Question I1 and 12: You obtained the following information of Labrador Corporation, which uses FIFO retail inventory method: Cost Retail 2016 Beginning inventory Purchases Mark up, net Markdown, net Sales P 835,200 6,864,000 P 1,392,000 10,542,000 63,000 45,000 10.260,000 2017 Purchases 7,140,000 10.218.000 84,000 102,000 10,392,000 Mark up, net Markdown, net Sales 11. The estimated inventory at cost on December 31, 2016 is 12. The estimated inventory at cost on December 31, 2017 is

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 5E: Inventory Write-Down The following information is taken from Aden Companys records: Required: 1....
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Question 11 and 12: You obtained the following information of Labrador Corporation, which
uses FIFO retail inventory method:
Cost
Retail
2016
Beginning inventory
Purchases
Mark up, net
Markdown, net
Sales
P 835,200
6,864,000
P 1,392,000
10,542,000
63,000
45,000
10,260,000
2017
Purchases
7,140,000
10,218.000
84,000
102,000
10,392,000
Mark up, net
Markdown, net
Sales
11. The estimated inventory at cost on December 31, 2016 is
12. The estimated inventory at cost on December 31, 2017 is
Transcribed Image Text:Question 11 and 12: You obtained the following information of Labrador Corporation, which uses FIFO retail inventory method: Cost Retail 2016 Beginning inventory Purchases Mark up, net Markdown, net Sales P 835,200 6,864,000 P 1,392,000 10,542,000 63,000 45,000 10,260,000 2017 Purchases 7,140,000 10,218.000 84,000 102,000 10,392,000 Mark up, net Markdown, net Sales 11. The estimated inventory at cost on December 31, 2016 is 12. The estimated inventory at cost on December 31, 2017 is
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