Presented below is information related to A Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $252,200 835,506 59,700 18,000 I I I I I 42,100 I Retail $392,200 1,455,300 79,000 1,418,600 96,800 117,800 40,500 45,100 19,600 7,900 4,500 Assuming that A Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
Presented below is information related to A Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $252,200 835,506 59,700 18,000 I I I I I 42,100 I Retail $392,200 1,455,300 79,000 1,418,600 96,800 117,800 40,500 45,100 19,600 7,900 4,500 Assuming that A Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
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 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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Transcribed Image Text:Presented below is information related to A Inc.
Inventory, 12/31/20
Purchases
Purchase returns
Purchase discounts.
Gross sales revenue
Sales returns
Markups
Markup cancellations.
Markdowns
Markdown cancellations
Freight-in
Employee discounts granted
Loss from breakage (normal)
I
Cost
$252,200
835,506
59,700
18,000
42,100
Retail
$392,200
1,455,300
79,000
1,418,600
96,800
117,800
40,500
45,100
19,600
7,900
4,500
Assuming that A Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
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