Debbie's Bling Shop Uses the Lower of Average Cost or Market

question 147

Multiple Choice

Debbie's Bling Shop uses the lower of average cost or market retail inventory method to determine its ending inventory. The accounting records for the current year for Debbie's contained the following information: $\begin{array}{lll}\underline{\text { Retail }}&\underline{\text {Cost}} \\ \$ 27,500 & \$ 19,000 & \text { Beginning inventory } \\94,000 & 71,500 & \text { Purchases } \\105,000 & & \text { Sales } \\5,167 & & \text { Net markups } \\3,067 & & \text { Net markdowns }\end{array}$
In addition, the accounting records for Debbie's disclosed that freight-in charges were $6,700 and sales returns were $2,833. What is the cost-to-retail percentage to be used for ending inventory calculations?

• A) 71.4%
• B) 73.2%
• C) 76.7%
• D) 76.9%

Understand and articulate the ways in which sex education in Canadian schools may promote heterosexism.

Differentiate between essentialist and social constructionist approaches to human sexuality.

Analyze how language and societal norms influence the control of women's sexual behavior.

Examine how heterosexuality is reinforced in society through mechanisms of surveillance and normalization according to Michel Foucault.

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Definitions:

Interest Paid

The total amount of interest payments made on borrowings (e.g., loans, bonds) during a given period.

Cash Flow Statement

A financial statement that shows the flow of cash in and out of a business during a specific period, highlighting operating, investing, and financing activities.

Accumulated Depreciation

The cumulative total of all depreciation charges applied to an asset from the time it was first used.

Common Stock

Equity ownership in a corporation, giving shareholders voting rights and a share in the company's profits through dividends and capital appreciation.