11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below: Cost $23,040 Retail $28,000 Purchases Sales 29,200 Net markups Beginning inventory Net markdowns 1,200 2,400 3,200 400 What is the cost of ending inventory for Fender Corp.? a. $2,100 b. $2,304 c. $2,560 d. $2,240
11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below: Cost $23,040 Retail $28,000 Purchases Sales 29,200 Net markups Beginning inventory Net markdowns 1,200 2,400 3,200 400 What is the cost of ending inventory for Fender Corp.? a. $2,100 b. $2,304 c. $2,560 d. $2,240
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:11. Fender Corp. uses the FIFO retail inventory method. Certain information is reported below:
Cost
$23,040
Retail
$28,000
Purchases
Sales
29,200
Net markups
Beginning inventory
Net markdowns
1,200
2,400
3,200
400
What is the cost of ending inventory for Fender Corp.?
a. $2,100
b. $2,304
c. $2,560
d. $2,240
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