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(Solved) Exercise 9-20 Presented below is information related to Flounder Company.


ACC/422 Intermediated Accounting II Week 2 Wiley



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Exercise 9-20
Presented below is information related to Flounder Company. Beginning inventory
Purchases (net) Cost Retail $ 61,600
120,170 $107,300
180,700 Net markups 10,325 Net markdowns 26,679 Sales revenue 187,090 Don't show me this message again for the assignment Compute the ending inventory at retail.
$
Ending
inventory
Don't show me this message again for the assignment Link to Text Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2
decimal places, e.g. 78.74%)
Cost-to-retail
percentage
(1) Excluding both markups and markdowns. % (2) Excluding markups but including markdowns. % (3) Excluding markdowns but including markups. % (4) Including both markdowns and markups. % Don't show me this message again for the assignment Link to Text Which of the methods in (b) above does the following? (1) Provides the most conservative estimate
of ending inventory. (2) Provides an approximation of lower-ofcost-or-market. (3) Is used in the conventional retail method.
Don't show me this message again for the assignment Link to Text Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g.
78.74% and final answer to 0 decimal places, e.g. 6,225.)
$
Ending
inventory
Don't show me this message again for the assignment Link to Text Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.)
$
Cost of goods sold
Don't show me this message again for the assignment Link to Text Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.)
$
Gross margin
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