2. Presented below is information related to EDK Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales (after employee discounts) Sales returns Markups Markup cancellations Cost $ 165,000 804,500 45,000 12,000 Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) 39,000 Retail $ 260,000 1,261,000 71,000 1,240,000 51,500 68,000 16,000 86,000 21,000 11,000 8,500 Instructions: Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.

2. Presented below is information related to EDK Inc. Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales (after employee discounts) Sales returns Markups Markup cancellations Cost $ 165,000 804,500 45,000 12,000 Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) 39,000 Retail $ 260,000 1,261,000 71,000 1,240,000 51,500 68,000 16,000 86,000 21,000 11,000 8,500 Instructions: Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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