Concord Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department for the month of October 2023. Inventory, October 1, 2023 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage (at retail) Sales revenue (a) $51,300 Ending inventory $ 79,300 259,290 420,400 16,400 5,500 8,200 8,800 2,000 3,700 9,800 391,100 Calculate the ending inventory at October 31, 2023, at retail prices.
Concord Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department for the month of October 2023. Inventory, October 1, 2023 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage (at retail) Sales revenue (a) $51,300 Ending inventory $ 79,300 259,290 420,400 16,400 5,500 8,200 8,800 2,000 3,700 9,800 391,100 Calculate the ending inventory at October 31, 2023, at retail prices.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Concord Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data
pertains to a single department for the month of October 2023.
Inventory, October 1, 2023
At cost
At retail
Purchases (exclusive of freight and returns)
At cost
At retail
Freight-in
Purchase returns
At cost
At retail
Markups
Markup cancellations
Markdowns (net)
Normal spoilage and breakage (at retail)
Sales revenue
(a)
$51,300
79,300
Ending inventory $
259,290
420,400
16,400
5,500
8,200
8,800
2,000
3,700
9,800
391,100
Calculate the ending inventory at October 31, 2023, at retail prices.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0abe4bca-4b47-4069-a528-285c0320eefb%2F4bc505aa-6f62-429e-a2fb-2c20142ee5b4%2Fpocz5n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Concord Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data
pertains to a single department for the month of October 2023.
Inventory, October 1, 2023
At cost
At retail
Purchases (exclusive of freight and returns)
At cost
At retail
Freight-in
Purchase returns
At cost
At retail
Markups
Markup cancellations
Markdowns (net)
Normal spoilage and breakage (at retail)
Sales revenue
(a)
$51,300
79,300
Ending inventory $
259,290
420,400
16,400
5,500
8,200
8,800
2,000
3,700
9,800
391,100
Calculate the ending inventory at October 31, 2023, at retail prices.
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