Concord Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department for the month of October 2023. Inventory, October 1, 2023 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage (at retail) Sales revenue (a) $51,300 Ending inventory $ 79,300 259,290 420,400 16,400 5,500 8,200 8,800 2,000 3,700 9,800 391,100 Calculate the ending inventory at October 31, 2023, at retail prices.

Concord Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department for the month of October 2023. Inventory, October 1, 2023 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage (at retail) Sales revenue (a) $51,300 Ending inventory $ 79,300 259,290 420,400 16,400 5,500 8,200 8,800 2,000 3,700 9,800 391,100 Calculate the ending inventory at October 31, 2023, at retail prices.

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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