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
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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![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
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85322524-6241-4c42-a40f-a69d8145ab8c%2F18709199-fb94-4c17-899e-5b3cb6e5cac2%2F8xl1ro_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
$
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