On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method: Cost Retail June 1 Inventory $165,000 $275,000 June 1–30 Purchases (net) 2,361,500 3,800,000 June 1–30 Sales 3,550,000 blankCost of the InventoryJune 30 Cost Retail $- Select - $- Select - - Select - - Select - $- Select - $- Select - Ratio of cost to retail price: fill in the blank 10% - Select - $- Select - $- Select -

On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method: Cost Retail June 1 Inventory $165,000 $275,000 June 1–30 Purchases (net) 2,361,500 3,800,000 June 1–30 Sales 3,550,000 blankCost of the InventoryJune 30 Cost Retail $- Select - $- Select - - Select - - Select - $- Select - $- Select - Ratio of cost to retail price: fill in the blank 10% - Select - $- Select - $- Select -

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Chapter16: Lean Supply Chain Management

Section: Chapter Questions

Problem 10DQ: The chapter presented various approaches for the control of inventory investment. Discuss three...

See similar textbooks

Similar questions

The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.
can you please help me answer this question.... Rebar Company prepared the following analysis of its year-end inventory on December 31. First, determine the total lower of cost or market value for each product in Rebar Company's inventory. Second, prepare the journal entry needed at year-end to value the inventory at LCM, if applicable. Historical Cost Replacement Cost Product Quantity per unit per unit A 17 $430 $499 B 140 325 299 C 38 75 69
11. Determine planned purchases (a) at retail and (b) at cost for a month with the following planned figures: Round to the nearest dollar. Sales $148,000 Markdowns 8,400 BOM Stock 310,500 EOM Stock 340,000 Markup 48%
Knowing how to use the ABC analysis, make up a list of 10 items in a stores inventory, then decide which 10 items sold at the store would constitute 80% of the revenue and create a Word document using the ABC analysis.
21- Which one of the following represent FIFO method of inventory evaluation? a. Old items remain in inventory b. Old merchandise is sold first c. New merchandise is sold first d. Average number of goods are sold
Arrow Distributing Corp. likes to track inventory by using weeks of supply as well as by inventory turnover. Arrow Distributing Corp. Net Revenue $15,630 Cost of sales $12,190 Inventory $1,090 Total assets $8,770 a) What is its weeks of supply? weeks (round your response to two decimal places). b) What is Arrow's inventory turnover? times per year (round your response to two decimal places). c) Suppose a manufacturer has an inventory turnover of 13.5 times per year. Arrow's supply chain performance relative to the manufacturer's, as measured by inventory turnover, is
What is the purpose of inventory control?
Conduct the ABC analysis for a convenience store, using the following percentages A inventory - most important items, generating 60% of sales B inventory - items generating the next 30% of sales Cinventory - items generating <10% of sales Stock (units) |Unit price Revenue 1000 $ 1.89 Product АВС Candy bars Cereal 200 $ 4.50 Cookies 400 $ 4.00 Milk 100 $ 2.00 200 $ 3.00 500 $ 1.50 Muffins Soda Hints 1. sort by revenue (largest to smallest) 2. calculate % of total revenue for each item 3. run a cumulative % for the items 4. identify the cut-off for each category You can run the entire exercise sorting and extending the table above
What is Inventory Control and its Objectives?
A firm cost of good sold averages P2,000,000 per month, and it keeps an inventory equal to 50% of its monthly cost of good sold on hand at all times. Using a 365 -day year, what is its inventory conversion period? Standford Packing had sales of P3.2 million and a gross profit margin of 35% last year. If Standford inventory averaged P0.4 million last year, What was the length of the average age of inventory?
33- Which one of the following is a reason for a stock out situation for a retailer? a. Consumer demand remains unchanged b. Price of the product increases c. More lead time taken by the supplier d. There is buffer stock with the retailer
With respect to inventory management, is it better to have an “overstock” than a “stockout”? Why? Why not?

SEE MORE QUESTIONS

Recommended textbooks for you

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

		Cost	Retail
June 1	Inventory	$165,000	$275,000
June 1–30	Purchases (net)	2,361,500	3,800,000
June 1–30	Sales		3,550,000

		Cost	Retail
		$- Select -	$- Select -
		- Select -	- Select -
		$- Select -	$- Select -
Ratio of cost to retail price:	fill in the blank 10%
			- Select -
			$- Select -
			$- Select -