ACC 422 Week 3 Exercises E9-1, E9-12, E9-19, E10-5, E10-12

May 8th, 2015
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ACC 422 Week 3 Exercises E9-1, E9-12, E9-19, E10-5, E10-12

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E9-1a) $330,820b) $340,020E9-12a) App. $167,000b) App. $102,644E9-19CostRetailBeginning inventory$ 200,000$ 280,000Purchases 1,375,000 2,140,000Totals 1,575,000 2,420,000Add: Net markupsMarkups$95,000Markup cancellations_________ (15,000) 80,000Totals$1,575,0002,500,000Deduct: Net markdownsMarkdowns 35,000Markdowns cancellations (5,000) 30,000Sales price of goods available 2,470,000Deduct: Sales 2,200,000Ending inventory at retail$ 270,000Cost-to-retail ratio =$1,575,000= 63%$2,500,000Ending inventory at cost = 63% X $270,000 = $170,100E10-5LandAbstract Fees - $520Cash paid for land and building 87,000Removal of old building 14,500New building 1,600Landscaping 5,400BuildingsArchitects fees - $3,170Interest on loans during construction 7,400Excavation

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