110. A business using the retail method of inventory costing determines that merchandise inventory at retail is $1,700,000. If the ratio of cost to retail price is 55%, what is the amount of inventory to be reported on the financial statements?
111. Based upon the following data estimate the cost of ending merchandise inventory:
Sales (net)
|
$2,500,000
|
Estimated gross profit rate
|
25%
|
|
|
Beginning merchandise inventory
|
$90,000
|
Purchases (net)
|
$2,110,000
|
Merchandise available for sale
|
$2,200,000
|
|
|
112. The units of an item available for sale during the year were as follows:
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a)the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.
113. The units of an item available for sale during the year were as follows:
January 11
|
Inventory
|
60 units @ $145
|
February 27
|
Purchase
|
90 units @ $150
|
November 21
|
Purchase
|
75 units @ $154
|
|
|
|
There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.