Marigold Inc. had a beginning inventory of $11, 800 at cost and $21,000 at retail. Net purchases were $119, 550 at cost and $153,400 at retail. Net markups were $10, 600, net markdowns were $6, 400, and sales revenue was $141, 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 0 decimal places, e.g. 28,987.)

Marigold Inc. had a beginning inventory of $11, 800 at cost and $21,000 at retail. Net purchases were $119, 550 at cost and $153,400 at retail. Net markups were $10, 600, net markdowns were $6, 400, and sales revenue was $141, 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 0 decimal places, e.g. 28,987.)

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 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

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