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What is the cost ratio under average method

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Reference no: EM133068744

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.

Required -

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: EM133068744

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