FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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6. When you undertook the preparation of the financial statements for Suzanne 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
$100,800
10,000
219,500
4,300
At Retail
$ 118,500
15,000
53,000
10,000
12,000
294,000
335,000
5,500
10,000
4,000
Instructions
Compute the ending inventory at cost as of January 31, 2026, using the retail method which
approximates lower-of-cost-or-market.
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Transcribed Image Text:6. When you undertook the preparation of the financial statements for Suzanne 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 $100,800 10,000 219,500 4,300 At Retail $ 118,500 15,000 53,000 10,000 12,000 294,000 335,000 5,500 10,000 4,000 Instructions Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market.
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