5.What is the effect of net markups on the cost-retail ratio when using theconventional retail method?What is the effect of net markups on the cost-retail ratio when using theconventional retail method?StudentResponseValue CorrectAnswerFeedback Show
Get answer to your question and much more Score:2/26.When valuing raw materials inventory at lower-of-cost-or-market, whatis the meaning of the term "market"?When valuing raw materials inventory at lower-of-cost-or-market, what is themeaning of the term "market"? StudentResponseValue CorrectAnswerFeedback Get answer to your question and much more Score:2/27.Which of the following is not a reason the retail inventory method isused widely?Which of the following is not a reason the retail inventory method is usedwidely?CorrectAnswerFeedback Get answer to your question and much more 8.When using dollar-value LIFO, if the incremental layer was added lastyear, it should be multiplied byWhen using dollar-value LIFO, if the incremental layer was added last year, itshould be multiplied by Get answer to your question and much more Score:0/29.The credit balance that arises when a net loss on a purchasecommitment is recognized should beThe credit balance that arises when a net loss on a purchase commitment isrecognized should be Get answer to your question and much more StudentResponseValueCorrectAnswerFeedbackearnings.4.presented asa currentliability.100%Score:2/210.Henke Co. uses the retail inventory method to estimate its inventory forinterim statement purposes. Data relating to the computation of theinventory at July 31, 2012, are as follows:Henke Co. uses the retail inventory method to estimate its inventory for interimstatement purposes. Data relating to the computation of the inventory at July31, 2012, are as follows:CostRetailInventory, 2/1/12$ 200,000$ 250,000Purchases1,000,0001,575,000Markups, net175,000Sales1,650,000Estimated normal shoplifting losses20,000Markdowns, net110,000Under the lower-of-cost-or-market method, Henke's estimated inventory at July31, 2012 isCorrectAnswerFeedback Get answer to your question and much more Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 127 pages? Upload your study docs or become a Course Hero member to access this document Test
Prep This preview shows page 9 - 11 out of 50 pages. 61.What is the effect of net markups on the cost-retail ratio when using the conventional retailmethod?a.Increases the cost-retail ratio.b.No effect on the cost-retail ratio.c.Depends on the amount of the net markdowns.d.Decreases the cost-retail ratio.9 - 9 62.What is the effect of freight-in on the cost-retail ratio when using the conventional retailmethod? Get answer to your question and much more 63.Which of the following is not a common disclosure for inventories? Get answer to your question and much more P64.Which of the following statements is false regarding an assumption of inventory cost flow? Get answer to your question and much more P65.The average days to sell inventory is computed by dividinga.365 days by the inventory turnover ratio.b.the inventory turnover ratio by 365 days.c.net sales by the inventory turnover ratio.d.365 days by cost of goods sold. We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Applied Calculus Berresford/Rockett Expert Verified Test Bank for Intermediate Accounting, Thirteenth Edition66.The inventory turnover ratio is computed by dividing the cost of goods sold by Get answer to your question and much more *67.When using dollar-value LIFO, if the incremental layer was added last year, it should bemultiplied by Get answer to your question and much more Multiple Choice Answers—ConceptualItemAns.ItemAns.ItemAns.ItemAns.ItemAns.ItemAns.ItemAns.21.d28.d35.a42.a49.b*56.b63.b22.d29.a36.c43.b50.d57.a64.b23.c30.b37.b44.d51.c58.d65.a24.b31.d38.d45.c52.a59.a66.c25.a32.c39.a46.a53.d60.b*67.c26.c33.a40.d47.d54.b61.d27.d34.d41.a48.d55.a62.aSolutions to those Multiple Choice questions for which the answer is “none of these.”48.The gross profit percentage applicable to the goods in ending inventory is different fromthe percentage applicable to the goods sold during the period.53.Many answers are possible.MULTIPLE CHOICE—Computational Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 50 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Applied Calculus Berresford/Rockett Expert Verified What is the effect of net markups on the cost retail?(2) Net markups do not impact the cost and include markups less markup cancellations.
What is the effect of net markups on the cost retail ratio when using the conventional retail method compared to the cost method )?What is the effect of net markups on the cost-retail ratio when using the conventional retail method? No effect on the cost-to-retail ratio. Depends on the amount of the net markdowns.
When the conventional retail method includes both net markups and net markdowns in the cost retail ratio it approximates a lowerCh 9 TF. What is the difference between the average cost retail inventory method and the conventional retail inventory method?The Cost/Retail Ratio
The first method, called the conventional retail method includes markups but excludes markdowns. This method results in a lower ending inventory value. The second method, simply called the retail method, uses both markups and markdowns to calculate the ratio.
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What is the effect of net markups on the cost retail ratio when using the conventional retail method?
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