JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at cost assuming the company uses average LCM approach?2. How much is the ending inventory at cost assuming the company uses average retail approach?3. How much is the ending inventory at cost assuming the company uses FIFO retail approach?4. How much is the ending inventory at cost assuming the company uses FIFO LCM approach? CostRetailBeginning inventory960,000.001,000,000.00Purchases1,809,000.003,963,750.00Freight-in24,000.00Transfer-in24,000.0036,000.00Transfer-out(3,000.00)(4,500.00)Purchase returns(36,000.00)(60,000.00)Purchase allowances(18,000.00)Net markups36,000.00Net markdowns(1,600,000.00)Sales(1,140,000.00)Sales returns9,600.00Sales discounts12,000.00Employee discounts(60,000.00)Abnormal losses(371,250.00)Estimated normal shoplifting lossesEstimated normal shrinkage(72,000.00)(48,000.00)

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Description: JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at cost assuming the company uses average LCM approach?2. How much is the ending inventory at cost assuming the company uses average retail approach?3. H

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JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at cost assuming the company uses average LCM approach? 2. How much is the ending inventory at cost assuming the company uses average retail approach? 3. How much is the ending inventory at cost assuming the company uses FIFO retail approach? 4. How much is the ending inventory at cost assuming the company uses FIFO LCM approach?

JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at cost assuming the company uses average LCM approach? 2. How much is the ending inventory at cost assuming the company uses average retail approach? 3. How much is the ending inventory at cost assuming the company uses FIFO retail approach? 4. How much is the ending inventory at cost assuming the company uses FIFO LCM approach?

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13MJ: Mornin' Joe

Section: Chapter Questions

Problem 3IFRS

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