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Compute ending inventory by the conventional retail inventory method.

Compute ending inventory by the conventional retail inventory method.

Intermediate Accounting: Reporting And Analysis
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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Cost Retail Beginning inventory Purchases Freight on purchases 89,100 Markups Markup cancellations Abnormal shortage. 16,500 H Markdowns Markdown cancellations i Employee discounts Sales revenue Sales returns Normal shortage Purchase returns $467.500 $825.000 2,090,000 3,685,000 24,200 192,500 154,000 28,600 96,800 13,200. 5,720 3,932.500 110,000 19.250 45,100
Transcribed Image Text:Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Cost Retail Beginning inventory Purchases Freight on purchases 89,100 Markups Markup cancellations Abnormal shortage. 16,500 H Markdowns Markdown cancellations i Employee discounts Sales revenue Sales returns Normal shortage Purchase returns $467.500 $825.000 2,090,000 3,685,000 24,200 192,500 154,000 28,600 96,800 13,200. 5,720 3,932.500 110,000 19.250 45,100
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