Question

1.Jones Co. uses the retail inventory method. Given thefollowing data, what is the ending inventory at cost? Sales atretail $80,000, net purchases at cost $41,200, net purchases atretail $66,800, beginning inventory at cost $22,400, beginninginventory at retail $36,800. Round cost ratio to the nearest wholepercent. A. $23,600 B. $63,600 C. $14,936 D. $14,396

2. With Department A sales of $200,000, Department B sales of$600,000, and overhead expense to be allocated of $25,000, thedistribution of overhead to Department A based on sales is: A.$18,750 B. $25,000 C. $2,600 D. $6,250

3. Belle Co. has beginning inventory of 12 sets of paints at acost of $1.50 each. During the year, the store purchased 7 at$3.00, 8 at $3.25, and 12 at $3.50. By the end of the year 31 setswere sold. Using the LIFO method, the cost of ending inventory is:A. $28.00 B. $12.00 C. $21.00 D. $3.50

 

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