Compute for the using FIFO retail m Со

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Compute for the cost of ending inventory
using FIFO retail method. *
The following information is available for the current year:
Cost
Retail
650,000
9,000,000
200,000
300,000
150,000
200,000
1,200,000
14,700,000
Beginning inventory
Purchases
Freight in
Purchase returns
Purchase allowances
Departmental transfer in
Net markup
Net markdown
Sales
Sales discounts
Employee discounts
Estimated normal shoplifting losses
Estimated normal shrinkage
500,000
300,000
300,000
1,000,000
9,500,000
100,000
500,000
600,000
400,000
Transcribed Image Text:Compute for the cost of ending inventory using FIFO retail method. * The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000 300,000 150,000 200,000 1,200,000 14,700,000 Beginning inventory Purchases Freight in Purchase returns Purchase allowances Departmental transfer in Net markup Net markdown Sales Sales discounts Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 500,000 300,000 300,000 1,000,000 9,500,000 100,000 500,000 600,000 400,000
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