Sarasota Inc. had beginning inventory of $23,000 at cost and $31.000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

Sarasota Inc. had beginning inventory of $23,000 at cost and $31.000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

Name: Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000
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Description: Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and$207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000.Calculate the ending inventory at

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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