Presented below is information related to Flounder Company. Cost RetailBeginning inventory $148,740 $285,000Purchases 1,359,000 2,148,000Markups 96,200Markup cancellations 16,300Markdowns 31,800Markdown cancellations 4,700Sales revenue 2,209,000Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)Ending inventory using conventional retail inventory method Presented below is information related to Flounder Company.CostRetailBeginning inventory$148,740$285,000Purchases1,359,0002,148,000Markups96,200Markup cancellations16,300Markdowns31,800Markdown cancellations4,700Sales revenue2,209,000Compute the inventory by the conventional retail inventory method. (Round ratios for computationalpurposes to 0 decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)Ending inventory using conventional retail inventory method$eTextbook and Media

Cost-to-retail percentage = Goods available for sale at Cost / Goods available for sale at retail =…

Answered: Presented below is information related…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Presented below is information related to Flounder Company.

	Cost	Retail
Beginning inventory	$148,740	$285,000
Purchases	1,359,000	2,148,000
Markups		96,200
Markup cancellations		16,300
Markdowns		31,800
Markdown cancellations		4,700
Sales revenue		2,209,000

Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using conventional retail inventory method

Presented below is information related to Flounder Company.
Cost
Retail
Beginning inventory
$148,740
$285,000
Purchases
1,359,000
2,148,000
Markups
96,200
Markup cancellations
16,300
Markdowns
31,800
Markdown cancellations
4,700
Sales revenue
2,209,000
Compute the inventory by the conventional retail inventory method. (Round ratios for computational
purposes to 0 decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method
$
eTextbook and Media

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