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for A and use LCNR

for A and use LCNR

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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make sure to read full question and use NON LCNRV for A and use LCNRV for b

What is the inventory cost on December 31, 2019 under the average cost retail method a) (Non LCNRV)? What is the inventory cost on December 31, 2019 under the average cost retail method b) (LCNRV)?
Transcribed Image Text:What is the inventory cost on December 31, 2019 under the average cost retail method a) (Non LCNRV)? What is the inventory cost on December 31, 2019 under the average cost retail method b) (LCNRV)?
The following information is available from TJ Foods Inc. for the year ended December 31, 2019: At Cost At Retail Sales $100,000 Purchases $48,000 90,000 Inventory January 1, 2019 Net Additional Markups 24,000 54,000 12,000 Net Markdowns 6,000
Transcribed Image Text:The following information is available from TJ Foods Inc. for the year ended December 31, 2019: At Cost At Retail Sales $100,000 Purchases $48,000 90,000 Inventory January 1, 2019 Net Additional Markups 24,000 54,000 12,000 Net Markdowns 6,000
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