Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Retail $305,000 865,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost $215,000 582,625 9,000 25,000 9,000 825,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ram calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.)
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Retail $305,000 865,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost $215,000 582,625 9,000 25,000 9,000 825,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ram calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...
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