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Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown

Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown

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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Company A provided the following data: Beginning inventory Cost Selling price Purchases: 500,000 770,000 Cost Selling price Transportation in Purchase discount 3,070,000 4,300,000 70,000 45,000 Purchase return: Cost 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown Sales Determine estimated cost of ending inventory under: (1) LCNRV approach (2) Average cost approach (3) FIFO approach
Transcribed Image Text:Company A provided the following data: Beginning inventory Cost Selling price Purchases: 500,000 770,000 Cost Selling price Transportation in Purchase discount 3,070,000 4,300,000 70,000 45,000 Purchase return: Cost 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown Sales Determine estimated cost of ending inventory under: (1) LCNRV approach (2) Average cost approach (3) FIFO approach
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