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Suggested Answers Midterms Quiz
Suggested Answers Midterms Quiz
PROBLEM 2
PROBLEM 4
Beginning Age Quantity Beginning Price Total
2 y/o 1,050.00 4,000.00 4,200,000.00
1 y/o 150.00 3,000.00 450,000.00
1y/o July 375.00 3,000.00 1,125,000.00 5,775,000.00
PROBLEM 5
PROBLEM 6
COST RETAIL
Inventory, Jan 1 820,000.00 1,262,800.00
Net Purchases 2,280,000.00 3,607,200.00
Net Mark-ups 450,000.00
Net Mark-downs 320,000.00
Total 3,100,000.00 5,000,000.00 62%
Less: COGS at Retail
Sales 4,350,000.00
Less: Sales Returns 300,000.00
Net Sales 4,050,000.00
Add: Employee Discount 100,000.00
Normal Shrinkage 50,000.00 4,200,000.00
Ending Inventory at Retail 800,000.00 19)
Times: Average Cost Ratio 62%
Ending Inventory at Cost 496,000.00 20)
13)
630,000.00 Price Change
Ednding Balance