Please help me Bramble Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following datapertains to a single department for the month of October 2023.Inventory, October 1, 2023At costAt retailPurchases (exclusive of freight and returns)At costAt retailFreight-inPurchase returnsAt costAt retailMarkupsMarkup cancellations.Markdowns (net)Normal spoilage and breakage (at retail)$51,90077,300265,846425,40016,5005,5008,1009,1002,0003,6009,900 Freight-inPurchase returnsAt costAt retailMarkupsMarkup cancellationsMarkdowns (net)Normal spoilage and breakage (at retail)Sales revenue(a)Ending inventory16,500$5,5008,1009,1002,0003,6009,900Calculate the ending inventory at October 31, 2023, at retail prices.389,600

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Answered: Freight-in Purchase returns At cost

Business

Accounting

Freight-in Purchase returns At cost

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Please help me

Bramble Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data
pertains to a single department for the month of October 2023.
Inventory, October 1, 2023
At cost
At retail
Purchases (exclusive of freight and returns)
At cost
At retail
Freight-in
Purchase returns
At cost
At retail
Markups
Markup cancellations.
Markdowns (net)
Normal spoilage and breakage (at retail)
$51,900
77,300
265,846
425,400
16,500
5,500
8,100
9,100
2,000
3,600
9,900

Freight-in
Purchase returns
At cost
At retail
Markups
Markup cancellations
Markdowns (net)
Normal spoilage and breakage (at retail)
Sales revenue
(a)
Ending inventory
16,500
$
5,500
8,100
9,100
2,000
3,600
9,900
Calculate the ending inventory at October 31, 2023, at retail prices.
389,600

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