The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) Beginning inventory (at retail) $38,870 $164,186 $78,000 $87,000 What is the ending inventory at cost using the conventional retail method? $28,570 $9,000 $9,000 $38,800 $107,000 $30,000 $48,186
The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) Beginning inventory (at retail) $38,870 $164,186 $78,000 $87,000 What is the ending inventory at cost using the conventional retail method? $28,570 $9,000 $9,000 $38,800 $107,000 $30,000 $48,186
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information is available
for the past month for a retail store:
Sales
Markups
Markdowns
Purchases (at cost)
Purchases (at retail)
Beginning inventory (at cost)
Beginning inventory (at retail)
$38,870
$164,186
$78,000
$87,000
$28,570
$9,000
$9,000
What is the ending inventory at cost
using the conventional retail method?
$38,800
$107,000
$30,000
$48,186
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