FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory, 12/31/25
Purchases
Purchase returns
Purchase discounts
Gross sales (before employee discounts)
Sales returns
Markups
Markup cancellations
Markdowns
Markdown cancellations
Freight in
Employee discounts granted
Loss from breakage (normal)
Cost
$158,500
752,100
42,300
11,400
37400
Retail
$265.000
1,357,000
75,400
1,243,000
53,600
67,200
15,200
82,200
21,500
10.500
8.800
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Transcribed Image Text:Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted Loss from breakage (normal) Cost $158,500 752,100 42,300 11,400 37400 Retail $265.000 1,357,000 75,400 1,243,000 53,600 67,200 15,200 82,200 21,500 10.500 8.800
Assuming that Sweet Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31.
2026. (Round ratios for computational purposes to 0 decimal places, eg 78% and final answer to 0 decimal places, eg. 28,987)
Ending inventory using the conventional retail inventory method
$
329200
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Transcribed Image Text:Assuming that Sweet Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31. 2026. (Round ratios for computational purposes to 0 decimal places, eg 78% and final answer to 0 decimal places, eg. 28,987) Ending inventory using the conventional retail inventory method $ 329200
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