Business, 30.03.2021 20:30, drdeb7766

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

Show answers

Other questions on the subject: Business

Business, 22.06.2019 11:30, fjjjjczar8890

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.

Answers: 2

continue

Business, 23.06.2019 00:00, tre9990

What is a uniform law adopted by all states that facilitates business transactions?

Answers: 1

continue

Business, 23.06.2019 02:50, afropenguin2853

Marcus nurseries inc.'s 2005 balance sheet showed total common equity of $2,050,000, which included $1,750,000 of retained earnings. the company had 100,000 shares of stock outstanding which sold at a price of $57.25 per share. if the firm had net income of $250,000 in 2006 and paid out $100,000 as dividends, what would its book value per share be at the end of 2006, assuming that it neither issued nor retired any common stock?

Answers: 1

continue

Business, 23.06.2019 03:00, KenzieSparkles

Depasquale corporation is working on its direct labor budget for the next two months. each unit of output requires 0.61 direct labor-hours. the direct labor rate is $8.70 per direct labor-hour. the production budget calls for producing 6,700 units in may and 7,100 units in june. if the direct labor work force is fully adjusted to the total direct labor-hours needed each month, what would be the total combined direct labor cost for the two months?

Answers: 3

continue

Do you know the correct answer?

Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cos...