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Sarasota Inc. had beginning inventory of $23,000 at cost and $31.000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

Sarasota Inc. had beginning inventory of $23,000 at cost and $31.000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

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 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $
Transcribed Image Text:Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $
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