Grand Co. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October. Inventory, October 1 At cost At retail Purchases At cost At retail Freight in Purchase returns At cost At retail Additional markups Markup cancellations Markdowns(net) Normal spoilage Net sales $20,000 30,000 100,151 146,495 5.100 2,100 2,800 2,500 265 800 4,500 135,730 Using the conventional retail method, calculate the value of the ending inventory SHOW YOUR CALCULATIONS

Grand Co. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October. Inventory, October 1 At cost At retail Purchases At cost At retail Freight in Purchase returns At cost At retail Additional markups Markup cancellations Markdowns(net) Normal spoilage Net sales $20,000 30,000 100,151 146,495 5.100 2,100 2,800 2,500 265 800 4,500 135,730 Using the conventional retail method, calculate the value of the ending inventory SHOW YOUR CALCULATIONS

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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do you not see the solution you provided is the exact one i submitted, it says it's wrong..
i don't understand the written solution
why did you not answer b?
It says they answers are wrong from your example.