ItemCostRetailBeginning inventory, Jan. 1 $352,800 $490,000PurchasesMarkups, netSalesMarkdowns, net1,999,200 3,307,500343,0003,381,000245,000What is ending inventory at cost on December 31 using the average cost retail method?Select one:a. $258,230b. $514,500c. $310,642d. $292,260

Step 1:Statement showing computation of the ending inventory at cost using the average cost retail…

Answered: Item Cost Retail Beginning inventory,…

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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Item Cost Retail Beginning inventory, Jan. 1 $352,800 $490,000 Purchases Markups, net Sales Markdowns, net 1,999,200 3,307,500 343,000 3,381,000 245,000 What is ending inventory at cost on December 31 using the average cost retail method? Select one: a. $258,230 b. $514,500 c. $310,642 d. $292,260