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Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Cost $ 290,000 622,000 18,000 Retail $ 290,000 Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: 920,000 30,000 5,000 900,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.

Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Cost $ 290,000 622,000 18,000 Retail $ 290,000 Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: 920,000 30,000 5,000 900,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.

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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Beginning inventory Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Cost $ 290,000 622,000 18,000 Retail $ 290,000 920,000 30,000 5,000 900,000 Purchases Freight-in Net markups Net markdowns Net sales Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.
Transcribed Image Text:Beginning inventory Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Cost $ 290,000 622,000 18,000 Retail $ 290,000 920,000 30,000 5,000 900,000 Purchases Freight-in Net markups Net markdowns Net sales Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.
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