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Abnormal spoilage Purchases ales revenue Purchases returns and allowances ales returns and allowances stimated future returns related to January 2026 sales 23,624 259,200 5,300 14,200 347,300 395,300 6,300 11,800 5.100

Abnormal spoilage Purchases ales revenue Purchases returns and allowances ales returns and allowances stimated future returns related to January 2026 sales 23,624 259,200 5,300 14,200 347,300 395,300 6,300 11,800 5.100

FINANCIAL ACCOUNTING
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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When you undertook the preparation of the financial statements for Carla Vista Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market At Cost $ $118,600 23,624 259,200 5,300 At Retail $140,400 17,700 61,400 11,800 14,200 347,300 395,300 6,300 11,800 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 5,100
Transcribed Image Text:When you undertook the preparation of the financial statements for Carla Vista Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market At Cost $ $118,600 23,624 259,200 5,300 At Retail $140,400 17,700 61,400 11,800 14,200 347,300 395,300 6,300 11,800 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 5,100
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