Marcos Industries uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of cost to retail price is 60%, what is the amount of inventory to be reported on the financial statements?
(A) $286,800
(B) cannot be determined from the information given.
(C) $478,000
(D) $192,200
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Marcos Industries uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of cost to ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Brian porter's net worth is $110,000, excluding his home. his liabilities of $50,000 include all of his credit card balances and the balance due on his auto loan and home improvement loan.
Answers (1)
How do blue collar workers and white collar workers differ in the types of work they perform?
Answers (1)
On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,430,000. (Credit account titles are automatically indented when amount is entered.
Answers (1)
One characteristic of good business writing is that it:
Answers (1)
When identifying the sources of ineffective performance, managers often: a. ignore external conditions an employee faces. b. ignore hygiene and motivation factors that affect employees. c. attribute poor performance to job design. d.
Answers (1)
New Questions in Business
Shannon purchases a bond for $952.00. The bond matures in 3 years, and Shannon will redeem it at its face value of $1,000. Coupon payments are paid annually. If Shannon will earn a yield of 12%/year compounded yearly, what is the bond coupon rate?
Answers (1)
Assume the minimum wage is increased above the previous equilibrium wage. Which of the following statements is/are correct? The supply curve of workers will increase. The demand curve for workers will decrease. The unemployment rate will decrease.
Answers (1)
Coupons and sales are frequently used marketing tactics for which form of competition?
Answers (1)
Which of the following is a fundamental goal of CRM systems? a. To produce and deliver a product or service at the time the customer wants it b. To lower the costs of maintaining inventory systems c. To manage and track customer interactions. d.
Answers (1)
Midway through the life of an amortized loan, the percentage of the payment that represents interest must be equal to the percentage that represents repayment of principal.
Answers (1)