Phair Co., a specialty clothing store, uses the retail inventory method. The following relates to 2020 operations: Show
Inventory, January 1, 2020, at cost $14,200 Inventory, January 1, 2020 at sales price 20,100 Purchases in 2020 at cost 32,600 Purchases in 2020 at sales price 50,000 Additional markups on normal sales price 1,900 Sales (including $4,200 of items that were marked down from $6,400) 60,000 The cost of the December 31, 2020 inventory determined by the conventional retail method is: A. $9,800 B. $6,370 C. $6,743 D. $6,543 Recommended textbook solutions
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Under what circumstances is relative sales value an appropriate basis for determining the price assigned to inventory?Answer and Explanation: The relative sales value method is suitable to determine the price of an inventory when different units of products are purchased at one lump-sum price.
What does LCM mean in accounting?The lower of cost or market (LCM) method states that when valuing a company's inventory, it is recorded on the balance sheet at either the historical cost or the market value. Historical cost refers to the cost at which the inventory was purchased. The value of a good can shift over time.
What is the meaning of market as it is used in determining the lowerDefinition of 'lower of cost or market'
Lower of cost or market is a method of valuing assets where the asset is valued at either the historical cost or the fair market value, whichever is lower.
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What is the reason that gross profit based on selling price will always be less than the related percentage based on cost quizlet?
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