Retail Cost 500,000.00 1,285,000.00 Inventory, 12/31/2021 725,000.00 Purchases 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00

Retail Cost 500,000.00 1,285,000.00 Inventory, 12/31/2021 725,000.00 Purchases 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00

Name: The following information relates to CEE Company: (Refer to image). As
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Description: The following information relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail inventory method, what is the cost of its ending inventory at cost? CostRetailInventory, 12/31/2021500,000.00725,000.00Purchases1,28

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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