financial assignment

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Question # 1:

A retailer has yearly sales of $650,000.  Inventory on January 1 is $250,000 (at cost).  During the year, $500,000 of merchandise (at cost) is purchased.  The ending inventory is $275,000 (at cost).  Operating costs are $90,000. 

  • a. Calculate the cost of goods sold
  • b. Calculate the net profit

Question # 2:

A retailer has a beginning monthly inventory valued at $60,000 at retail and $35,000 at cost.  Net purchases during the month are $140,000 at retail and $70,000 at cost.  Transportation charges are $17,000.  Sales are $150,000.  Markdowns and discounts equal $20,000.  A physical inventory at the end of the month shows merchandise valued at $10,000 (at retail) on hand.  Compute the following:

  • a. Total merchandise available for sale – at cost and at retail
  • b. Cost complement
  • c. Ending retail book value of inventory
  • d. Stock shortages
  • e. Adjusted ending retail book value
  • f. Gross profit

Question # 3:

A car dealer purchased multiple –disc CD players for $1185 each and desires a 40% markup (at retail).  What retail price should be charged?  

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