When you undertook the preparation of the financial statements for Cullumber 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 At Cost At Retail $106,600 $126.000 15,900 55,400 10,600 21,266 12,700 232,800 311,900 355,100 4,700 5,700 10,600 4,500 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.) Ending inventory at lower-of-cost-or-market $

When you undertook the preparation of the financial statements for Cullumber 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 At Cost At Retail $106,600 $126.000 15,900 55,400 10,600 21,266 12,700 232,800 311,900 355,100 4,700 5,700 10,600 4,500 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.) Ending inventory at lower-of-cost-or-market $

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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Subject: accounting