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The records of Renault Corporation showed that sales during the period were $276,000. Opening inventory...

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Question

Accounting

The records of Renault Corporation showed that sales during the period were $276,000. Opening inventory amounted to $26,000 at cost, purchases were $90,000 at cost. The company paid $4000 for transportation-in. Mark up on all items sold is 300%.

Required:

1. Calculate:

a. cost of goods availalbe at retail

b. cost of goods sold at retail

c. ending inventory at retail

d. ending inventory at cost

e. cost of goods sold at cost

f. gross profit at cost

2. Demonstrate that your results maintain a 300% mark up.

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