At December 31, 2020, the following information was available from Sunland Co.'s accounting records:     Cost   Retail Inventory, 1/1/20   $ 141000   $ 197000 Purchases   683000   1005000 Additional markups       36000 Available for sale   $824000   $1238000 Sales for the year totaled $1100000. Markdowns amounted to $9400. Under the lower-of-cost-or-market retail inventory method, Sunland's inventory at December 31, 2020 was (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.) $277380. $92460. $98758. $86162.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At December 31, 2020, the following information was available from Sunland Co.'s accounting records:

   

Cost

 

Retail

Inventory, 1/1/20  

$ 141000

 

$ 197000

Purchases  

683000

 

1005000

Additional markups  

 

 

36000

Available for sale  

$824000

 

$1238000


Sales for the year totaled $1100000. Markdowns amounted to $9400. Under the lower-of-cost-or-market retail inventory method, Sunland's inventory at December 31, 2020 was (Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.)

$277380.
$92460.
$98758.
$86162.
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