Manila Bread Company Uses the Average Cost Retail Method to Estimate

question 39

Essay

Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2009:
Required:
Estimate the ending inventory as of December 31, 2009.
$$\begin{array} { l c r } & \text { Cost } & \text { Retail } \\\text { Inventory, January 1 } & \$ 54,205 & \$ 78,000 \\\text { Purchases } & 326,000 & 466,000 \\\text { Net markups } & & 8,200 \\\text { Net markdowns } & & 16,700 \\\text { Net sales } & & 412,000\end{array}$$

Describe the characteristics of a person with intrapersonal intelligence.

Evaluate how self-management skills influence performance in a work environment.

Explain the concept of assertiveness and its importance in personal and professional life.

Understand the characteristics and purposes of formal and informal groups in organizations.

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Definitions:

Certain Payoff

A guaranteed outcome or return from an investment, where the investor has absolute certainty over the amount to be received.

Asymmetric Information

A situation in which one party in a transaction has more or superior information compared to another.

Market Failures

Situations in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Government Intervention

Actions taken by a government to influence or regulate various activities within its economy.