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What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000

What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000

Orange Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2023 are as follows: Inventory, January 1 Net purchases Net mark-ups Net markdowns Sales Sales returns Employee discount Sales discount Normal shrinkage COST 820,000 2,280,000 RETAIL 1,262,800 3,607,200 450,000 320,000 4,350,000 300,000 100,000 80,000 50,000 RSITY
Transcribed Image Text:Orange Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2023 are as follows: Inventory, January 1 Net purchases Net mark-ups Net markdowns Sales Sales returns Employee discount Sales discount Normal shrinkage COST 820,000 2,280,000 RETAIL 1,262,800 3,607,200 450,000 320,000 4,350,000 300,000 100,000 80,000 50,000 RSITY
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