FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Grand Co. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October. Inventory, October 1 At cost At retail Purchases At cost At retail Freight in Purchase returns At cost At retail Additional markups Markup cancellations Markdowns(net) Normal spoilage Net sales $ 20,000 30,000 100.151 146,495 5,100 2,100 2,800 2,500 265 800 4,500 135,730 Using the conventional retail method, calculate the value of the ending inventory SHOW YOUR CALCULATIONS
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Transcribed Image Text:Grand Co. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October. Inventory, October 1 At cost At retail Purchases At cost At retail Freight in Purchase returns At cost At retail Additional markups Markup cancellations Markdowns(net) Normal spoilage Net sales $ 20,000 30,000 100.151 146,495 5,100 2,100 2,800 2,500 265 800 4,500 135,730 Using the conventional retail method, calculate the value of the ending inventory SHOW YOUR CALCULATIONS
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