On March 1, Year 1, LuxWear Inc. had beginning inventory and purchases, at cost, of $50,000 and $20,000, respectively. The beginning inventory and purchases had a retail value of $75,000 and $30,000, respectively. The company had sales of $60,000, as well as markups of $6,000 and markdowns of $10,000. What would LuxWear report as the lower of cost or market for its ending inventory on March 31, Year 1 using the conventional (LCM) retail method? (Round the cost-to-retail ratio to two decimal places.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On March 1, Year 1, LuxWear Inc. had beginning inventory and purchases, at cost, of $50,000 and $20,000, respectively. The beginning ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
On May 31, Money Corporation's Cash account showed a balance of $16,000 before the bank reconciliation was prepared.
Answers (1)
Low quality materials might lead to an unfavorable variance for which of the following? Labor Efficiency Variance Materials Quantity Variance A) Yes Yes B) Yes No C) No Yes D) No No
Answers (1)
Vnich of the following a Morales ik rom diving area Which of the following is NOT a likely risk from driving in rural areas? A. Distracting billboards B. Unpaved, poorly maintained roads C. Wildlife or livestock crossing roads D.
Answers (1)
A util is an artificial construct used as a means of measuring the A. costs of producing a good B. price of a good C. satisfaction one receives from the consumption of a good D. difference between the price and the value of a good
Answers (1)
Devon Company has collected the following data for one of its products: Direct materials standard (4 pounds @ $1/lb.
Answers (1)
New Questions in Business
All of the following are associated with reporting controllable costs except:a. At lower levels, management have fewer controllable costs. b. Lower-level managers are responsible for detailed costs and so receive detailed reports. c.
Answers (1)
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes.
Answers (1)
Samantha, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Samantha sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Samantha's gain or loss from the sale? a.
Answers (1)
In a process cost system, the amount of work in process inventory is valued by a. allocating departmental costs between completed and partially completed units b. finding the sum of all completed jobs c.
Answers (1)
You may choose a standardized tool because A. such tools often capture learning in all of the domains. B. such tools are fail-proof. C. such tools capture spontaneous, child-directed learning. D. you're required to use it.
Answers (1)