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Calculation of ending inventory by retail inventory method (Lower of cost or market) For the year ended December 31, 2016 Cost Retail 0000000

Calculation of ending inventory by retail inventory method (Lower of cost or market) For the year ended December 31, 2016 Cost Retail 0000000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2016: Merchandise inventory, January 1, 2016 Purchases Markups Markdowns Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2016, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory by retail inventory method (Lower of cost or market) For the year ended December 31, 2016 1001 At Cost At Retail $90,000 $150,000 337,000 450,000 10,000 50,000 450,000 Cost Retail
Transcribed Image Text:Retail Inventory Method The following data were available from Hegge Department Store's records for the year ended December 31, 2016: Merchandise inventory, January 1, 2016 Purchases Markups Markdowns Sales Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2016, valued at the lower of cost or market? Round the cost-to-retail ratio to three decimal places. HEGGE DEPARTMENT STORE Calculation of ending inventory by retail inventory method (Lower of cost or market) For the year ended December 31, 2016 1001 At Cost At Retail $90,000 $150,000 337,000 450,000 10,000 50,000 450,000 Cost Retail
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