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Homework answers / question archive / Alison's dress shop buys dresses from McGuire Manufacturing
Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $7,000 and payment terms of 3/10, n/30. Alison uses the net method to record purchases. Alison should record the purchase at:
Nu Company reported the following pretax data for its first year of operations. 2,890 2,500 740 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 40% 820 1,210 What is Nu's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.)
Northwest Fur Co. started 2018 with $101,000 of merchandise inventory on hand. During 2018, $470,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,600. Merchandise with an invoice amount of $3,700 was returned for credit. Cost of goods sold for the year was $361,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases?
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