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When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer

When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer

Intermediate Accounting: Reporting And Analysis
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 6E: Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are as follows:...
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When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer
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