Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were $105,056 at cost and $159,600 at retail. Net markups were $9,600, net markdowns were $6,500, and sales revenue was $160,600. Compute ending inventory at cost using the conventional retail method. Ending inventory using the conventional retail method
Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were $105,056 at cost and $159,600 at retail. Net markups were $9,600, net markdowns were $6,500, and sales revenue was $160,600. Compute ending inventory at cost using the conventional retail method. Ending inventory using the conventional retail method
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were $105,056 at cost and $159,600 at
retail. Net markups were $9,600, net markdowns were $6,500, and sales revenue was $160,600. Compute ending inventory at cost
using the conventional retail method.
Ending inventory using the conventional retail method $
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