Mar, cashier of ABC Department store is given a 15% discount on a cash purchase. How much will her discount be if she buys 2 dresses at P180 each and one pair of shoes costing P650?a. P150.50 b. P151.50 c. P1,010 d. P36.00
Mar, cashier of ABC Department store is given a 15% discount on a cash purchase. How much will her discount be if she buys 2 dresses at P180 each and one pair of shoes costing P650?a. P150.50 b. P151.50 c. P1,010 d. P36.00
Related questions
| (a) | Ā | A sales journal will be used for: | ||||
| Ā | Ā | Credit SalesĀ
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Ā | Cash SalesĀ
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Ā | Sales ReturnsĀ
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| Ā | Ā | Ā | Ā | Ā | Ā | Ā |
| (b) | Ā | A single-column purchases journal will be used for: | ||||
| Ā | Ā | Cash PurchasesĀ
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Ā | Purchases on AccountĀ
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Ā | Purchase DiscountsĀ
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| Ā | Ā | Ā | Ā | Ā | Ā | Ā |
| (c) | Ā | A multi-column purchases journal will be used for: | ||||
| Ā | Ā | Cash PurchasesĀ
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Ā | Supplies PurchasedĀ on AccountĀ
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Ā | Equipment PurchasedĀ on AccountĀ
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| Ā | Ā | Ā | Ā | Ā | Ā | Ā |
| (d) | Ā | A cash payments journal will be used for: | ||||
| Ā | Ā | Payments toĀ CreditorsĀ
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Ā | PurchasesĀ DiscountsĀ
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Ā | Owner CashĀ InvestmentĀ
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| Ā | Ā | Ā | Ā | Ā | Ā | Ā |
| (e) | Ā | A cash receipts journal will be used for: | ||||
| Ā | Ā | Owner CashĀ WithdrawalsĀ
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Ā | Purchases DiscountsĀ
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Ā | Cash SalesĀ
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Ā
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2018:
| Cost | Retail | |||
| Beginning inventory | $ | 50,000 | $ | 70,000 |
| Purchases | 217,000 | 410,000 | ||
| Freight-in | 10,986 | |||
| Purchase returns | 4,500 | 7,000 | ||
| Net markups | 6,800 | |||
| Net markdowns | 4,500 | |||
| Normal breakage | 7,000 | |||
| Net sales | 290,000 | |||
| Employee discounts | 2,800 | |||
Sales are recorded net of employee discounts.
1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method.
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2. Recompute the cost-to-retail percentage using the average cost method.
Recompute the cost-to-retail percentage using the average cost method. (Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%).)
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