Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in totaled $119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is Ivanhoe's ending inventory value at cost? (Round intermediate calculations to 4 decimal places, e.g. 52.7552) $542306 O $848000 $555506 O$532883 Save for Later Attempts: 0 of 1 used. Submit Answer
Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in totaled $119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is Ivanhoe's ending inventory value at cost? (Round intermediate calculations to 4 decimal places, e.g. 52.7552) $542306 O $848000 $555506 O$532883 Save for Later Attempts: 0 of 1 used. Submit Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at
cost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in totaled
$119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is Ivanhoe's
ending inventory value at cost? (Round intermediate calculations to 4 decimal places, e.g. 52.7552.)
O $542306
O $848000
O $555506
O$532883
Save for Later
Attempts: 0 of 1 used Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89d0dcbf-20a1-4554-be86-3faf6158241d%2F3bb34da4-d274-4046-8805-906c021e4dba%2F8m2v4tu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at
cost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in totaled
$119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is Ivanhoe's
ending inventory value at cost? (Round intermediate calculations to 4 decimal places, e.g. 52.7552.)
O $542306
O $848000
O $555506
O$532883
Save for Later
Attempts: 0 of 1 used Submit Answer
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