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23.The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020:                            Cost       Retail Beg. invy         809,000  1,400,000 Purchases     2,970,000  4,200,000 Freight-in          40,000 Net markups                    130,000 Net markdowns                  30,000 Sales                            4,000,000 Sales discount                    75,000 At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method?   a. 1,134,000 b. 1,700,000 c. 2,680,000 d. 2,800,000

23.The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020:                            Cost       Retail Beg. invy         809,000  1,400,000 Purchases     2,970,000  4,200,000 Freight-in          40,000 Net markups                    130,000 Net markdowns                  30,000 Sales                            4,000,000 Sales discount                    75,000 At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method?   a. 1,134,000 b. 1,700,000 c. 2,680,000 d. 2,800,000

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...
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23.The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020:

                           Cost       Retail
Beg. invy         809,000  1,400,000
Purchases     2,970,000  4,200,000
Freight-in          40,000
Net markups                    130,000
Net markdowns                  30,000
Sales                            4,000,000
Sales discount                    75,000

At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method?
 
a. 1,134,000
b. 1,700,000
c. 2,680,000
d. 2,800,000
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