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Blossom Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Cost $ 312000 1150000 17000 Retail $476000 1700000 7000 57000

Blossom Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Cost $ 312000 1150000 17000 Retail $476000 1700000 7000 57000

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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Blossom Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue Cost $312000 1150000 O $388000. O $351920. O $530000. ● $798193. 17000 Retail $476000 1700000 7000 57000 76000 1620000 The approximate cost of the ending inventory by the conventional retail method is (Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to O decimal places.)
Transcribed Image Text:Blossom Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue Cost $312000 1150000 O $388000. O $351920. O $530000. ● $798193. 17000 Retail $476000 1700000 7000 57000 76000 1620000 The approximate cost of the ending inventory by the conventional retail method is (Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to O decimal places.)
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