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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
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