Selected financial data, as of December 31, 2019, for Fancy Fashion, a discount retail store, follows....
Selected financial data, as of December 31, 2019, for Fancy
Fashion, a discount retail store, follows.
| Credit sales | |||
| Women’s clothing | $ | 700,000 | |
| Men’s clothing | $ | 260,000 | |
| Total sales | |||
| Women’s clothing | $ | 950,000 | |
| Men’s clothing | $ | 300,000 | |
| Sales returns and allowances | |||
| Women’s clothing | |||
| Credit sales | $ | 8,000 | |
| Cash sales | $ | 600 | |
| Men’s clothing | |||
| Credit sales | $ | 2,000 | |
| Cash sales | $ | 600 | |
| Book value of inventory and equipment | |||
| Women’s clothing | $ | 150,000 | |
| Men’s clothing | $ | 50,000 | |
The total office expense for the year at Fancy Fashion was $80,000. Compute the amount to be allocated to each department using total sales as the basis for the allocation. (Round your "Percent" answers to the nearest whole number.)
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Homework Answers
| Department | Basis: Total sales | Percent | Total office expense | Allocation |
| Women’s clothing | 950000 | 76% | 80000 | 60800 |
| Men’s clothing | 300000 | 24% | 80000 | 19200 |
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