Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Purchases Add: Markups (net) Less: Markdowns (net) $35,000 $70,000 140,000 240,379 3,000 2,000 180,000 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales ✓ Cost 140,000 ✓ Retail 240,379 ✔ 3,000 ✓ 2,000 ✓ 000 000 180,000 X ✓

Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method FIFO Purchases Add: Markups (net) Less: Markdowns (net) $35,000 $70,000 140,000 240,379 3,000 2,000 180,000 Cost-to-retail ratio: Beginning inventory Goods available for sale Less: Sales ✓ Cost 140,000 ✓ Retail 240,379 ✔ 3,000 ✓ 2,000 ✓ 000 000 180,000 X ✓

Name: Inventory, January 1PurchasesMarkups (net)Markdowns (net)SalesRequire
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Description: Inventory, January 1PurchasesMarkups (net)Markdowns (net)SalesRequired:Purchases✓Add: Markups (net) ✓ ✓Less: Markdowns (net)Retail$35,000 $70,000140,000 240,379Cost-to-retail ratio:Beginning inventoryGoods available for saleLess: SalesEnding invento

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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