Kingbird Beachwear Inc. had beginning inventory of $38,400 at cost and $46,080 at retail. Net purchases were $201,600 at cost and $234,240 at retail. Net markups were $5,760, net markdowns were $17,280, and sales revenue was $220,800. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to O decimal places, e.g. 5,275.) Ending inventory using the conventional retail method 2$
Kingbird Beachwear Inc. had beginning inventory of $38,400 at cost and $46,080 at retail. Net purchases were $201,600 at cost and $234,240 at retail. Net markups were $5,760, net markdowns were $17,280, and sales revenue was $220,800. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to O decimal places, e.g. 5,275.) Ending inventory using the conventional retail method 2$
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 46E
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![Kingbird Beachwear Inc. had beginning inventory of $38,400 at cost and $46,080 at retail. Net purchases were $201,600 at cost and
$234,240 at retail. Net markups were $5,760, net markdowns were $17,280, and sales revenue was $220,800.
Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g.
78% and final answer to O decimal places, e.g. 5,275.)
Ending inventory using the conventional retail method
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0649a9d-e0b1-4397-844e-07338f964124%2F1b0581ea-3862-4164-8939-fb73b03c0795%2Fp3v8crn_processed.png&w=3840&q=75)
Transcribed Image Text:Kingbird Beachwear Inc. had beginning inventory of $38,400 at cost and $46,080 at retail. Net purchases were $201,600 at cost and
$234,240 at retail. Net markups were $5,760, net markdowns were $17,280, and sales revenue was $220,800.
Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g.
78% and final answer to O decimal places, e.g. 5,275.)
Ending inventory using the conventional retail method
$
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