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FIFA Footballs uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold
FIFA Footballs uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following
data is available from the company records for the month of September 30, 20x2:
Cost Retail Beginning inventory $122,500 $147,000 Net purchases 391,000 585,000 Net markups 33,500 Net markdowns 52,000 Net sales 605,000
FIFAs average cost-to-retail percentage is:
Expert Solution
| Computation of Average Cost to Retail Percentage: | ||
| Cost | Retail | |
| Beginning inventory | $122,500.00 | $147,000.00 |
| Add: Net purchases | $391,000.00 | $585,000.00 |
| Add: Net markups | $33,500.00 | |
| Less: Net markdowns | -$52,000.00 | |
| Goods available for sale | $513,500.00 | $713,500.00 |
| Average Cost to Retail Percentage ($513,500/$713,500*100) |
71.97% So, Average Cost to Retail Percentage is 71.97%. |
|
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