4. Show clearly the basic pay, overtime pay and bonus pay; Using the answer in (a), analyze the total gross wages of the workers into Direct Wages and Indirect Wages;

  Journal entry to record the reissuance

Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to

  Earnings per share of stoneland corporation

For 2010, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

  Capitation rate projections

What per-member per month (PMPM) rate would be required to break even, ignoring any co-payments? What advice would you provide the primary care group?

  Identify the remaining general creditors

Pierre Imports will be liquidated. Its current balance sheet is given below. Fixed assets are sold for $900,000 and current assets are sold for $700,000.

  Problem related to divisions net assets

Books-R-Us, Inc. committed to sell its comic book division (a component of the business) on September 1, 2010. The book value of the division's net assets was $400,000 and the estimated selling price of the net assets was $350,000.

  How many equivalent units for conversion costs

Workforce, Inc. had beginning inventory in March consisting of 15,000 units (60 percent converted) and ending inventory consisting of 20,000 units (40 percent converted).

  Determining holding period return

The return an investor earns on a bond over a period of time is known as the holding period return, defined as interest income plus or minus the change in the bond's price, all , all divided by the beginning bond price.

  Difference in the effective annual rates

Merchants Bank offers to lend you the $50,000, but it will charge 6.0%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks?

  Period and incurred overhead costs

The company used 1,000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling $630,000. The budgeted machine hours for the year totaled 20,000. How much overhead should be applied to Job No. B12?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd