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As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merc To prepare the store's financial statements at June 30, 2025, you obtain the followin Inventory, January 1 Markdowns Markups Markdown cancellations Cost $31,000 Selling Price $41,000 11,600 8,400 7,000

As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merc To prepare the store's financial statements at June 30, 2025, you obtain the followin Inventory, January 1 Markdowns Markups Markdown cancellations Cost $31,000 Selling Price $41,000 11,600 8,400 7,000

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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(b) Without prejudice to your solution to part (a), assume that you computed the June 30, 2025, inventory to be $63,720 at retail and the ratio of cost to retail to be 76%. The general price level has increased from 100 at January 1, 2025, to 108 at June 30, 2025. Compute the June 30, 2025, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory at dollar-value LIFO cost $
Transcribed Image Text:(b) Without prejudice to your solution to part (a), assume that you computed the June 30, 2025, inventory to be $63,720 at retail and the ratio of cost to retail to be 76%. The general price level has increased from 100 at January 1, 2025, to 108 at June 30, 2025. Compute the June 30, 2025, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory at dollar-value LIFO cost $
As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2025, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Cost $31,000 90,860 3,000 Selling Price $41,000 11,600 8,400 7,000 3,100 155,400 153,700 3,600 7,900
Transcribed Image Text:As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2025, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Cost $31,000 90,860 3,000 Selling Price $41,000 11,600 8,400 7,000 3,100 155,400 153,700 3,600 7,900
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