Glamor Company provided the following data: Beginning inventory Cost 500,000 770,000 Selling price Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost 3,070,000 4,300,000 70,000 45,000 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 1. What amount should be reported as cost of ending inventory using the lower of average cost and net realizable value approach? a. 596,400 b. 588,000 c. 582,200 d. 574,000 2. What amount should be reported as cost of ending inventory using the average cost approach? a. 615,000 b. 570,000 c. 630,000 d. 539,600

Glamor Company provided the following data: Beginning inventory Cost 500,000 770,000 Selling price Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost 3,070,000 4,300,000 70,000 45,000 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 1. What amount should be reported as cost of ending inventory using the lower of average cost and net realizable value approach? a. 596,400 b. 588,000 c. 582,200 d. 574,000 2. What amount should be reported as cost of ending inventory using the average cost approach? a. 615,000 b. 570,000 c. 630,000 d. 539,600

Name: Problem 14-10 (IAA)Glamor Company provided the following data:Beginni
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Description: Problem 14-10 (IAA)Glamor Company provided the following data:Beginning inventoryCost500,000770,000Selling pricePurchases:CostSelling priceTransportation inPurchase discountPurchase return:Cost3,070,0004,300,00070,00045,00025,00040,00080,00020,00010

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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