Inventory, 12/31/22 Purchases Purchase returns Purchase discounts Gross sales Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $246,900 $390,200 872,060 1,445,000 60,800 17,800 - Retail 41,700 80,300 1,390,800 97,600 119,800 40,700 44,100 20,000 8,100 4,600
Inventory, 12/31/22 Purchases Purchase returns Purchase discounts Gross sales Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $246,900 $390,200 872,060 1,445,000 60,800 17,800 - Retail 41,700 80,300 1,390,800 97,600 119,800 40,700 44,100 20,000 8,100 4,600
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 7P: Retail Inventory Method EKC Company uses the retail inventory method. The following information for...
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Presented below is information related to Indigo Inc.
![Inventory, 12/31/22
Purchases
Purchase returns
Purchase discounts
Gross sales
Sales returns
Markups
Markup cancellations
Markdowns
Markdown cancellations
Freight-in
Employee discounts granted
Loss from breakage (normal)
Cost
$246,900
$390,200
872,060 1,445,000
60,800
17,800
Retail
41,700
80,300
1,390,800
97,600
119,800
40,700
44,100
20,000
8,100
4,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbaeafb60-5f83-4793-9a20-92b0aff73bcb%2F522832a7-d2d8-4640-bb7b-e26c1d433f63%2F37sco6b_processed.png&w=3840&q=75)
Transcribed Image Text:Inventory, 12/31/22
Purchases
Purchase returns
Purchase discounts
Gross sales
Sales returns
Markups
Markup cancellations
Markdowns
Markdown cancellations
Freight-in
Employee discounts granted
Loss from breakage (normal)
Cost
$246,900
$390,200
872,060 1,445,000
60,800
17,800
Retail
41,700
80,300
1,390,800
97,600
119,800
40,700
44,100
20,000
8,100
4,600
![Assuming that Indigo Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31,
2022. (Round ratios for computational purposes to O decimal places, e.g 78% and final answer to O decimal places, e.g. 28,987.)
Ending inventory using the conventional retail inventory method $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbaeafb60-5f83-4793-9a20-92b0aff73bcb%2F522832a7-d2d8-4640-bb7b-e26c1d433f63%2F0uo88ie_processed.png&w=3840&q=75)
Transcribed Image Text:Assuming that Indigo Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31,
2022. (Round ratios for computational purposes to O decimal places, e.g 78% and final answer to O decimal places, e.g. 28,987.)
Ending inventory using the conventional retail inventory method $
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