ventory, February 1, 20X0            P70,800                   P  98,500 Markdo

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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When you undertook the preparation of the financial statements for ABC Company at January 31, 20X1, the following data were available:

 

                                                         At Cost                   At Retail 

Inventory, February 1, 20X0            P70,800                   P  98,500

Markdowns                                                                        35,000

Markups                                                                             63,000

Markdown cancellations                                                    20,000

Markup cancellations                                                        10,000

Purchases                                       219,500                     294,000

Sales                                                                                345,000

Purchases returns and allowances   4,300                          5,500

Sales returns and allowances                                            10,000

 

Compute the ending inventory at cost as of January 31, 20X1, using the

  1. retail method – conservative
  2. retail method –average
  3. FIFO retail
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