The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales for the year 2020 are as follows: CostRetailBeginning inventoryP185,700P202,000Purchases339,380458,000Purchase allowance11,000 Freight-in7,300 Departmental transfers-in2,0003,000Additional markups 12,000Markup cancellations 2,500Inventory shortage 7,000Sales (including sales of P4,500 which were marked down from P6,000) 374,000What is the cost of goods sold under FIFO retail method?

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Description: The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales for the year 2020 are as follows: CostRetailBeginning inventoryP185,700P202,000Purchases339,380458,000Purchase allowance11,000 Freight-in7,300 Departmen

Perpetual inventory system: It is the inventory system that record each transaction of purchase…

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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 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...

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The retail inventory method is used by Chuchi Inc. The records of inventory, purchases, and sales for the year 2020 are as follows:

	Cost	Retail
Beginning inventory	P185,700	P202,000
Purchases	339,380	458,000
Purchase allowance	11,000
Freight-in	7,300
Departmental transfers-in	2,000	3,000
Additional markups		12,000
Markup cancellations		2,500
Inventory shortage		7,000
Sales (including sales of P4,500 which were marked down from P6,000)		374,000

What is the cost of goods sold under FIFO retail method?

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