On March 1, Year 1, LuxWear Inc. had beginning inventory and purchases, at cost, of $50,000 and $20,000, respectively. The beginning inventory and purchases had a retail value of $75,000 and $30,000, respectively. The company had sales of $60,000, as well as markups of $6,000 and markdowns of $10,000. What would LuxWear report as the lower of cost or market for its ending inventory on March 31, Year 1 using the conventional (LCM) retail method? (Round the cost-to-retail ratio to two decimal places.)

Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.

Suppose jamal purchases a pair of running shoes online for $60. if his state has a sales tax on clothing of 6 percent, how much is he required to pay in state sales tax?

Faldo corp sells on terms that allow customers 45 days to pay for merchandise. its sales last year were $325,000, and its year-end receivables were $60,000. if its dso is less than the 45-day credit period, then customers are paying on time. otherwise, they are paying late. by how much are customers paying early or late? base your answer on this equation: dso - credit period = days early or late, and use a 365-day year when calculating the dso. a positive answer indicates late payments, while a negative answer indicates early payments. a. 21.27b. 22.38c. 23.50d. 24.68e. 25.91b