The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) $86,000 $9,000 $9,000 $38,800 $107,000 $30,000 $49,803 Beginning inventory (at retail) What is the ending inventory at cost using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) OA. $165,803 B. $77,000 C. $70,803 D. $29,383
The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) $86,000 $9,000 $9,000 $38,800 $107,000 $30,000 $49,803 Beginning inventory (at retail) What is the ending inventory at cost using the conventional retail method? (Round cost-to-retail ratios to four decimal places.) OA. $165,803 B. $77,000 C. $70,803 D. $29,383
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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