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Freight-in Purchase returns At cost

Freight-in Purchase returns At cost

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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Bramble 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) $51,900 77,300 265,846 425,400 16,500 5,500 8,100 9,100 2,000 3,600 9,900
Transcribed Image Text:Bramble 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) $51,900 77,300 265,846 425,400 16,500 5,500 8,100 9,100 2,000 3,600 9,900
Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage (at retail) Sales revenue (a) Ending inventory 16,500 $ 5,500 8,100 9,100 2,000 3,600 9,900 Calculate the ending inventory at October 31, 2023, at retail prices. 389,600
Transcribed Image Text:Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage (at retail) Sales revenue (a) Ending inventory 16,500 $ 5,500 8,100 9,100 2,000 3,600 9,900 Calculate the ending inventory at October 31, 2023, at retail prices. 389,600
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